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| Section | Objectives |
|---|---|
| Topic 1: Ethics and Professional Practice | - Regulatory and legal requirements
|
| Topic 2: Life Insurance | - Underwriting and risk assessment
|
| Topic 3: Accident and Sickness Insurance | - Critical illness and health coverage
|
| Topic 4: Segregated Funds and Annuities | - Annuities and retirement planning
|
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NEW QUESTION # 64
Dale meets with his last appointment of a busy workday. He is helping his client Larry fill out a disability insurance claim form. Larry suffered a heart attack a week ago and is at home recuperating. Larry will be unable to work for the next 6 months and needs the benefits as soon as possible to cover his expenses. The at- home appointment takes a little longer than scheduled and Dale finds himself rushing to his son's big hockey tournament. In his haste, he puts Larry's form in his briefcase and subsequently forgets to submit the form.
Which responsibility did Dale breach?
Answer: C
Explanation:
Dale breached his duty of care by failing to submit Larry's disability claim form in a timely manner. The duty of care requires insurance agents to act diligently and responsibly, ensuring that they prioritize their clients' needs and act in a timely manner, especially in situations where benefits are urgently needed. By neglecting to submit the form promptly, Dale did not fulfill this responsibility, potentially delaying Larry's benefits during his recovery period.
NEW QUESTION # 65
Lacy is reviewing her life insurance policy with Paul, her financial advisor, because she wants to better understand its cash value and to take advantage of tax sheltering. She purchased a $200,000 Universal Life policy 3 years ago and has minimum funded the policy on an annualbasis. Lacy is used to investing and is familiar with the investment world. In addition, her universal life policy has the level protection death benefit, and she has no intention of withdrawing the deposit amount, as she wishes to benefit from the tax exemption.
Lacy is prepared to deposit a large lump sum of cash into her policy that she received from an uncle that passed away.
Before completing the deposit, what should Paul inform Lacy about?
Answer: C
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
The MTAR (Maximum Tax Actuarial Reserve) rule governs the amount of money that can be invested into a Universal Life policy while maintaining its tax-exempt status. Exceeding the MTAR limit causes the policy to lose this status, and the excess becomes taxable. This is a critical concept in LLQP's Universal Life insurance structure and must be reviewed before any large deposits.
Reference: Insurance Study Guides Chinese.pdf, Universal Life - MTAR Limit and Tax Treatment
NEW QUESTION # 66
Surjit and Rajbir got married in 2010, and Surjit named Rajbir as the irrevocable beneficiary of his life insurance contract. In 2017, the couple divorced amicably, and Surjit met with his insurance representative, Ivan, to review his plans. Surjit tells Ivan that he would like to keep Rajbir as his beneficiary.
What should Ivan counsel his client to do?
Answer: B
Explanation:
An irrevocable beneficiary designation remains valid even after a divorce unless the policyholder, with the irrevocable beneficiary's consent, decides to change it. As Surjit wishes to retain Rajbir as his irrevocable beneficiary, no additional steps are required. The designation's irrevocability ensures Rajbir's right to the policy benefits remains intact without needing re-confirmation. This complies with the provisions on irrevocable beneficiaries outlined in Quebec's Civil Code and reinforced by LLQP standards on irrevocable beneficiary designations.
NEW QUESTION # 67
Juniper, 69, suffered a stroke a few weeks ago which left her partially paralyzed and has severely reduced her mobility. Since the stroke, she is unable to leave her home. She benefits from regular visits from nurses, massage therapists, and housekeepers. Juniper wants to claim the services on her long-term care (LTC) insurance policy and would like to know how the claim will be processed and paid.
Which of the following answers is CORRECT?
Answer: B
Explanation:
Long-term care (LTC) insurance policies with home care benefits typically require the insured to cover the costs upfront and then submit receipts for reimbursement. Juniper, having regular services from nurses, massage therapists, and housekeepers, would need to pay for these services initially and then file a claim for reimbursement of qualifying expenses, as per the terms of her LTC policy. Generally, such policies cover medically necessary services like nursing care, and possibly massage therapy, but may not include housekeeping as a reimbursable expense. This approach ensures that only eligible services as defined by the policy are reimbursed.
NEW QUESTION # 68
Aadi is retiring from Scotia Grand, his employer of 25 years. While employed, Aadi benefitted from the company's deferred profit sharing plan (DPSP) and over the years, he accumulated $75,000.
Where should Aadi transfer these funds on a tax-deferral basis, now that he is retired?
Answer: A
Explanation:
Upon retirement, funds from a Deferred Profit Sharing Plan (DPSP) can be transferred on a tax-deferred basis to certain registered accounts, such as a Locked-In Retirement Account (LIRA). This option allows Aadi to defer taxes while preserving the funds for future retirement income. LLQP guidelines indicate that DPSP funds can be transferred to a LIRA or similar locked-in accounts under the tax-deferred status until they are eventually converted into income-paying vehicles, like a Life Income Fund (LIF) or a Registered Retirement Income Fund (RRIF).
Options such as a TFSA or group RRIF are incorrect in this context because TFSAs do not permit direct DPSP transfers and RRIFs are typically used as income-producing accounts rather than transfer vehicles. A LIRA is specifically designed to hold locked-in funds from employer pension plans, allowing Aadi to keep the funds tax-sheltered until he needs to draw income from them during retirement.
NEW QUESTION # 69
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