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NEW QUESTION # 36
Pierre-Marc, aged 32, is a dentist with a rich clientele. His income is substantial. Five years ago, he purchased an "any occupation" disability insurance policy. Today he meets with Joseph, his life insurance agent, to determine whether this type of coverage is still adequate. What should Joseph tell him?
Answer: B
Explanation:
Comprehensive and Detailed Explanation:
"Any occupation" disability insurance pays benefits only if the insured cannot work inanyjob for which they are reasonably suited by education, training, or experience. For a dentist like Pierre-Marc, whose substantial income relies on specialized skills, this is restrictive. "Own occupation" coverage pays if he cannot perform his specific job (dentistry), even if he can work elsewhere (Chapter 2:Insurance to Protect Income).
Option A: Incorrect; "any occupation" is less flexible, not more, and doesn't pay if he can work elsewhere, regardless of choice.
Option B: Incorrect; benefits stop if he can work elsewhere, whether he chooses to or not.
Option C: Incorrect; an AD&D rider addresses specific losses, not income replacement adequacy.
Option D: Correct; "own occupation" suits his high-income, specialized profession, ensuring benefits if he can't practice dentistry, even if he takes another job.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 2:Insurance to Protect Income.
NEW QUESTION # 37
Today, Sabrina suffered a severe stroke. She owns a 20-year term critical illness policy that specifically covers this medical condition. Her contract provides for a $100,000 critical illnessbenefit after a 30-day waiting period. It also includes a return of premium rider on death and maturity. Sadly, Sabrina dies 28 days after her stroke. What will the insurer do in this situation?
Answer: B
Explanation:
Comprehensive and Detailed Explanation:
CI requires surviving 30 days post-diagnosis; Sabrina died at 28 days, so no $100,000. The return of premium rider pays premiums back upon death (Chapter 1:Financial Protection Provided by Accident and Sickness Insurance).
Option A: Incorrect; waiting period not met.
Option B: Incorrect; no cash value in CI.
Option C: Correct; rider applies.
Option D: Incorrect; rider triggers payment.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 1:Financial Protection Provided by Accident and Sickness Insurance.
NEW QUESTION # 38
Remi owns a registered annuity contract that pays him a $2,500 monthly benefit. He purchased the contract five years ago from money he accumulated in his registered pension plan. At the time, he named his wife Annette as the revocable beneficiary of the contract. Today, he calls Louisa, his insurance agent, to designate his sister as beneficiary of the contract instead. Louisa tells him that there are restrictions on the contract and that he cannot change the beneficiary designation.
Why is Remi unable to make the change?
Answer: A
Explanation:
Since Remi's annuity was purchased with funds from his registered pension plan, it is likely subject to locking-in provisions, which restrict changes to the beneficiary designation once annuitized. LLQP guidelines state that pensions converted into registered annuities are generally subject to locking-in rules, which often prevent changes to beneficiary designations unless in cases of spousal consent or specific contractual allowances.
Option B is incorrect, as spousal consent is not relevant when the designation is already restricted. Options A and C are also incorrect, as they do not address the locking-in nature tied to the pension plan.
NEW QUESTION # 39
Omar and Martha are common-law spouses employed by a company that has a group life and disability insurance plan. Omar has named Martha his beneficiary while Martha has named Omar as her beneficiary.
Omar and Martha got drunk one Saturday night, stole a car, and decided to rob a convenience store. As they drove away from the store, Omar hit a light post. He becamepermanently disabled while Martha died at the scene. What will happen when Omar submits claim forms for disability and death benefits?
Answer: D
Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
Under Canadian common law and insurance principles, claims can be denied if the insured's death or disability results from illegal activities. TheIFSE Ethics and Professional Practice Course (Common Law) notes that exclusions in group insurance policies often include losses due to criminal acts. Here, Omar and Martha were engaged in theft and robbery-illegal activities-when the accident occurred. Martha's death and Omar's disability directly resulted from this criminal behavior. As a result, the insurer can deny both the death benefit (payable to Omar as Martha's beneficiary) and Omar's disability benefit under the policy's exclusions. Paying either benefit (A, C, D) contradicts the principle that insurance does not cover losses from illegal acts. Thus, B is correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 3: Group Insurance, Section on
"Exclusions and Limitations."
NEW QUESTION # 40
Kevin owns a construction business and wants to take out accident and sickness insurance to protect his income in the event of disability. On his application form, he indicated that he had competed in motocross races over the past five years. What requirements does Kevin need to comply with before the insurer can issue the policy?
Answer: B
Explanation:
Comprehensive and Detailed Explanation:
Motocross is high-risk, requiring a detailed questionnaire and frequency disclosure. Insurers may impose an exclusion rider (Chapter 7:Insurance Recommendation, Contract, and Service Needs).
Option A: Incorrect; misses activity risk.
Option B: Incomplete; lacks detail.
Option C: Incomplete; misses exclusion possibility.
Option D: Correct; full process with potential rider.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 7:Insurance Recommendation, Contract, and Service Needs.
NEW QUESTION # 41
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