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| Section | Weight | Objectives |
|---|---|---|
| Life Insurance | 25% | - Needs analysis and underwriting - Policy features, riders and contracts - Principles and purpose of life insurance - Types of life insurance products |
| Accident and Sickness Insurance | 25% | - Critical illness and long-term care - Disability insurance - Extended health and dental coverage - Group insurance plans |
| Ethics and Professional Practice | 25% | - Ethical responsibilities and conduct - Legal and regulatory framework - Compliance and disclosure requirements - Provincial licensing rules |
| Segregated Funds and Annuities | 25% | - Types of annuities - Taxation and estate considerations - Retirement and investment planning - Features and benefits of segregated funds |
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NEW QUESTION # 26
Cecilia, a licensed life insurance agent, delivers a life insurance policy to her client Tony, a newly landed immigrant. Tony would like to pay the policy using the pre-authorized monthly payment method. However, he does not have a bank account in Canada yet and doubts he could find the time to open one in the next few days. Cecilia offers to open a savings account for him, but Tony is unsure whether she is licensed to do that.
What should Cecilia tell Tony to reassure him that she can open a savings account on his behalf?
Answer: D
Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
TheIFSE Ethics and Professional Practice Course (Common Law)clarifies that acting as a deposit broker- facilitating the opening of a bank account-does not require a specific license beyond whatCecilia already holds as an insurance agent, provided it's incidental to her insurance duties. She's not selling bank products (A), and prior delivery (C) or deposit size (D) aren't conditions for this. Assisting Tony with a savings account for premium payments is permissible without additional licensing, making B correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 4: Regulatory Environment, Section on "Scope of Agent Activities."
NEW QUESTION # 27
Ali has all his non-registered savings and his RRSP invested in cashable GICs with terms of five years or less.
His key objective is to have enough funds for retirement. He asks his insurance agent, Rivka, whether he should have any concerns about his current strategy.
What should Rivka tell him about his portfolio?
Answer: C
Explanation:
According to the LLQP Segregated Funds and Annuities and Investment & Savings curriculum, understanding investment risk is a critical part of assessing whether a client's portfolio aligns with their long- term objectives. Ali's stated goal is retirement funding, which is typically a long-term objective requiring growth that at least keeps pace with inflation. His current strategy consists entirely of cashable GICs with short- to medium-term maturities.
The primary concern with this strategy is inflation risk, which is the risk that the purchasing power of money will decline over time due to rising prices. The LLQP study guide explains that conservative investments such as cash and GICs often provide relatively low returns. While these returns may preserve capital in nominal terms, they may fail to keep pace with inflation, especially over long periods such as a retirement planning horizon. As a result, even though Ali's account balances may grow slightly, their real value may decrease.
Cashable GICs are designed to provide capital preservation and stability, not long-term growth. For retirement purposes, relying exclusively on these instruments may result in insufficient accumulation of funds to meet future income needs. The LLQP curriculum highlights that portfolios heavily weighted toward low-risk, fixed- income investments are particularly vulnerable to inflation risk when used for long-term goals.
The other answer choices are incorrect based on LLQP definitions. Industry risk applies to investments concentrated in a specific economic sector, which is not the case here. Liquidity risk refers to difficulty accessing funds; however, cashable GICs are generally considered liquid or moderately liquid, especially compared to long-term locked-in investments. Credit risk involves the possibility that an issuer will default; GICs issued by reputable financial institutions are typically low credit risk, and many are protected by deposit insurance.
Therefore, under LLQP-approved investment principles, Rivka should explain that Ali's portfolio is most exposed to inflation risk, making Option A the correct answer.
NEW QUESTION # 28
Oscar is a chartered accountant who owns and operates his own firm, Tax Time Ltd., with the help of five employees. The provincial accountants' association offers group benefits plans to its members' firms. Oscar recently contacted the association to have a group benefits plan quoted and put in place for his firm. Who will be the plan sponsor?
Answer: D
Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
In group insurance, the plan sponsor is typically the employer or entity that establishes and maintains the group benefits plan for its employees or members. TheIFSE Ethics and Professional Practice Course (Common Law)explains that the sponsor is responsible for arranging the plan, often in collaboration with an insurer or association, but it is the employer (or firm) that formally sponsors it for its employees. Here, Tax Time Ltd., as Oscar's firm, is the employer entity setting up the plan for its five employees, making it the plan sponsor. Oscar, asan individual, is not thesponsor; the association facilitates the plan but does not sponsor it for Tax Time Ltd.'s employees; and the insurer provides the coverage but does not act as the sponsor. Thus, option B is correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 3: Group Insurance, Section on "Roles in Group Plans."
NEW QUESTION # 29
Rowan works for a construction company that employs 40 employees. The company is newly established, and the owners have yet to implement a group insurance policy. Rowan falls off the side of a building and breaks his collar bone. The doctor informs him that he will be unable to work for five months.
Who will pay him disability benefits while he is recuperating?
Answer: A
Explanation:
In this scenario, Rowan, an employee of a construction company, suffers an injury while on the job. Since the injury occurred in the workplace, he would be eligible for benefits under Workers' Compensation. Workers' Compensation is designed to cover employees who suffer work-related injuries or illnesses, providing them with benefits that include coverage for medical expenses and income replacement during their period of disability.
As the accident happened while Rowan was performing work duties, Workers' Compensation will likely cover his wage loss for the duration he is unable to work due to the injury. Employment Insurance (EI) would not be applicable here, as EI sickness benefits are intended for non-work-related illnesses or injuries. The Canada Pension Plan (CPP) also would not apply, as it provideslong-term disability benefits primarily for severe and prolonged disabilities that prevent individuals from working in any capacity. Therefore, option D is the correct answer, as Workers' Compensation is specifically designed for cases like Rowan's.
NEW QUESTION # 30
When Tim and Patricia were common-law spouses, they met with an insurance agent, Aelia, to purchase life insurance policies of $100,000 each, naming each other as beneficiaries of their policies. Five years later, Patricia leaves Tim to be with her personal trainer, Thomas. A year later, Patricia and Thomas marry, and Patricia gives birth to their baby, Cedrick. Tragically, just before Cedrick's 12th birthday, Patricia dies in a fiery car crash. She never modified her beneficiary designation.
Shortly after the crash, Thomas calls Aelia to inform her that Patricia has died and that he wants to claim the death benefit on her life insurance policy.
Who will receive the $100,000 death benefit?
Answer: B
Explanation:
Since Patricia did not modify the beneficiary designation on her life insurance policy after separating from Tim, he remains the named beneficiary. Under LLQP guidelines, the original beneficiary designation stands unless explicitly changed by the policyholder. This means that,despite Patricia's remarriage and the birth of her child Cedrick, Tim remains the beneficiary and will receive the $100,000 death benefit.
Beneficiary designations on life insurance policies are not automatically altered by life events such as marriage or the birth of a child. Therefore, in the absence of any updates, Tim remains the beneficiary as per Patricia's original designation.
NEW QUESTION # 31
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