Question # 1 Larry, an insurance agent, meets with Ethan, a freelance photographer, to review his insurance needs. Larry tells Ethan that he wants to collect all pertinent financial information to prepare a net worth statement for Ethan.
A. To have enough information to identify where Ethan spends his money.
B. To determine Ethan's various sources of income.
C. To determine how much Ethan can spend on accident and sickness insurance premiums.
D. To determine if Ethan has enough resources to cover medical expenses if he had a medical emergency.
Click for Answer
D. To determine if Ethan has enough resources to cover medical expenses if he had a medical emergency.
Question # 2 Sergei meets with his insurance agent Nikita to purchase a $50,000 critical illness policy. Nikita explains that to apply for the policy Sergei would have to answer a series of personal questions about his finances, health, and lifestyle. Sergei is uncomfortable giving Nikita such detailed personal information. Nikita reassures Sergei by telling him that the insurer must follow stringent rules about how they can collect and handle this information. Which organization legislates privacy statutes pertaining to insurance companies? A. Personal Information Protection and Electronic Documents Act (PIPEDA)
B. Privacy Act
C. Human rights legislation
D. Criminal Code
Click for Answer
A. Personal Information Protection and Electronic Documents Act (PIPEDA)
Question # 3 Seven years ago, Amber invested $150,000 in a non-registered equity segregated fund. Her investment grew, and today, the market value of her fund is $165,000. She places an order to redeem her fund and she wants to know how her investment will be taxed.
A. The $15,000 of capital gains will receive preferential tax treatment.
B. The $15,000 of capital gains will be 100% taxable.
C. The entire $165,000 will be taxed as income.
D. The investment will not be taxed.
Click for Answer
A. The $15,000 of capital gains will receive preferential tax treatment.
Question # 4 Marvyn meets with his client, Edlyn, a 67-year-old retired widow who wants to purchase long-term care insurance. Edlyn receives monthly benefits from the Canada Pension Plan (CPP), Old Age Security (OAS), and a registered life annuity. She lives in a mortgage-free condo that she would like to bequeath to her son upon her death.
A. Protection of loss of income.
B. Protection of assets.
C. Protection of savings.
D. Protection of retirement income.
Click for Answer
B. Protection of assets.
Question # 5 Kyra is the owner and president of Borealis Fit, a martial arts studio with 15 employees. The centre opened five years ago and has done well. Kyra was never able to offer her employees any benefits until now. Kyra meets with Monica, an insurance agent, to implement a group insurance plan for the employees.
A. Manual rating.
B. Blended rating.
C. Credibility rating.
D. Experience rating.
Click for Answer
A. Manual rating.
Question # 6 Over the years, Agnes, a disciplined investor with a modest income, was able to save over $140,000 in an accumulation annuity. She plans on using the funds in a few years to travel the world and enjoy life while she is still healthy.
A. The annuity permits both withdrawals, subject to minimum and maximum amounts, and surrender.
B. A surrender can only be made at specific times.
C. An accumulation annuity is not flexible.
D. A market value adjustment will be charged by the insurer each time she withdraws her funds.
Click for Answer
A. The annuity permits both withdrawals, subject to minimum and maximum amounts, and surrender.
Question # 7 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.
A. TimB. ThomasC. CedrickD. Patricia's estate
Click for Answer
A. TimQuestion # 8 Paola, an employee at Horizon Pharmaceuticals, was recently diagnosed with depression. She is unable to work and is receiving tax-free disability insurance benefits due to her condition. Paola is deeply indebted, and her creditors have been garnishing a portion of her pay for the last year. She is worried about her creditors also garnishing her disability benefit.
A. Yes, disability insurance benefits are seizable.
B. Yes, but creditors can only seize up to 50% of her benefit.
C. No, because the benefits are tax-free.
D. No, because she is disabled.
Click for Answer
D. No, because she is disabled.
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