Question # 1 Planet Source decides to implement a defined contribution pension plan (DCPP) for its 75 employees. The company's president appoints Josie, the human resources director, as the plan administrator.
A. To manage the pension plan
B. To amend the pension plan
C. To address funding shortfalls
D. To set the benefit structure
Click for Answer
A. To manage the pension plan
Question # 2 Following the death of her sister Sarah last year, Yesha, the liquidator of Sarah's estate, had been in contact with Sarah’s insurance agent Monique on several occasions to claim the death benefit on Sarah’s life insurance policy.
A. Yes, because the death benefit was paid.
B. Yes, because the life insurance company will still have a copy of the contract.
C. No, because the file has to be kept for 5 years.
D. No, because the file has to be kept for 7 years.
Click for Answer
C. No, because the file has to be kept for 5 years.
Question # 3 Frankie is a newly licensed insurance of persons agent who meets with Walter, her father's friend since college. Walter is in his late forties, and he mentions that he would like to purchase a life insurance policy and start planning for his retirement. Frankie has never sold a segregated fund before. Not wanting to disclose her inexperience, she clumsily fills out the application form to invest in segregated funds. Which responsibility did Frankie breach?
A. IntegrityB. CompetenceC. DisclosureD. Product suitability
Click for Answer
B. CompetenceQuestion # 4 Angus is involved in a motorcycle accident and due to his injuries has to spend a few nights in the hospital. He is released from the hospital with a doctor's note indicating that he is able to perform certain parts of his job, but that it would take months until he can be back to normal. He promptly calls his insurance agent Dawn to ask her if he would be entitled to his disability benefits. Dawn reads his policy and tells him that he will not receive any disability benefits.
A. Own occupation
B. Any occupation
C. Regular occupation
D. Total disability (according to the CPP)
Click for Answer
B. Any occupation
Question # 5 Leonard and Ashley, a couple in their early 30s, meet with Howard, an insurance agent, to review their investment needs. Leonard earns $60,000 a year as a research physicist, and Ashley earns $25,000 as an actress. They each have $3,000 in their respective chequing accounts. Leonard also has $40,000 invested in his group registered retirement savings plan (RRSP). Ashley has a Subaru WRX worth $20,000 with a car loan of $10,000. Leonard does not own a car, but he has an outstanding student loan of $30,000.
A. $23,000
B. $26,000
C. $56,000
D. $111,000
Click for Answer
B. $26,000
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