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The ACHIEVERS' GAME Flashcards | StudBud
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The ACHIEVERS' GAME
The ACHIEVERS' GAME
15 terms
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StudBud Administration
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27 plays
HLLQP REVIEW. A multiple choice color coded answer to a question.
Flashcards
15 cards
F
Practice quiz
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Host live
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Questions
15
Answers
1
How old must an individual be in order to be able to enter into an insurance contract?
17
15
16
18
2
Regulator prohibit misleading or deceptive practices. Making a purchase of a product contingent d purchase of another is
Fronting
Coercion
Tied Selling
Churning
3
The following reasons can be a ground for the termination of the policy by the Insurer, EXCEPT:
non-payment of premium
non-forfeiture option
Fraud
Omissions of information
4
A week ago u delivered a Policy. Today client called & lost his job. He estimates 6 mos to earn again.What option he has
Exercise non-forfeiture options built into his policy & maintain coverage.
Exercise right of rescission, have premium returned less market value adjus
Take advantage of grace period & repay missed premiums in six months' time.
Exercise his right of rescission & have premiums returned to him in full.
5
A new client is applying for UL & wants to make huge deposit for the fund value of UL. As Agent what must you do?
Submit application to Insurer, as there is no need to inform anyone.
Submit application to Insurer; inform them of possible of FINTRAC case.
Do not submit application.
Submit application to insurer, and report it to RCMP.
6
Policyholders are husband & wife, son is the insured. But premium pays from husband's account only. Who is the Policyhol
both husband & wife
son
Wife
Husband
7
When death occurred, the claim form should be filled up by:
insurer
agent
beneficiary
insured
8
Col & Sue took Insurance on daughter Fay naming Sue beneficiary with no successor. When Col dies, who will be d Policyho
Sue
Col's estate
Fay
A&B
9
Which one of the following government benefits is received tax-free?
Canada Pension Plan (CPP)
Old Age Security (OAS)
None of the above
EI Sickness Benefit
10
Which condition is covered by Errors & Omissions Insurance of a Life Insurance Agent when sued by a Client?
Losing Delivery Receipt when someone robbed his car.
Delaying the delivery of the Policy.
Telling the Client to Invest his funds based on historical figures.
Agent intentionally locked the App in drawer before going on vacation.
11
In the event of Insurer Insolvency, a policy whose face amount is $500,000 is guaranteed by:
Office of the Superintendent of Insurance of $425,000
Errors & Omissions insurance for $425,000
Assuris for $425,000
None of the above
12
Client purchased Ins Policy 2 yrs ago. Failed to disclose back injury treatment 3 yrs prior the application. On death,
Insurance Co. will deny the claim for non-disclosure
Insurance Co. will pay-out the claim with reduced benefit
Insurance Co. will deny the claim but refund the premiums
Insurance Co. will pay out the claim
13
What is TRUE regarding a Managing General Agent (MGA)? It:
regulates licensing & qualification of agents thru exam, review & professio
facilitates business bet. agents, clients & insurers providing support, com
only sells a single company's products in return for commission.
can sell policies from a number of Insurance Companies.
14
Life Licensed Loki holds position in community & has reputation of giving referral fees & bonuses. Which one is allowed?
Treating the client out for lunch at the local Restaurant.
Giving a thank you letter with a $500 cheque enclosed.
None of the above.
Paying for the first 3 months' premium.
15
Which of the following refers to the individual who is in charge of one's estate?
Testator
MGA
Enduring POA
Executor
