Anvi owns individual disability insurance that she purchased 5 years ago. At the time of application, she was a semi-professional boxer. Gamma Insurance Inc. offered her the disability policy with an exclusion stating that if she became disabled while boxing, the benefit would not be paid.
This week, while reviewing her insurance needs with Tyron, her insurance agent, she mentions that she retired from boxing and wants to know how, or if, this will affect her policy.
What should Tyron tell her?

• A.The policy will be unaffected.
• B.The exclusion may be removed, but the premiums will remain the same.
• C.The exclusion may be removed, and the premiums will decrease.
• D.The exclusion may be removed, and the benefit will increase.

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Coraline is a landscape gardener who owns a disability insurance (DI) policy. The policy will pay her a
$3,000 monthly benefit after a 90-day waiting period. She is diagnosed with cancer, and because she has to undergo months of chemotherapy, she will be unable to work. She calls Robin, her insurance agent, to inform him of her diagnosis. She would like to know more information about the claims process.
Which of the following statements is CORRECT?

• A.Coraline must contact her agent by phone within 30 days of learning about her diagnosis.
• B.Coraline has 30 days to provide the insurer with all of the information required to process the claim.
• C.The insurer must pay Coraline the benefit amount within 30 days after receipt of the proof of loss.
• D.The payment of the initial benefit to Coraline must occur within 30 days after the end of the waiting period.

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(Suzie began her career with a large law firm five years ago. She earns an excellent income and saves
$5,000 annually through a financial advisor. Her advisor placed her in a conservative fund within a TFSA. Suzie wanted to save for retirement and maximize tax deductions.
Based on this information, what conclusion can be drawn about Suzie's savings program?)

• A.It is adequate.
• B.It is not adequate: an RRSP would have been better than a TFSA.
• C.It is not adequate: it should at least be better diversified.
• D.It is not adequate: it should be better protected from potential creditors.

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Paulette earns a modest income working as a delivery driver for FastFlowers Inc. in Quebec. The florist company has over 80 employees, 20 of whom are delivery drivers. The employees benefit from a group short- and long-term disability plan. One morning, while delivering flowers, Paulette's truck is struck by a bus.
Paulette is taken to the hospital, where a doctor deems that she will be unable to work for at least 4 months.
Paulette contacts Jade, the human resources manager, to ask her who will pay her disability benefits.
Which of the following answers is CORRECT?

• A.Employment insurance (EI).
• B.Her group insurance.
• C.Societe de l'assurance automobile du Quebec (SAAQ).
• D.Commission des normes, de l'equite, de la sante et de la securite du travail (CNESST).

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Li Jun, 50, applies for a $250,000 critical illness (CI) insurance policy with his insurance agent Ming. On the application, Li Jun states that he must take pills daily to manage his hypertension. Aside from this, his health is good. Given his age and hypertension issue, he is worried that the insurer may refuse his application.
What does Ming CORRECTLY advise him?

• A.The policy will likely be denied.
• B.The policy will likely be issued with an exclusion.
• C.The policy will likely be issued with a premium rating.
• D.The policy will likely be issued with a lower benefit.

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