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.
Which of the following BEST describes Josie's responsibility as a 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

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Enzo meets with his insurance agent Theo to discuss his investment needs. When Theo asks Enzo about his liabilities, Enzo tells him that he purchased a house for $750,000 four years ago and his current mortgage balance is $600,000. He has a fixed interest rate on the mortgage of 3.5% for 5 years.
Which of the following statements about his mortgage is TRUE?

• A.A mortgage is considered a bad debt.
• B.An increase in interest rates will increase the mortgage cost when the mortgage is renewed.
• C.The mortgage will contribute positively to Enzo's net worth.
• D.The mortgage balance should not be included in the review of liabilities.

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Elizabeth is a seasoned insurance agent. She meets with Harold, a new agent, to help him better understand the industry and the processes that they must follow. Elizabeth tells Harold about a body that administers the regulatory system applicable to insurance intermediaries. Which of the following is Elizabeth referring to?

• A.OmbudService for Life and Health Insurance (OLHI)
• B.Canadian Council of Insurance Regulators (CCIR)
• C.Office of the Privacy Commissioner of Canada
• D.Canadian Insurance Services Regulatory Organizations (CISRO)

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Andre, an insurance agent, meets with his client Jasper to discuss his $150,000 whole life insurance policy.
Jasper is deeply indebted and needs at least $40,000 to cover his debt. Andre tells him about a company he knows that will be willing to give him $75,000 if he assigns his policy to them. Did Andre act appropriately?

• A.No, because Jasper is not allowed to assign his policy to an arms-length entity.
• B.No, because trafficking in insurance is discouraged by the insurance industry.
• C.Yes, because he is helping his client pay off his debt.
• D.Yes, as long as this practice is not illegal in his province of residence.

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Renato's new employer has just informed him that he is now eligible to join the company's group insurance plan. He could thus benefit from life, disability, and prescription drug coverage. Renato promptly fills out the paperwork to apply for the plan's basic coverage. Wondering if the process will involve medical underwriting at any point, he asks an agent from the group insurance provider. What should the agent tell him?

• A.Medical underwriting is required both upon application and when filing a claim.
• B.Medical underwriting is required upon application, but not when filing a claim.
• C.Medical underwriting is required (retroactively) when filing a claim, but not upon application.
• D.No medical underwriting is required, neither upon application nor when filing a claim.

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