Emery is a healthy wife and mother of two who spends her days caring for her children and volunteering at the local food bank. Emery would like to purchase disability insurance coverage because she is worried about how she would be able to take care of her family if she becomes disabled.
What type of disability policy, if any, is likely to be issued to her?

• A.Guaranteed renewable policy.
• B.Cancellable policy.
• C.Non-traditional disability insurance.
• D.None. Emery is uninsurable.

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Miguel applied for a disability insurance policy nearly three months ago. He recently received notice from his agent that his application was approved, with an exclusion applicable to his lower back due to a prior injury.
The agent brought the exclusion amendment with the policy at the delivery appointment. Miguel signed and accepted it. He gave the agent a copy of a void cheque to set up direct billing for the premiums, but asked that they wait three days to draw the first premium, to coincide with his payday. The insurer drew the premium three days later, as requested. When did Miguel's policy take effect?

• A.The policy has been in effect ever since Miguel's initial application.
• B.The policy took effect when Miguel received notice of approval.
• C.The policy took effect when Miguel signed the policy and the amendment.
• D.The policy took effect when the insurer was able to draw the first premium.

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(Beth, aged 73, has a RRIF with a current market value of $380,000. The account is managed by her bank, and Beth has been disappointed with its performance so far. She is therefore thinking of transferring the RRIF to her insurance company and purchasing a registered annuity with those funds.
This would be the first time Beth is making an investment outside of the bank environment. She wonders what kind of information the insurance agent would keep on file to document the transaction.
To process the application and comply with FINTRAC requirements, which of the following records would the agent need to create and keep on file?)

• A.1 and 2 (A suspicious transaction report and a large cash transaction record)
• B.2 and 3 (A large cash transaction record and a third-party determination form)
• C.3 and 4 (A third-party determination form and a Politically Exposed Person determination form)
• D.None, as the transaction would be exempt from FINTRAC requirements.

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Surjit and Rajbir got married in 2010, and Surjit named Rajbir as the irrevocable beneficiary of his life insurance contract. In 2017, the couple divorced amicably, and Surjit met with his insurance representative, Ivan, to review his plans. Surjit tells Ivan that he would like to keep Rajbir as his beneficiary.
What should Ivan counsel his client to do?

• A.Surjit does not need to do anything as Rajbir is already the named beneficiary.
• B.Surjit cannot make any changes to the policy without Rajbir's consent, as she is the irrevocable beneficiary of his policy.
• C.Surjit should name a different beneficiary now that he is divorced.
• D.Surjit should once again designate Rajbir as the beneficiary.

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Karine receives $200,000 from her mother's estate and decides to purchase an annuity. Her insurance agent Serge goes over her options with her, and she chooses the annuity that best suits her needs. Serge proceeds with the transaction.
Which of the following statements about the transaction is TRUE?

• A.Karine may make a cash deposit.
• B.Serge has 3 business days to forward the payment to the insurer.
• C.Serge should provide a receipt for all deposits he receives as cash, cheque, or bank draft.
• D.If Karine writes a cheque, it should be made payable to Serge.

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