Ethics and Proffesional Practice HLLQP | 106 questions and answers Rated 100% Correct!!

A insurance policy is active when... - What is payment of first premium What is a contract? - a legally binding agreement between two or more parties What is a unilateral contract? - a one-sided agreement where the insured can cancel for any reason but the insurer cannot What is insurer - The insurance company What is insured - The person covered by insurance annuitant death triggers payout What is advisor/agent - The person working for the insurance company What is captive agent - works for one insurance company What is independent agent - works for multiple insurance companies joins a MGA What is MGA (managing General agency) used for? - training correspondence compliance admin assistance What is a power of attorney? - A Power of Attorney is a legal document delegating authority from one person to another expires upon mental incapacityWhat is enduring power of attorney? - Delegating authority to someone that expires at death not mental incapacity POA's can handle everything but... - Change of beneficary Beneficary changes require a life insurance replacement declaration (LIRD) What type of document must POA's present to insurance to be considered legally binding? - A noterized contract Who can step down from obligation, a trustee or Power of Attorney? - Power of attorney can step down A trustee cannot step down because they have a legal obligation until the minor takes ownership of the trust What is not covered under errors and omissions insurance? - Acting outside scope of work giving legal advice when not lisenced to What is still required to be paid if breakdown in relationship - Alimony/child support and spousal support What is a revocable beneficiary? - A named beneficiary who the insured may change without his/her consent. What type of investments are protected from creditors? - Registered investments (RRPS, RRIF, Pension) Insurance products that have irrevocable or preferred revocable beneficiaries What is a irrevocable beneficiary? - A named beneficiary that cannot be changed without consent of current beneficiary