Seg Mock Exam 6 Questions and Answers 100% Pass

Seg Mock Exam 6 Questions and Answers 100% Pass Johnson is a member of a Group Registered Retirement Savings Plan (GRRSP), to which he and his employer each contribute 5% of his earnings. He is planning to leave his employer for a higher paying job. Johnson wonders whether his GRRSP has vested and whether he has ownership rights on the employer's contributions. When do contributions to GRRSPs vest? a) Two years b) Four years c) 30 days d) Immediately (correct) Immediately Rationale: Contributions to a GRRSP vest immediately. (Refer to Section 8.2.2.0) Rose owns a segregated fund contract with a 100% maturity and death benefit guarantee. Her daughter, Natalie, has been named the beneficiary of the contract. Rose died today. The contract was started with an investment of $150,000 and Rose had made several partial withdrawals. Today, the contract value is $100,000. As the beneficiary, how much will Natalie receive? a) $150,000 b) The higher of $100,000 or the guaranteed amount adjusted for partial withdrawals c) $150,000 adjusted for partial withdrawals d) $100,000 (correct) The higher of $100,000 or the guaranteed amount adjusted for partial withdrawals Rationale: The beneficiary will receive the higher of the market value or the guaranteed amount after adjustments for partial withdrawals have been made. (Refer to Section 8.7.1.0) Margaret is a new life insurance agent who has just finished her first segregated fund application and collected a client cheque for $5,000. She spent time properly reviewing the details of the contract and explained to her clients the different fees associated with their fund selection. After emailing them the information folder, Margaret went through the questions that they still had. She then completed the application, obtained the clients' signatures, and submitted the signed application. What does Margaret still have to do? a) Make sure that she completes the politically exposed foreign person form and verifies their identification. b)