Segregated Funds & Annuities - Chapter 6 Questions and Answers (Graded A+)

In a spousal RRSP who names the beneficiary? - ANSWER-The recipient of the deposits names the beneficiary The annuitant. (Reference: Chapter 6) - ANSWER-In a segregated fund contract, who is the person on whose life the guarantees are based and whose death triggers payment of the death benefit? Annually: As of December 31st of previous year. (Reference: Chapter 6) - ANSWER-How often are "fund facts" documents updated? Annually. (Reference: Chapter 6) - ANSWER-What is the recommended frequency of advisor client contact for general servicing and performance review? At any time. (Reference: Chapter 6) - ANSWER-Jason purchases a segregated fund contract with a 10 year maturity, and 75% death and maturity guarantees. When can Jason terminate this contract? Individual Variable Insurance Contract. (Reference: Chapter 6) - ANSWER-What does IVIC stand for? Politically Exposed Foreign Person. (Reference: Chapter 6) - ANSWER-What does PEFP stand for? What kind of contract exists between an insurer and an investor for a segregated fund? - ANSWER-Individual Variable Insurance Contract (IVIC) Who completes the application form? - ANSWER-The investor and agent together. When opening a registered account, what must the contract owner provide? - ANSWER-His/her Social Insurance Number (SIN) Who must sign the application form? - ANSWER-The investor and annuitant (if they are not the same person) both sign and date the application. When is an exception made to the requirement for the contract owner to sign the application? - ANSWER-An exception is made when the contract owner is represented by a po