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Ethics - LLQP Questions with Detailed Verified Answers
Diana is a new life insurance agent and is studying the requirements for ascertaining the clientâs
identity under the Proceeds of Crime (Money Laundering) and Terrorist Financing Actand Financial
Transactions and Reports Analysis Centre of Canada (FINTRAC) guideline 6A.
For which of the following products must agents ascertain the clientâs identity?
1. Immediate annuity and deferred annuity
2. Exempt life insurance policy and TFSA
3. Deferred annuity and exempt life insurance policy
4. Deferred annuity and TFSA Ans: ✓ ✓ ✓ 1. Immediate annuity and deferred annuity
Elaine and Mellie have been common law partners for the last 15 years. Elaine moved into Mellie's
home 10 years ago and has been contributing to the mortgage and other household bills. She and
Mellie have two children. Elaine spent four years at home wiht the kids and went back to work last
year. Mellie has continued to work throughout and is their main contributor to their expenses.
Elaine and Mellie separate. As common-law partners, to which of the following does Elaine have
the right?
1. Elaine has the right to property division because she has been contributing to the mortgage and
household bills
2. Elaine can seek spousal support because Melli's income supports her
3. Elaine has all the same rights as someone in a married couple
4. Elaine can have Mellie sign a cohabitation agreement when they separate to retain her spousal
and property rights. Ans: ✓ ✓ ✓ 2. Elaine can seep spousal support because Mellie's income
supports her.
Common Law - is only eligible for spousal support
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Married - can sue for spousal support and property purchased after marriage
Nellie offers to add a term rider free of charge if he buys a permanent life insurance policy.
Which prohibited sales practice is Nellie using?
1. Inducing to insure
2. Trafficking in insurance
3. Premium rebating
4. Churning Ans: ✓ ✓ ✓ 1. Inducing to insure
Roberto is a licensed life insurance agent and he has a deal with his friend Kelly-Anne, a real estate
agent, that he gives her a portion of his commission for any sale he makes to one of the many
clients she refers. This arrangement is known as which of the following?
1. Inducing to insure.
2. Premium rebating.
3. Referral arrangement.
4. Commission sharing. Ans: ✓ ✓ ✓ 4. Commission sharing.
Nellie purchased a life insurance policy on her son Adamâs life for a face amount of $300,000. She
named her husband Danny, Adamâs father, as the successor policyholder. She named Adamâs
sister, Sally as the beneficiary of the policy. When Adam reached the age of majority, Nellie made an
absolute assignment of the policy to him. Adam did nothing about the policy and died a few
months later in a boating accident.
Who received the benefit of the policy?
1. Nellie, the former owner
2. Danny, the former successor policyholder
3. Sally, the former beneficiary
4. Adamâs estate Ans: ✓ ✓ ✓ 4. Adamâs estate
Amy recently purchased an insurance policy that pays on her husband Sheldonâs life. The benefit is
payable to their son Howard. Amy also noted on the policy that if she were to predecease Sheldon
© Get it right 2025 Getaway - Stuvia US All rights reserved
Ethics - LLQP Questions with Detailed Verified Answers
Diana is a new life insurance agent and is studying the requirements for ascertaining the clientâs
identity under the Proceeds of Crime (Money Laundering) and Terrorist Financing Actand Financial
Transactions and Reports Analysis Centre of Canada (FINTRAC) guideline 6A.
For which of the following products must agents ascertain the clientâs identity?
1. Immediate annuity and deferred annuity
2. Exempt life insurance policy and TFSA
3. Deferred annuity and exempt life insurance policy
4. Deferred annuity and TFSA Ans: ✓ ✓ ✓ 1. Immediate annuity and deferred annuity
Elaine and Mellie have been common law partners for the last 15 years. Elaine moved into Mellie's
home 10 years ago and has been contributing to the mortgage and other household bills. She and
Mellie have two children. Elaine spent four years at home wiht the kids and went back to work last
year. Mellie has continued to work throughout and is their main contributor to their expenses.
Elaine and Mellie separate. As common-law partners, to which of the following does Elaine have
the right?
1. Elaine has the right to property division because she has been contributing to the mortgage and
household bills
2. Elaine can seek spousal support because Melli's income supports her
3. Elaine has all the same rights as someone in a married couple
4. Elaine can have Mellie sign a cohabitation agreement when they separate to retain her spousal
and property rights. Ans: ✓ ✓ ✓ 2. Elaine can seep spousal support because Mellie's income
supports her.
Common Law - is only eligible for spousal support
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Married - can sue for spousal support and property purchased after marriage
Nellie offers to add a term rider free of charge if he buys a permanent life insurance policy.
Which prohibited sales practice is Nellie using?
1. Inducing to insure
2. Trafficking in insurance
3. Premium rebating
4. Churning Ans: ✓ ✓ ✓ 1. Inducing to insure
Roberto is a licensed life insurance agent and he has a deal with his friend Kelly-Anne, a real estate
agent, that he gives her a portion of his commission for any sale he makes to one of the many
clients she refers. This arrangement is known as which of the following?
1. Inducing to insure.
2. Premium rebating.
3. Referral arrangement.
4. Commission sharing. Ans: ✓ ✓ ✓ 4. Commission sharing.
Nellie purchased a life insurance policy on her son Adamâs life for a face amount of $300,000. She
named her husband Danny, Adamâs father, as the successor policyholder. She named Adamâs
sister, Sally as the beneficiary of the policy. When Adam reached the age of majority, Nellie made an
absolute assignment of the policy to him. Adam did nothing about the policy and died a few
months later in a boating accident.
Who received the benefit of the policy?
1. Nellie, the former owner
2. Danny, the former successor policyholder
3. Sally, the former beneficiary
4. Adamâs estate Ans: ✓ ✓ ✓ 4. Adamâs estate
Amy recently purchased an insurance policy that pays on her husband Sheldonâs life. The benefit is
payable to their son Howard. Amy also noted on the policy that if she were to predecease Sheldon
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