- 9. Which statement is NOT true during the Audit? Regulators audit what you are doing based on your documentation. An audit assesses if you are maintaining a compliant practice as an agent. Auditors are not particular in giving attention to evidence showing that an agent understands each client's needs. Files should contain notes on all client reviews.discussions, questions, and correspondence Including copies of email communications.
- 8. To promote products in a fair manner,which statement is not correct? Be easily understandable All the above Hide, diminish or obscure important statement or warnings Be consistent with the coverage offered.
- 7. Once the policy is approved, what are Agent best practices? I.The agent will not hold or retain customer documents. II. Contact the client & leave the delivery documents for the client to sign. III. Documents will be delivered to clients within a reasonable timeframe. IV.All delivery receipts will be kept and well-documented. I, III, IV II, III, IV I, II, III, IV I, IV, II
- 6. Which of the following regulatory institutions sets agent conduct & guidelines? Provincial Council of Insurance Office of the Superintendent of Financial Institution (OSFI) Canadian Council of Insurance Regulators (CCIR) Canadian Life & Health Insurance Association (CLHIA)
- 5. Which statement is not true about the REASON WHY LETTER? Gives information to the client about the risks of the products and services the agent offered. Documents the conversation between the client and the agent during the meeting. It explains the commission amount the agent receives from the client once the policy is settled. It is a letter to explain & document the client's basis on which product recommendation was made
