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Remic HLLQP > Ethics & Professional Practice > Flashcards

Ethics & Professional Practice Flashcards

1
Q

Insurance law is based on

A

The canadian constitution, derived from the constitution act 1982

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2
Q

Is insurance law a federal or provincial matter ?

A

Insurance law is a provincial matter

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3
Q

Insurance law is based on :

A

Common Law and Legislation and Regulations

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4
Q

What is common law?

A

Common is based on decisions of courts, it covers principles applicable to contracts, torts, property, trusts and agency

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5
Q

Where does Common Law apply?

A

Applies everywhere in Canada except Quebec (civil code)

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6
Q

Insurance law is primarily enacted through:

A

Legislation

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7
Q

What is a Power of Attorney (PoA)

A

A legal document appointing another person (attorney) to make financial and legal decisions on your behalf

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8
Q

When does a Power of Attorney end?

A

When the grantor becomes mentally incapable

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9
Q

What is an Enduring Power of Attorney ?

A

An enduring Power of Attorney continues even after the grantor becomes mentally incapable

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10
Q

What does Family law cover?

A

Family law covers the distribution of assets in the event of marriage or relationship breakdown (under provincial Jurisdiction)

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11
Q

Testate

A

Dying with a valid will

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12
Q

Intestate

A

Dying without a valid will

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13
Q

What does PIPEDA stand for

A

Personal Information Protection and Electronic Documents Act

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14
Q

Where should suspected money laundering and terrorist financing be reported?

A

Financial Transactions and Analysis Centre of Canada (FINTRAC)

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15
Q

Report cash transactions of :

A

10k or more

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16
Q

Report deposits

A

Greater than 100k

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17
Q

Report conducted or suspicious transactions within ___ days

A

30

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18
Q

Who represents a single insurer and are bound by contractual stipulations or employment arrangements of a single mga or insurance marketing entitty

A

Captive agents

Captive agents represent a single insurer or are bound by contractual stipulations or employment arrangements to represent a single mga or insurance marketing entity

1.1.5.2 Captive Agents in textbook

19
Q

What is the trust type that is established during the life of the settlor and is between living people?

A

Inter-vivos

Trusts established during the life of the settlor are called “inter-vivos” trusts (between living people)

1.2.8 Trust and trustees in textbook

20
Q

What is the collection of property and property rights that the deceased owned referred to as ?

A

Estate

1.2.7 Wills, Estates, and successions in textbook

21
Q

Who facilitates business between agents, their clients, and insurers?

A

Managing general agent

1.1.6 in textbook

22
Q

What is the law the Privacy Commissioner has authority under which is the federal legislation governing how the federal government and its agencies handle personal information?

A

Privacy act

The commissioner has authority under 2 laws. The first one is the privacy act, which is federal legislation governing how the federal government and its agencies handle personal information.

1.5.1 Privacy Act in textbook

23
Q

Which insurance covers loss of health in several ways?

A

Accident & sickness

Accident and sickness insurance may cover loss of health in several ways

1.1.2 accident & sickness insurance

24
Q

Which one has most of the property rights of individuals, can enter into contracts, buy, sell and own all kinds of properties?

A

Corporations

Corporations effectively have most of the property rights of individuals and so can enter into contracts, and buy, sell, and own all kinds of property.

1.2.2.3 Legal Person (corporation) in textbook

25
Q

Which Insurance covers the risk of one or more persons dying?

A

Life

1.1.1 Life insurance in textbook

26
Q

In which event does the value of the policy become subject for the valuation and division of property?

A

Divorce

1.2.6 Divorce and separation in textbook

27
Q

What is the person or corporation, delegating the authority called?

A

Principal

1.1.4 Agency relationship in textbook

28
Q

What is the law that commercial electronic messages to clients must have prescribed consent from the recipient and a mechanism to unsubscribe immediately and no later than 10 business days?

A

Anti-spam legislation

CASL prohibits the sending of commercial electronic messages (CEM) if the sender does not first have the recipient’s consent. The CEM must have prescribed consent and a mechanism to unsubscribe. A request to unsubscribe must be honoured immediately and no later than within 10 business days.

1.6.4 Anti-spam legislation in textbook

29
Q

What is a provincially sponsored plan in which a resident of the province and his/her passengers are reimbursed by the policyholder’s own insurance company without proof of fault in an accident?

A

No-fault automobile insurance

No fault automobile insurance is a provincially sponsored plan with which a resident of the province (the policyholder) and his/her passengers are not only reimbursed by the policyholders own insurance company without proof of fault but also restricted in the right to seek recovery through the legal system for losses caused by other parties.

1.4.2 Provincially or Territorially sponsored or facilitated programs

30
Q

What is the timeframe during which a court action must be started or the right to sue is lost forever?

A

A limitation period is a timeframe during which a court action must be started or the right to sue is lost forever.

1.3.2 Limitation periods

31
Q

What type of protection is the reason agents advise clients to name direct beneficiaries, rather than their estate?

A

Asset protection 1.2.9 Bankruptcy

32
Q

Which financial plan is funded by contributions, and not by the government through duties and taxes?

A

Canada Pension Plan (CPP)

1.4.1.1 Canada Pension Plan (CPP) and disability in textbook

33
Q

When was the module statute that the provinces and territories based their respective insurance legislation created?

A

1920

While each province has its own legislation, the provinces and territories have all based their respective insurance legislation on a model statute created in the 1920’s cooperation with a body called the “Uniform Law Conference”

1.2 General legal principles applicable to a life insurance agent in textbook

34
Q

Which one is described as a corporation or a partnership that holds a license from a regulator or several regulators?

A

Insurance agency

1.1.7 Agency in textbook

35
Q

Which law aims at detecting individuals and corporations involved in criminal activity and preventing them from getting illegally obtained money into the banking system

A

Proceeds or Crime and Terrorist financing act

This important Canadian law aims at detecting individuals and corporations involved in criminal activity and preventing them from getting their illegally obtained money into the banking system.

1.6.2 Proceeds of Crime (Money laundering) and Terrorist financing act (PCMLTFA) in textbook

36
Q

Which plan is to provide a specified package of benefits to all members of society with the end goal of providing financial risk protection, access to health services and improved health outcomes?

A

Universal health care and drug plan

1.4.2 provincially or territorially sponsored or facilitated programs in textbook

37
Q

Which non-contributory financial plan is considered taxable income for the pensioner?

A

Old Age Security (OAS)

1.4.1.2 Old Age Security (OAS) and Guaranteed Income Supplement (GIS)

38
Q

What is a relationship of delegated authority called?

A

Agency

1.1.4 Agency relationship

39
Q

In which province did the FRSA replace FSCO on june 8th, 2019 as the supervisors of insurance companies

A

Ontario

1.1.8 Regulation of insurance and licensing

40
Q

What do the benefit companies try to prevent when they apply “coordination of benefits”?

A

Overpayment

To prevent overpayment, the benefit companies apply “coordination of benefits” so that one benefit plan pays first, while the second plan pays only the unpaid balances remaining

1.4 Public insurance and retirement regimes

41
Q

What does a policyholder agree to make a designation that must be filed with the head office of the insurer?

A

Irrevocable

A policyholder may agree to make a designation irrevocable. Such a declaration must be filed with the head office of the insurer in order to become irrevocable

2.1.4.1 Irrevocable beneficiary designations

42
Q

What does long-term care (LTC) cover the risk of?

A

Provides a benefit when the insured person cannot safely and independently perform a number of daily living activities, or must be constantly supervised due to deterioration of mental functions

2.6.3.5 Long-term care (LTC)

43
Q

Unlike life insurance, what must be included in every individual accident and sickness policy to be valid?

A

Statutory terms

Also, unlike life insurance, there are statutory terms and conditions that must be included in every individual accident and sickness policy for the policy to be valid.

2.5.3.10 Statutory conditions

Remic HLLQP (6 decks)

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