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Everett is an insurance of persons representative who works exclusively for Moon Life Insurance. He wants to leave the company and become an independent representative. He knows that before he branches out on his own, he needs to ensure he has sufficient liability insurance.
Which of the following statements about his professional liability insurance is CORRECT?

• A. If a contract has a deductible, it may not exceed $20,000.
• B. Professional liability insurance covers fraud or misappropriation.
• C. His liability insurance must have coverage of not less than $1,500,000 per claim.
• D. This insurance covers gross faults committed by an insurance representative.

Andrea, owner of Andrea's Fashions Inc., employs her designer daughter Judy, who will carry on the business after Andrea is gone. Wishing to ensure that the business would not suffer financially when Andrea passes away, Andrea decides at age 50 to have her business own, pay for, and be the beneficiary of life insurance on Andrea's life. The type of insurance that best suits is non-convertible Term 10 life insurance renewable until age 80.
What should her life insurance agent advise regarding this policy?

• A. The coverage can be converted to permanent insurance at any time.
• B. The coverage will end at Andrea's age 80.
• C. The coverage can only be renewed once.
• D. The coverage will pay a benefit to Judy upon Andrea's death.

Mauro works full-time for a small company that offers no benefits. He earns $40,000 a year. He has an individual disability insurance policy that would provide him with $2,000 a month, for a maximum of two years, after a waiting period of four months. This policy includes a partial and residual disability rider. Injured in an accident, Mauro is completely unable to work for nine months. After that, Mauro's doctor advises him to start working two days a week for the next three months, after which Mauro should be able to resume working full-time. What monthly benefit will Mauro receive during the period he works part-time?

• A. $800
• B. $1,600
• C. $1,000
• D. $1,200

Eloise has critical illness coverage through her group insurance plan at work. She is 54 years old, in excellent health, and is planning to retire soon. She meets with Sonia, her insurance agent, to plan her retirement and to make sure she will still be covered in the event of critical illness. To make sure she is not a burden on her family, Eloise would also like to receive monthly benefits in the event she is placed in an assisted living facility. What should Sonia tell her?

• A. That when she retires, she should purchase individual disability insurance, which would give herthe coverage required in the event of critical illness.
• B. That the critical illness coverage under her group plan is the least expensive and that the insurer will have to give her the option of converting it into individual insurance when she retires.
• C. That the critical illness coverage under her group plan will end when she retires and that she should consider purchasing individual coverage.
• D. That her critical illness coverage will end when she retires and that she should consider purchasing individual critical illness and long-term care insurance.

Elizabeth is a seasoned insurance agent. She meets with Harold, a new agent, to help him better understand the industry and the processes that they must follow. Elizabeth tells Harold about a body that administers the regulatory system applicable to insurance intermediaries. Which of the following is Elizabeth referring to?

• A. Office of the Privacy Commissioner of Canada
• B. Canadian Council of Insurance Regulators (CCIR)
• C. OmbudService for Life and Health Insurance (OLHI)
• D. Canadian Insurance Services Regulatory Organizations (CISRO)