LLQP Ethics & Professional Practice · Component 1.1 · 60% of the exam
'Common law' in the context of the LLQP ethics module refers to:
- The legal tradition outside Quebec, where judge-made law and provincial statutes govern; Quebec uses the Civil Code
- BFederal statutes that apply uniformly across the country, as opposed to the provincial Insurance Acts
- CThe everyday understanding of insurance that an ordinary client brings to the contract, as opposed to the technical legal terms
- DInternational law principles that Canadian courts apply when a contract has a foreign element
Correct answer: A) The legal tradition outside Quebec, where judge-made law and provincial statutes govern; Quebec uses the Civil Code
The common-law/civil-law distinction is why CISRO offers two versions of the ethics module.
Why the other options are wrong
- BCommon law includes judge-made law and provincial statutes.
- CThat is not the meaning here.
- DInternational law has no bearing on the common-law and civil-law distinction within Canada.
Exam tip
Common law = all provinces except Quebec; civil code = Quebec.
Common mistake
Writing the common-law module when licensed in Quebec (or vice versa).
What this tests
CISRO competency component 1.1 — Integrate into practice the legal aspects of insurance and annuity contracts — which is weighted at 60% of the Ethics & Professional Practice module. Written against the published curriculum.
More from component 1
- An 'assignee' of a life insurance policy is:
- A corporation as policyowner and beneficiary of a policy on a key employee:
- A 'trustee' named to receive proceeds on behalf of a beneficiary:
- The 'automatic premium loan' (APL) provision:
- A life insurance contract 'matures' when:
- The 'assignment' provision typically states that:
Practice the whole Ethics & Professional Practice module
Timed sets weighted like the exam, and review of every question you miss. Free to start.