LLQP Segregated Funds & Annuities · Component 3.2 · 25% of the exam
A client's spouse must sign for:
- ANothing, since a spouse has no rights over contracts held in the other spouse's name
- Locked-in transactions where pension law requires consent or waiver, and any joint applications
- CEvery TFSA deposit, since the spouse's contribution room is affected by the client's contributions
- DEvery segregated fund purchase, since family property law gives the spouse an interest in all investments
Correct answer: B) Locked-in transactions where pension law requires consent or waiver, and any joint applications
Spousal consent requirements follow pension legislation and joint ownership, not ordinary individual purchases.
Why the other options are wrong
- ALocked-in and joint situations require a spousal signature.
- CTFSAs are individual plans.
- DIndividual purchases need no spousal signature.
Exam tip
Spousal signatures: locked-in waivers and joint applications.
Common mistake
Submitting a LIF annuity purchase without the spousal waiver.
What this tests
CISRO competency component 3.2 — Implement a recommendation adapted to the client's needs and situation — which is weighted at 25% of the Segregated Funds & Annuities module. Written against the published curriculum.
More from component 3
- When the insurer requests additional information after the application (for example, source of wealth for a large deposit), the agent should:
- The implementation of a recommendation involving a switch from one seg fund to another within a contract requires:
- A client wishes to designate a charity as beneficiary of a segregated fund. Implementation should:
- For a deferred annuity implemented for a client, the agent should confirm:
- The agent's record of the implementation should be retained:
- Implementation is complete when:
Practice the whole Segregated Funds & Annuities module
Timed sets weighted like the exam, and review of every question you miss. Free to start.