LLQP Segregated Funds & Annuities · Component 3.1 · 25% of the exam
A husband does all the talking at a meeting and answers every question on behalf of his wife, who will own the contract. The agent should:
- Aend the meeting and insist that the wife attend a separate appointment without her husband
- address the wife directly and record her own objectives, knowledge and risk tolerance
- Caccept his answers, since a spouse may speak for the other on financial matters
- Drecord the husband as the contract holder so that his profile matches the file accurately
Correct answer: B) address the wife directly and record her own objectives, knowledge and risk tolerance
The profile must belong to the person who will own the contract. The agent should ask the wife her own questions and note her answers, while remaining courteous to the husband and alert to any sign of pressure.
Why the other options are wrong
- AA separate meeting may sometimes help, but the immediate duty is to engage her directly.
- CA spouse has no authority to supply another adult's investor profile.
- DRecording the wrong person as holder to fit the file would be a serious falsification.
Exam tip
The profile must come from the contract holder, in the holder's own words.
Common mistake
Letting the more talkative spouse supply answers for the actual client.
What this tests
CISRO competency component 3.1 — 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
- A client's spouse must sign for:
- 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:
Practice the whole Segregated Funds & Annuities module
Timed sets weighted like the exam, and review of every question you miss. Free to start.