LLQP (Life Licence Qualification Program) Practice Exam · Question
What does the principle of 'Full Disclosure' require of a life insurance agent?
The principle of 'Full Disclosure' requires agents to provide all material facts that could influence a client's decision. This includes product features, risks
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Question: What does the principle of 'Full Disclosure' require of a life insurance agent?
Answer options:
- Keeping client information confidential from the insurance company.
- Disclosing only the positive historical performance of an investment. ✅ Providing the client with all material facts including the risks and fees associated with a product.
- Sharing a client's health records with other agents in the office for 'second opinions'.
Correct answer: Providing the client with all material facts including the risks and fees associated with a product.
Explanation: The principle of 'Full Disclosure' requires agents to provide all material facts that could influence a client's decision. This includes product features, risks, costs, and any potential conflicts of interest. Insurance acts also require agents to disclose which companies they represent.
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- A life insurance policy that offers lifelong coverage, a guaranteed death benefit, and a savings component tha
- Group benefits in Canada commonly include:
- Sarah, a 35-year-old marketing professional in Ontario, purchases a participating whole life insurance policy
- Mark, a 45-year-old business owner in British Columbia, has a Universal Life policy with a Level Cost of Insur
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