LLQP (Life Licence Qualification Program) Practice Exam · Question
Which regulatory framework governs the sale and administration of segregated funds in Canada?
While mutual funds are regulated under provincial Securities Commissions (and National Instruments), segregated funds are individual insurance contracts regulat
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Question: Which regulatory framework governs the sale and administration of segregated funds in Canada?
Answer options: ✅ Provincial Insurance Acts and CLHIA guidelines.
- The Investment Industry Regulatory Organization of Canada (IIROC).
- The Mutual Fund Dealers Association (MFDA).
- The Bank Act of Canada.
Correct answer: Provincial Insurance Acts and CLHIA guidelines.
Explanation: While mutual funds are regulated under provincial Securities Commissions (and National Instruments), segregated funds are individual insurance contracts regulated by provincial Insurance Acts and the Canadian Life and Health Insurance Association (CLHIA) guidelines (specifically Guideline G2).
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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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