LLQP (Life Licence Qualification Program) Practice Exam · Question
What is the primary reason an agent must perform a 'Know Your Client' (KYC) assessment?
The 'Know Your Client' (KYC) rule is fundamental to ensuring that any recommended product is suitable for the client's specific needs, goals, and risk tolerance
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Question: What is the primary reason an agent must perform a 'Know Your Client' (KYC) assessment?
Answer options:
- To ensure the agent earns a high commission.
- To gather information for targeted marketing. ✅ To ensure any product recommendation is suitable for the client.
- To comply with anti-money laundering laws only.
Correct answer: To ensure any product recommendation is suitable for the client.
Explanation: The 'Know Your Client' (KYC) rule is fundamental to ensuring that any recommended product is suitable for the client's specific needs, goals, and risk tolerance.
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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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