IFSE Institute LLQP Exam With Confidence Using Practice Dumps

Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:

An IVIC, such as a segregated fund, is an insurance product with investment components, and agents are required to ensure clients understand its features. TheIFSE Ethics and Professional Practice Course (Common Law)mandates that agents provide a summary information folder (or similar disclosure document) specific to the segregated fund, outlining its risks, benefits, and guarantees (like the death benefit). A prospectus (A) is for mutual funds, not segregated funds, which have distinct disclosure requirements. While a 10-day "free look" period (C) exists, it’s not the primary disclosure step before signing. A medical questionnaire (D) may be required but isn’t about understanding the product. Jeffrey’s duty is to ensure Laraine understands the segregated fund via the summary information folder, making B correct.

Comprehensive and Detailed Explanation:

The 10-day “free look” period starts upon delivery (August 10); Karl returned it August 15 (within 5 days), entitling him to a refund (Chapter 7:Insurance Recommendation, Contract, and Service Needs).

Option A: Correct; within 10 days.

Option B-D: Incorrect; refund tied to delivery, not approval or application.

Comprehensive and Detailed Explanation From Exact Extract:

On death, RRSPs are deemed disposed of and included as income on the deceased’s final return unless transferred to a spouse. The full $450,000 will be taxed. The capital gain on the art collection is $600,000 – $150,000 = $450,000; only 50% is taxable, resulting in a $225,000 taxable gain. These are standard treatments outlined in estate taxation modules of LLQP.