LLQP Exam Dumps : Life License Qualification Program (LLQP)

By attempting to sell a segregated fund product without adequate knowledge or experience, Frankie breached her duty of competence. LLQP guidelines emphasize the importance of competence, requiring agents to have sufficient knowledge of the products they recommend to clients to ensure that they are acting in the client’s best interest​. Frankie’s failure to disclose her inexperience could potentially lead to errors that might adversely affect Walter, highlighting her lack of preparation and professional responsibility​.

Dale breached his duty of care by failing to submit Larry’s disability claim form in a timely manner. The duty of care requires insurance agents to act diligently and responsibly, ensuring that they prioritize their clients’ needs and act in a timely manner, especially in situations where benefits are urgently needed​. By neglecting to submit the form promptly, Dale did not fulfill this responsibility, potentially delaying Larry's benefits during his recovery period​.

The key feature of a defined contribution (DC) pension plan is the focus on contributions and investment performance, rather than a guaranteed retirement benefit. Contribution amounts and investment options are fundamental characteristics of DC plans.

Exact Extract:

"In a Defined Contribution Pension Plan (DCPP), members’ benefits depend on the contributions made and the investment returns earned."

(Reference: Segfunds-E313-2020-12-7ED, Chapter 1.3.11 Group Plans​)