Marietta receives a summons from the syndic of the CSF regarding an investigation into her associate. The summons was delivered to her office on May 2 and she took notice of it on May 4. The summons requires her to receive the syndic representative at her office on May 19 at 8:30 a.m. Marietta has already planned for and reserved a week off for a vacation abroad from May 15 to 22. She immediately emails the syndic representative to inform him that she will be out of the country and cannot be present on the 19th. She proposes meeting on the 14th or the 23rd of the same month. Pursuant to the Code of Ethics of the Chambre de la securite financiere, which duties or obligations has Marietta breached?

• A. She has not breached the Code of Ethics
• B. She has breached her obligations toward other representatives, firms, independent partnerships, insurers, and financial companies
• C. She has breached her duties toward the client
• D. She has breached her duties toward the profession

Samir applied for a life insurance policy 18 months ago. At the time of the application, he was employed as an accountant. Samir quit his accounting job 6 months ago to become a professional scuba diver.
Which of the following statements about Samir's life insurance policy is CORRECT?

• A. Samir must inform his insurer about his change of occupation within 6 months of the change.
• B. Samir has no obligation to notify the insurer of his change of occupation regardless of how old the policy is.
• C. Samir is not required to declare his change in occupation because the policy is less than 2 years old.
• D. Regardless of whether Samir informs his insurer of his change in occupation, if he dies while scuba diving, he would not be covered.

Konrad is the owner of CrossBoy, a manufacturing company employing over 50 employees. Konrad recently took out a $500,000 loan to expand his business. Terrence works as a sales manager and is responsible for roughly 40% of the company's revenue. Konrad recognizes the importance of Terrence's contributions to the success of the company. Therefore, in addition to a sizeable basesalary, CrossBoy also pays Terrence regular performance-based bonuses. Konrad understands that if Terrence dies prematurely, CrossBoy would suffer financially. What should he do to protect his company?

• A. Purchase business-owned buy-agreement with Terrence.
• B. Offer Terrence group life insurance plan.
• C. Purchase criss-cross insurance with Terrence.
• D. Purchase key person life insurance on Terrence.

Ontario residents, Juan and Maria, are a married couple approaching retirement. They have asked their representative, Carlow, to review the details of Maria's defined benefit plan (DBPP).
Which of the following statements about Maria's pension is CORRECT?

• A. Maria would be entitled to an increased benefit if Juan waived his survivor benefit.
• B. Juan would be entitled to receive at least 50% of Maria's pension upon Maria's death.
• C. Juan will be entitled to the survivor benefit even if they are separated at the time of Maria's death.
• D. With Juan's consent, Maria can choose to reduce the survivor benefit to 25% of her normal pension amount.

John purchased a permanent life insurance policy for his grandson, Richard, when Richard was born 28 years ago. This policy has increased in death benefit over time and holds sizeable cash value. Now that Richard is older, John would like to transfer this policy to him as he now is working and has a family.
What does John need to know about this transfer in relation to tax implication?

• A. The transfer will be done with tax implication as Richard isn't his child.
• B. The transfer will be done when Richard pays consideration to John for fair market value of the policy.
• C. John is not responsible for any disposition triggered by Richard as they will be taxable to Richard only.
• D. John should roll this policy over to Richard's father first, then Richard's father should roll it over to Richard without tax implication.