IFSE Institute Life License Qualification Program (LLQP) LLQP Question # 51 Topic 6 Discussion

IFSE Institute Life License Qualification Program (LLQP) LLQP Question # 51 Topic 6 Discussion

LLQP Exam Topic 6 Question 51 Discussion:
Question #: 51
Topic #: 6

Samya and Gary, who are both insurance representatives, are having lunch together. Gary has been very successful for several years and proposes a scheme to Samya to get insurance proposals signed for a fictional company they would create together. He believes that this system would make them millionaires in about ten years. Gary advises Samya to keep their conversation a secret. If Samya agrees to Gary’s proposal, what sanctions could she face?


A.

A sanction from the CSF’s discipline committee that could be a fine, suspension, or both


B.

Pursuant to the Distribution Act, penal proceedings with the Court of Quebec could result in a fine of up to $1,000,000


C.

Pursuant to the Criminal Code, sanctions could go as far as imprisonment


D.

Since liability insurance protects the consumer, the clients’ losses will be covered and thesanctions will be reduced based on real harm


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