LLQP Exam Dumps | Andre, an insurance agent, meets with his client Jasper to discuss his $150,000 whole life insurance

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Question 53/109

Andre, an insurance agent, meets with his client Jasper to discuss his $150,000 whole life insurance policy.
Jasper is deeply indebted and needs at least $40,000 to cover his debt. Andre tells him about a company he knows that will be willing to give him $75,000 if he assigns his policy to them. Did Andre act appropriately?

A. No, because Jasper is not allowed to assign his policy to an arms-length entity.

B. No, because trafficking in insurance is discouraged by the insurance industry.

C. Yes, because he is helping his client pay off his debt.

D. Yes, as long as this practice is not illegal in his province of residence.

Correct Answer: B

The practice of trafficking in insurance involves selling or assigning a life insurance policy to a third party, often at a discounted rate, which is typically discouraged within the insurance industry due to ethical concerns and potential misuse. The LLQP materials warn against such practices as they can be perceived as exploiting insurance contracts for profit, rather than for their intended purpose of providing financial security. Therefore, Andre acted inappropriately by suggesting this arrangement without considering the ethical implications.

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