LLQP Exam Dumps | Cecilia, a licensed life insurance agent, delivers a life insurance policy to her client Tony, a newly

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Question 22

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Question 22/126

Cecilia, a licensed life insurance agent, delivers a life insurance policy to her client Tony, a newly landed immigrant. Tony would like to pay the policy using the pre-authorized monthly payment method. However, he does not have a bank account in Canada yet and doubts he could find the time to open one in the next few days. Cecilia offers to open a savings account for him, but Tony is unsure whether she is licensed to do that.
What should Cecilia tell Tony to reassure him that she can open a savings account on his behalf?

A. That licensed life insurance agents are authorized to sell bank products.

B. That no license is required to act as a deposit broker.

C. That she can open a savings account for him with no additional license because she delivered the life insurance policy to him beforehand.

D. That she can open a savings account for him with no additional license so long as the initial deposit is less than $100,000.

Correct Answer: B

Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
TheIFSE Ethics and Professional Practice Course (Common Law)clarifies that acting as a deposit broker- facilitating the opening of a bank account-does not require a specific license beyond whatCecilia already holds as an insurance agent, provided it's incidental to her insurance duties. She's not selling bank products (A), and prior delivery (C) or deposit size (D) aren't conditions for this. Assisting Tony with a savings account for premium payments is permissible without additional licensing, making B correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 4: Regulatory Environment, Section on "Scope of Agent Activities."

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