LLQP Exam Dumps : Life License Qualification Program (LLQP)

The description of Vintage Style Inc.’s group insurance plan indicates that therefund accountingmethod is used. In refund accounting, premiums are adjusted based on the actual claims experience. If claims are lower than expected, the insurer may issue a refund or reduce future premiums. Conversely, if claims exceed expectations, premiums may increase at renewal. This funding formula is commonly used in group plans to align premium costs with the actual risk and claims experience of the group, which is consistent with the plan characteristics mentioned in the LLQP material​​.

Dario violated his duties and obligations towards the public by engaging in aggressive and unsolicited solicitation tactics. According to LLQP ethical guidelines, insurance agents must conduct themselves in a manner that upholds the integrity and reputation of the profession. This includes respecting the public’s privacy and avoiding high-pressure sales tactics​.

The behavior described, where Dario persistently contacts Andrew and sends unsolicited gifts, can be seen as harassment, which is inconsistent with the standards expected of insurance representatives when interacting with the public. LLQP guidelines emphasize the importance of professionalism, transparency, and respect towards potential clients​.

Insurance records must generally be retained for a minimum period to comply with provincialregulatory requirements, which is often five years from the date of termination. This helps ensure compliance with record-keeping mandates and allows for any legal, financial, or administrative review if needed. Gino is obligated to retain Nathan’s file until it has been closed for at least five years, despite the change in representation or policy status​​.

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