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Answer the questions based on your employment as an insurance sales representative for a reputable financial services provider (FSP). An individual is interested in purchasing a long-term insurance policy. Your role in this transaction would involve both providing advice and intermediary services.
Briefly explain the difference between providing advice and providing an intermediary service in the context of this scenario. How would these definitions apply to your interactions with the individual?
This response will be reviewed and graded after submission.
The individual is a little uncertain about the terms and conditions of the long-term insurance policy. You need to help them understand. Describe how you would do this without crossing into the territory of giving ‘advice’ as defined by the FAIS Act.
This response will be reviewed and graded after submission.
If the individual decides to go ahead with the purchase of the long-term insurance policy, describe the intermediary services you would then provide.
This response will be reviewed and graded after submission.
Lastly, explain why it is important that you, as an insurance sales representative, follow the guidelines for advice and intermediary service provision as set out in the FAIS Act.
This response will be reviewed and graded after submission.
The REready! Pack is designed to be used to prep for RE1 or RE5 or both.
The content for RE1 and RE5 overlaps as both exams test your practical knowledge of the FAIS Act and FICA.
The class is not a facilitator that is going to read the law out of a book for you.
Anna Bouhail contextualizes the content and creates an understanding of basic concepts related to law, the industry, and competency exams.
The class is structured to also instill compliance skills allowing the learner to answer practical questions.