Ethics Regulators, Licensing & Agent Duties question: term life policy to protect

EthicsRegulators, Licensing & Agent Duties

Ines, 45, a corporate lawyer in Toronto, holds a $1,500,000 term life policy to protect her family and her share of a mortgage. She reads that her insurer, a member of Assuris, has become insolvent and is being wound up. She has kept up her premiums and has no claim pending. Assuris coverage applies. How much death benefit is she guaranteed to retain?

A $1,000,000
B $1,275,000
C $1,350,000
D $1,500,000

Show the answer and explanation

Answer: C. $1,350,000

Assuris guarantees that a policyholder retains up to $1,000,000 or 90% of the death benefit, whichever is higher. 90% of $1,500,000 is $1,350,000, which is higher than $1,000,000, so she retains $1,350,000. $1,275,000 uses the pre-2023 85% level. Source: Assuris, product protection pages (assuris.ca, checked 12 Oct 2026; levels in force since 25 May 2023) (as at 12 Oct 2026).

Common mistake

Using the $1,000,000 figure as a cap rather than as the floor of a 'whichever is higher' test.

Practice more Ethics Regulators, Licensing & Agent Duties questions

Exam-style questions with worked answers, then full timed mocks. Free to start.

Start practicing →

Study note: Regulators, Licensing & Agent Duties Ethicspractice questions & mock exams

Related Ethics practice questions

Mira, 52, a former surgeon in Edmonton, has been receiving $8,000 a month from her individual disability policy for two years after a hand injury. Her insurer, an Assuris member, becomes insolvent. She depends on the benefit to pay her mortgage and asks her agent what will happen to her payments. Assuris coverage applies. What monthly benefit does she keep?Kwasi, 49, had his disability claim reduced by his insurer. He used the insurer's internal complaint process, including a review by its ombudsperson, and received a final letter confirming the decision. He believes the insurer misread his medical file but cannot afford a lawyer. Where can he take the complaint next, free of charge?Jerome has been a licensed life agent in Winnipeg for six years. A new client, Viktor, 52, owns two restaurants and wants a single-premium non-registered universal life policy to leave money to his nephew. At their second meeting Viktor hands Jerome $12,000 in Canadian bank notes for the premium, saying his business deals mostly in cash. No exception under the regulations applies. What must happen under the federal anti-money-laundering rules?

Build a daily practice habit — a few exam-style questions a day, with worked answers. Free to start.

Start practicing →

Original study material mapped to the public CISRO curriculum; not a real test question.Not affiliated with CISRO, CCIR or any provincial insurance regulator. Verify figures and rules against current guidance before relying on them.