2. Linda Jones, a life broker in Burnaby, assisted Mr. Michael Singh in the preparation of...

 

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2. Linda Jones, a life broker in Burnaby, assisted Mr. Michael Singh in the preparation of his whole life policy. The face value of the policy was $1.5 million. and Mr. Singh purchased the policy with a one-time premium of $473,000, paid via a cheque issued by his employer. Linda is able to confirm Mr. Singh's identity by his driver's license and his passport. Mr. Singh listed his occupation on the application as Canadian CEO for the Committee for the Safety of the Roads. Linda had both the application and cheque in her possession when her intuition was sparked by the size of the premium payment and the name of the employer. She suspected that Mr. Singh might be using laundered money or that the Committee for the Safety of the Roads might not be the provincial public-service agency Mr. Singh had described. When Linda submits a report to FINTRAC, she will receive: a) nothing b) a telephone call from FINTRAC acknowledging receipt of the report c) a written receipt of her report, indicating steps FINTRAC is taking d) a confirmation e-mails 2. Linda Jones, a life broker in Burnaby, assisted Mr. Michael Singh in the preparation of his whole life policy. The face value of the policy was $1.5 million. and Mr. Singh purchased the policy with a one-time premium of $473,000, paid via a cheque issued by his employer. Linda is able to confirm Mr. Singh's identity by his driver's license and his passport. Mr. Singh listed his occupation on the application as Canadian CEO for the Committee for the Safety of the Roads. Linda had both the application and cheque in her possession when her intuition was sparked by the size of the premium payment and the name of the employer. She suspected that Mr. Singh might be using laundered money or that the Committee for the Safety of the Roads might not be the provincial public-service agency Mr. Singh had described. When Linda submits a report to FINTRAC, she will receive: a) nothing b) a telephone call from FINTRAC acknowledging receipt of the report c) a written receipt of her report, indicating steps FINTRAC is taking d) a confirmation e-mails

Answer rating: 100% (QA)

1 Premium Payment Face value of the policy 1500000 Onetime premium paid 473000 2 Premium Percentage To calculate the percentage of the face value paid as premium Divide the premium paid by the face va... View the full answer