Review Exam

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insurance policy are all the same as mutual funds

$4.$ Carol, an insurance producer for Big Insurer, routinely represents herself as a financial planner even though her professional services are limited to the sale of insurance products. Her justification for applying the financial planner label to her activities is that insurance is a financial product and, therefore, she is helping her clients plan for some of their financial needs. Which of the following statements concerning Carol's representing herself as a financial planner is correct?

$($Search Chapter $1).$

$$ a$.$ Carol's representing herself as a financial planner is unethical.

$$ b$.$ Because Carol actually assists her clients in planning the amount of life insurance they need, her use of the title is appropriate.

$$ c$.$ Carol's use of the financial planner title is acceptable only if she is licensed to sell life, health and property and casualty insurance products.

$$ d$.$ Carol could present herself as a financial planner only if her compensation for professional services was limited to client fees and she accepted no commissions.

$5.$ Which of the following generally determines whether a product recommendation made to an

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