Question

Vicky, a CFP® professional, received a traffic ticket for driving 45 MPH in a 25 MPH school zone. She has to pay a $350 fine and attend driving school. How many days does she have to report the ticket to the CFP Board?

15 days

30 days

45 days

She does not need to report the ticket

Insurance laws are regulated under:

		The SEC
		Congressional oversight
		The NAIC
		The state administrator

The first steps or phases in the investigated hearing process include:

I           grievance

II         analysis
III        self-disclosure

IV        self-discovered

		I, II only
		III and IV only
		I, III and IV only
		I, II, III, and IV

Ben has $10,000 in his checking account, a $25,000 vehicle, $50,000 in stocks and bonds, and a $15,000 car loan. What is his net worth?

		$10,000
		$60,000
		$70,000
		$85,000

A client is on vacation and goes out bicycling. During the excursion, his wallet falls out of his pants. He realizes the loss shortly after when stopping for an afternoon glass of wine and reports the loss immediately. In the wallet are his Discover, American Express, Citibank MasterCard and Capital One Visa. When reporting the loss, he is relieved to find that there have been no charges made on the cards. The next morning, out of curiosity, he goes online to check his balances. He is shocked to see the following charges since the cards have been reported stolen. Your client is responsible for _____.

            Discover                      $25

            American Express        $0

            MasterCard                  $3,000

            Visa                              $5,025

  

		$0
		$125
		$200
		$8,050

Answer 1

As per rules I will answer the first 4 subparts of the question

1: She does not need to report the ticket

(As per Article 13, CFP, conviction of crime is to be reported to the Board except minor traffic offenses)

2:NAIC

( The NAIC is the US standard setting organization through which state insurance regulators set up the standards and best practices for insurance. NAIC also coordinates their regulatory oversight.)

3:
III and IV only

(The hearing process involves self disclosure by the parties involved. The presiding officer of a Hearing Panel may instruct the party to comply with a discovery request.Grievance is the cause for complaint and not the step in the process as such. Self discovered is not relevant to the process.)

4:Net worth = Checking account balance+vehicle+ stocks and bonds- Car loan

=10000+25000+50000-15000

=$70000