LLQP TEST VALID DUMPS & LLQP LATEST EXAM TRAINING & LLQP EXAM STUDY TORRENT

LLQP test valid dumps & LLQP latest exam training & LLQP exam study torrent

LLQP test valid dumps & LLQP latest exam training & LLQP exam study torrent

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The latest LLQP dumps pdf covers every topic of the certification exam and contains the latest test questions and answers. By practicing our LLQP vce pdf, you can test your skills and knowledge for the test and make well preparation for the formal exam. One-year free updating will ensure you get the Latest LLQP Study Materials first time and the accuracy of our LLQP exam questions guarantee the high passing score.

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LLQP Actual Dumps | LLQP Exam Questions

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IFSE Institute LLQP Exam Syllabus Topics:

TopicDetails
Topic 1
  • Ethics and Professional Practice: This part of the exam focuses on the legal and ethical responsibilities of life insurance professionals. It outlines the legal framework for life insurance in common law provinces and territories and stresses the importance of maintaining professionalism.
Topic 2
  • Accident and Sickness Insurance: Aimed at insurance professionals offering individual and group health insurance, this section emphasizes the importance of financial protection in the case of serious illness or injury.
Topic 3
  • Segregated Funds and Annuities: Targeted at investment advisors and financial planners, this section evaluates their understanding of saving and investment strategies, which are essential for retirement and financial planning.
Topic 4
  • Life Insurance: This section assesses the expertise of insurance professionals, including financial advisors and life insurance agents, in understanding the financial impact of death. It explains how life insurance helps address those financial needs and introduces various life insurance products, along with their features and benefits.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q113-Q118):

NEW QUESTION # 113
Kadiha invested $10,000 in a balanced fund 10 years ago, which she put into a non-registered account. At the time, her insurance agent sold her the fund with a 75% maturity and death benefit guarantee. Today, when the fund expires, the market value is $5,000.
How much will Kadiha receive, and how will her funds be treated for tax purposes?

  • A. $7,500, of which $2,500 will be taxed as interest income.
  • B. $7,500, of which $2,500 will be taxed as interest, dividend, and capital gain.
  • C. $7,500, tax free.
  • D. $7,500, of which $2,500 will be taxed as capital gain.

Answer: C

Explanation:
Kadiha's investment in a segregated fund with a 75% maturity guarantee means that upon maturity, she is guaranteed to receive 75% of her original investment, which would be $7,500 (75% of $10,000). The payment is considered part of the maturity guarantee under segregated fund contracts, and the difference paid out by the insurer to meet the guarantee ($2,500 in this case) is not subject to capital gains or interest income tax as it' s part of the guaranteed benefit. According to LLQP guidelines, segregated funds with such guarantees only tax the difference as capital gains if the payout exceeds the original investment, which is not applicable here.


NEW QUESTION # 114
Kalei owns a $250,000 life insurance policy with an accumulated cash surrender value of $75,000. She meets with her insurance agent Pamela to inform her that she quit her job last week. She wants to start an online business and needs $40,000 to fund the inventory and cover her living expenses for a few months. She heard that it was possible to obtain a loan using her policy at a 5% interest rate. Which of the following statements about collateral assignment is CORRECT?

  • A. Kalei is prohibited from doing anything with her policy that could affect the value of the security.
  • B. The bank is the new policyholder and beneficiary of the policy.
  • C. Upon Kalei's death, the insurance company will only reimburse the bank the entire $40,000 that she borrowed.
  • D. Kalei must name the bank as an irrevocable beneficiary of the policy until the debt is paid off.

Answer: A

Explanation:
When a life insurance policy is used as collateral for a loan, the policyholder retains ownership but must avoid actions that could reduce the value of the policy as collateral, such as reducing the cash value or cancelling the policy. This restriction ensures that the lender's security interest in the policy remains protected until the debt is repaid.
In collateral assignments, the policyholder does not transfer ownership to the lender, nor is there a requirement to designate the lender as an irrevocable beneficiary. The assignment simply grants the lender a right to claim the policy proceeds to cover the loan amount if the policyholder defaults or passes away.


NEW QUESTION # 115
Anita is a 50-year-old woman who is thinking of purchasing a $150,000 permanent life insurance policy to pay for the capital gains tax that will be payable on her country home upon her death. She had purchased the home twelve years ago and wants to bequeath the property to her niece when she dies.
Which of the following features about a permanent insurance policy is TRUE?

  • A. Anita must contact the insurer if there is a change in the insurability.
  • B. The coverage ends when Anita turns 100.
  • C. The premiums will remain level for the duration of the contract.
  • D. The policy cannot be cancelled by Anita.

Answer: C

Explanation:
Permanent life insurance policies generally offerlevel premiumsfor the duration of the contract, meaning that Anita's premium payments will not increase as she ages. While coverage can be structured to extend beyond age 100, many permanent policies maintain level premiums for the policyholder's lifetime. Unlike term insurance, Anita can also cancel the policy at any time. However, insurability changes do not typically affect existing permanent policies, which don't require updates to health information once the policy is in force.
Therefore,Option Bis correct.


NEW QUESTION # 116
Jonas recently graduated with his engineering degree and is joining the Alberta Engineering Association. He is informed that the association offers a group plan to all members. Jonas wants to join the plan but wishes to know who will pay the premiums for the coverage.
Which of the following answers is CORRECT?

  • A. Initially, the members must pay 100% of the premiums but after 3 years in the plan, the premiums are split with the association.
  • B. The premiums are split between the members and the association.
  • C. The members must pay 100% of the premiums.
  • D. The Association will pay 100% of the premiums.

Answer: C

Explanation:
Typically, when associations like the Alberta Engineering Association offer group insurance plans, these plans arevoluntary, and members are generally responsible for paying the full premium. This arrangement is common in association group plans, where membership is optional, and individuals must choose to opt in and pay their share. The LLQP materials outline that association-sponsored group plans often work this way unless otherwise specified, as there is no indication that the association shares in the premium costs.


NEW QUESTION # 117
Akeno is a 65-year-old retired accountant. He is divorced and has a 40-year-old son who is financially independent. Thanks to years of diligent savings, Akeno now enjoys a comfortable retirement. In addition to his pension income, he has over $300,000 invested in shares in his non-registered account. He lives in a mortgage-free home valued at $700,000 and owns a cottage valued at $500,000. The mortgage on the cottage is $100,000. Akeno purchased the homes 30 years ago when housing prices were low. It is important to him to donate $100,000 to the Alzheimer's Association when he dies. What is the GREATEST financial risk that would arise in the event of Akeno's death?

  • A. Loss of income.
  • B. Debt repayment.
  • C. Income tax.
  • D. Estate creation.

Answer: C

Explanation:
Akeno's greatest financial risk upon death isIncome tax, primarily due to the capital gains taxes that would be incurred on the disposition of his non-registered investment assets and potentially his real estate properties.
With significant investments and property appreciation, there may be substantial tax liabilities upon his death.
Other options, such as loss of income and debt repayment, are less relevant given his financial stability and the low outstanding debt on the cottage mortgage. Estate creation is not a concern as he has sufficient assets.


NEW QUESTION # 118
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