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LLQP Exam Dumps : Life License Qualification Program (LLQP)

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Life License Qualification Program (LLQP) Questions and Answers

Question 1

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?

Options:

A.

$7,500, tax free.

B.

$7,500, of which $2,500 will be taxed as capital gain.

C.

$7,500, of which $2,500 will be taxed as interest income.

D.

$7,500, of which $2,500 will be taxed as interest, dividend, and capital gain.

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Question 2

Davy, who just turned 55, intends to retire 10 years from now. Together with his life insurance agent, he determines that he will need to have approximately $200,000 in RRSPs when he reaches age 65 in order to retire comfortably. He feels confident that his current RRSP account can generate a return of 3% per year on average for the next 10 years. However, he does not plan to contribute any new funds to his RRSP because he wants to start saving in his TFSA account instead. He therefore wonders whether his RRSP account currently has sufficient funds for him to meet his retirement goal in 10 years.

What is the minimum RRSP account balance needed now for Davy to meet his goal? (Round to the nearest dollar.)

Options:

A.

$140,000

B.

$148,819

C.

$150,000

D.

$153,846

Question 3

Last month, Suzanne purchased a life insurance policy from a local agent. The agent told her that the policy would accrue a cash value that she could draw from in her retirement years and that the premium would never increase. After recently meeting with a close friend, who is a retired insurance advisor, she was dismayed to learn that what was sold to her is in fact a term policy with no cash value. If Suzanne wishes to make a formal complaint against the agent, which authority can assist her in doing so?

Options:

A.

Assuris.

B.

OmbudService for Life and Health Insurance.

C.

Canadian Council of Insurance Regulators.

D.

Office of the Privacy Commissioner of Canada.