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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

Group insurance and group annuity representative Zaheb recently sold a group insurance contract to Alumo Inc., a company that employs about 50 plant employees. This is the first time the company offers such a plan. The employees are asking the company questions about how the prescription drug plan works. They are especially surprised to see that the plan covers very few of the brand name drugs often prescribed by their physicians. What should Zaheb do?

Options:

A.

Let Alumo answer its employees’ questions about the prescription drug plan because it is best placed to understand their concerns.

B.

Recommend that the employees consult the Medical Information Bureau’s (MIB) official website, which explains how prescription drug plans work.

C.

Put an employee information program in place to explain the rules of the prescription drug plan.

D.

Notify the insurer because it alone is able to explain the prescription drug plan rules to the employees.

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Question 2

Jean recently retired at age 60. A passionate art collector for some 30 years, Jean now has an impressive collection of Canadian paintings. His collection, which he acquired at a cost of $150,000, is currently valued at $600,000.

Jean has over $450,000 in his RRSP. He has been living alone in a rental condo since his divorce five years ago.

When he dies, Jean will leave his property to his only child, Claudia, who is 33, married and has two children.

If he does not make any provisions to cover the tax liability, how will Jean's tax return be affected for the year of his death?

Options:

A.

A taxable capital gain of $225,000 will be declared for his art collection and the RRSP will be transferred directly to Claudia.

B.

A taxable capital gain of $450,000 will be declared for his art collection and the RRSP will be transferred directly to Claudia.

C.

A taxable capital gain of $225,000 will be declared for his art collection and the entire RRSP will be considered income earned by Jean.

D.

A taxable capital gain of $450,000 will be declared for his art collection and for the cashing in of his RRSP.

Question 3

Alana, Meaghan, and Beatrice are equal shareholders of Advanced Tech Inc. They each own 100 shares of the company. Each share is currently worth $5,000. They recently signed a cross-purchase buy-sell agreement that is funded by life insurance. What will happen under this agreement if Alanadies today?

Options:

A.

Meaghan and Beatrice would each still own 100 shares of the company.

B.

There would now be 200 outstanding shares of the company.

C.

Each share would now be worth $7,500.

D.

Alana’s estate would receive a total of $500,000.