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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

Eloise has critical illness coverage through her group insurance plan at work. She is 54 years old, in excellent health, and is planning to retire soon. She meets with Sonia, her insurance agent, to plan her retirement and to make sure she will still be covered in the event of critical illness. To make sure she is not a burden on her family, Eloise would also like to receive monthly benefits in the event she is placed in an assisted living facility. What should Sonia tell her?

Options:

A.

That the critical illness coverage under her group plan is the least expensive and that the insurer will have to give her the option of converting it into individual insurance when she retires.

B.

That the critical illness coverage under her group plan will end when she retires and that she should consider purchasing individual coverage.

C.

That her critical illness coverage will end when she retires and that she should consider purchasing individual critical illness and long-term care insurance.

D.

That when she retires, she should purchase individual disability insurance, which would give herthe coverage required in the event of critical illness.

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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

Sidney is a professional hockey player that recently purchased a large house and wants to have life insurance coverage to cover the cost. He meets with his life insurance agent, Dave, to determine his need and complete an application. After completing a needs analysis, it is determined he should have $25,000,000 worth of life insurance. Dave makes an application to A-Z Life Insurance Co. for $25,000,000 of permanent life insurance. The insurance company tells Dave that they have a maximum retention amount of $20,000,000 per policy.

What will happen in Sidney's case?

Options:

A.

He will have to apply for $20,000,000 worth of coverage.

B.

He will have to apply for $20,000,000 worth of coverage with A-Z Life Insurance Co. and $5,000,000 with a reinsurance company.

C.

He will have to apply for two different policies with A-Z Life Insurance Co.: Each less than $20,000,000 but totaling $25,000,000

D.

He will have to apply for $25,000,000 worth of coverage with A-Z Life Insurance Co. and they will find a reinsurance company to cover the $5,000,000.