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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

David, a respected career life insurance agent in his city, has a lot of older clients because he has been selling insurance for 35 years. One such senior, Craig Wilson, is 79 years old with a $150,000 universal life policy that he purchased in his 40s. Craig has several medical issues and may not live too much longer. Craig wants to create a bucket list in his final days but he has no savings to do the things he wants. So he contacts David to see if there is someone who can give him $50,000 now in exchange for the $150,000 insurance payout at his death. David knows a wealthy businessman who would purchase this policy as Craig wishes. What practice is David engaging in?

Options:

A.

This is referred to as "churning."

B.

This is referred to as "anti-selection."

C.

This is referred to as "trafficking."

D.

This is referred to as "tied selling."

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Question 2

Jonas, age 66, receives a monthly retirement income of $2,000 that is indexed to the cost of living. His RRSPs consist of the following: $30,000 in an international equity fund and $20,000 in a global bond fund.

To which of the following risks is Jonas most exposed?

Options:

A.

Interest rate risk

B.

Foreign exchange risk

C.

Liquidity risk

D.

Inflation risk

Question 3

After meeting with his advisor Monica, Tom agrees to apply for a $50,000 whole life insurance policy. Monica tells him that the monthly premium will be $40 per month. Monica is advised by underwriting that Tom qualifies for an additional $10,000 critical illness rider, and that the new premium would be $50 per month. Monica advises underwriting that Tom accepts the additional coverage without speaking with him first, because it is such a good deal and great coverage, he won’t mind. When Tom finds out what she has accepted on his behalf, without his knowledge, he is upset and wants to lodge a complaint to someone other than the insurance company and Monica; he wants to speak with an independent third party. He finds the contact information for the local regulatory authority. What are some of the responsibilities the regulatory authority has in protecting clients like Tom?

Options:

A.

Promoting transparency, taking action against breaches of conduct, and giving clients avenues to resolve individual complaints (e.g., OmbudService for Life and Health Insurance).

B.

Promoting transparency, reimbursing financial losses suffered by clients, and giving clients avenues to resolve individual complaints.

C.

Promoting transparency, educating the public, and organizing class action lawsuits against insurers.

D.

Taking action against breaches of conduct, increasing the public’s financial knowledge (such as understanding financial concepts), and closing insurance offices that are non-compliant.