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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

Lacy is reviewing her life insurance policy with Paul, her financial advisor, because she wants to better understand its cash value and to take advantage of tax sheltering. She purchased a $200,000 Universal Life policy 3 years ago and has minimum funded the policy on an annual basis. Lacy is used to investing and is familiar with the investment world. In addition, her universal life policy has the level protection death benefit, and she has no intention of withdrawing the deposit amount, as she wishes to benefit from the tax exemption. Lacy is prepared to deposit a large lump sum of cash into her policy that she received from an uncle that passed away.

Before completing the deposit, what should Paul inform Lacy about?

Options:

A.

Face amount.

B.

Taxation.

C.

MTAR.

D.

Investment account.

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Question 2

Concilius has had a whole life (permanent) insurance policy for the past eight years. He decides he no longer wants this policy and stops paying the premiums. The cash value keeps the policy in effect for 28 months, after which it lapses. However, 46 months later, Concilius regrets his decision and applies to reinstate his policy. He is prepared to prove that he still meets the insurability conditions and to pay the overdue premiums plus interest, the cash value used, and the interest. Under what conditions will Concilius’ policy be reinstated?

Options:

A.

With the addition of a new premium based on his current age

B.

With the same initial conditions

C.

With an increase in the price of the premium

D.

With a reduction in the insured amount

Question 3

Abraham lives in Alberta. He meets with a life insurance agent to discuss the purchase of an individual extended health insurance plan. Abraham is interested in a plan that would cover him, his wife, and their two young children. Here are some of the features of the plan that most closely meets Abraham’s needs: prescription drug coverage with a $50 annual deductible and 80% co-insurance, and dental coverage with a $100 deductible and 70% co-insurance on preventative services. However, Abraham asks the agent to present a plan with a cheaper premium. What changes would the agent have to consider in order to present a plan with a lower premium than the one described above?

Options:

A.

Lower deductible on prescription drug coverage, higher deductible on preventative dental services.

B.

Higher deductible and lower co-insurance on prescription drugs, lower deductible and lower co-insurance on preventative dental services.

C.

Higher deductible and lower co-insurance on prescription drugs, higher deductible and lower co-insurance on preventative dental services.

D.

Lower deductible and higher co-insurance on prescription drugs, lower deductible and higher co-insurance on preventative dental services.