LLQP Exam Dumps : Life License Qualification Program (LLQP)

The Chambre de la sécurité financière code of ethics applies specifically to financial security advisors and financial planners in Quebec. This code outlines the professional conduct required of those working within the financial services industry who advise clients on security products. Administrative assistants, claims adjusters, and damage insurance agents do not fall under the purview of the CSF code of ethics as they are regulated under different professional codes or by different oversight organizations​​.

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Key person disability insuranceprovides financial protection to a business against the loss of a crucial employee due to disability. Antoine is a critical figure for Kiril’s gym, generating a significant portion of revenue and attracting clientele due to his public profile. This policy would compensate the gym for lost income and potentially cover additional costs incurred while attempting to replace Antoine's unique contributions. The LLQP materials discuss key person insurance as essential for protecting a business against the financial impact of losing a high-value employee, making this option the most suitable for Kiril's needs​.

This question is a direct application of the time value of money concept—specifically present value (PV)—as taught in the LLQP Segregated Funds and Annuities material. Present value “works backwards from a future date” and answers the question: how much is needed now to achieve a future savings goal. The LLQP text provides the formula:

PV = FV ÷ (1 + interest rate)ⁿ

Here, Davy’s future goal is FV = $200,000, the annual return is 3% (0.03), and the time horizon is n = 10 years. Substituting into the LLQP formula:

PV = 200,000 ÷ (1.03)¹⁰

(1.03)¹⁰ ≈ 1.343916, so:

PV ≈ 200,000 ÷ 1.343916 ≈ $148,818.9, which rounds to $148,819.

Therefore, if Davy has at least $148,819 in his RRSP today and earns an average of 3% per year for the next 10 years with no additional contributions, he should reach approximately $200,000 by age 65.

This aligns exactly with the LLQP explanation that PV calculations are used “to help a person determine how much needs to be saved today to yield a specified pension at a future date.”