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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

A group of high school students visits Jacques, a financial security advisor, as part of Career Day. A student wants to know what an insurance contract is. What will Jacques answer?

Options:

A.

It is a contract of the utmost good faith, in general concluded by mutual agreement, onerous, and aleatory

B.

It is a contract in which an inaccurate statement by the client is inconsequential; it is in general a contract of adhesion, synallagmatic, and consensual

C.

It is a contract of the utmost good faith, in general a contract of adhesion, synallagmatic, and aleatory

D.

It is a contract in which an inaccurate statement by the client is inconsequential; it is a synallagmatic, consensual, and gratuitous contract

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Question 2

Six years ago, Gerard, aged 28, purchased a life insurance policy.

Gerard just got married to Tanya, and they both want to purchase more insurance. Reviewing Gerard’s policy, Tanya notices that Gerard neglected to mention that he had migraines due to concussions suffered from playing football when he was a teenager. Gerard did not intentionally neglect to mention the migraines as the migraines were never an ongoing issue once he stopped playing football.

Which statement is true?

Options:

A.

Since the policy was taken out six years ago, the insurance company would have to prove that Gerard made a fraudulent material misrepresentation, or pay the policy's death benefit.

B.

The insurance company can void the contract under the contestability clause, and nopremiums would be returned to Gerard.

C.

Gerard can admit the mistake to the insurance company to ensure they cannot void the policy due to incomplete information at time of application.

D.

Since the policy was taken out six years ago, the insurance company can void the policy under the mistake clause.

Question 3

John purchased a permanent life insurance policy for his grandson, Richard, when Richard was born 28 years ago. This policy has increased in death benefit over time and holds sizeable cash value. Now that Richard is older, John would like to transfer this policy to him as he now is working and has a family.

What does John need to know about this transfer in relation to tax implication?

Options:

A.

The transfer will be done with tax implication as Richard isn't his child.

B.

The transfer will be done when Richard pays consideration to John for fair market value of the policy.

C.

John is not responsible for any disposition triggered by Richard as they will be taxable to Richard only.

D.

John should roll this policy over to Richard's father first, then Richard’s father should roll it over to Richard without tax implication.