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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

Julie and her spouse, Vincent, have two children, the youngest of whom is 5. Their salaries are roughly equivalent, at around $65,000 each. If Julie loses her spouse, she would receive, each month, $700 from the government plan and an orphan’s pension of $230 for each of her two children. She would also receive a monthly pension of $790 from her spouse's pension plan. The monthly expenses after her spouse's death are estimated at $4,000. Julie's disposable income will be about $1,500 a month. She is worried about the impact on her children's standard of living, especially over the next 10 years.

What is the annual shortfall if Vincent dies?

Options:

A.

$550.

B.

$6,600.

C.

$13,200.

D.

$39,600.

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Question 2

Davy, who just turned 55, intends to retire 10 years from now. Together with his life insurance agent, he determines that he will need to have approximately $200,000 in RRSPs when he reaches age 65 in order to retire comfortably. He feels confident that his current RRSP account can generate a return of 3% per year on average for the next 10 years. However, he does not plan to contribute any new funds to his RRSP because he wants to start saving in his TFSA account instead. He therefore wonders whether his RRSP account currently has sufficient funds for him to meet his retirement goal in 10 years.

What is the minimum RRSP account balance needed now for Davy to meet his goal? (Round to the nearest dollar.)

Options:

A.

$140,000

B.

$148,819

C.

$150,000

D.

$153,846

Question 3

(Eric, aged 28, currently works for an accounting firm. He still lives with his parents but is saving to buy a place of his own. Seven years ago, his grandparents gave him a significant cash gift following his college graduation. He deposited it into a segregated fund that invests in the natural resources sector. However, real estate prices are rapidly increasing. Eric is concerned that if he does not buy a place in the next three to five years, it might become altogether unaffordable. In addition, the shares of the segregated fund he holds have seen a sharp drop in market value two years ago and they have not recovered yet. Eric questions his current choice of investment and asks his life insurance agent if he should switch to a different type of segregated fund.

What should the agent recommend?)

Options:

A.

Switch to a bond fund.

B.

Switch to a dividend fund.

C.

Switch to a balanced fund.

D.

Hold on to his natural resources fund.