LLQP Exam Dumps : Life License Qualification Program (LLQP)

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?

Jean recently retired at age 60. A passionate art collector for some 30 years, Jean now has an impressive collection of Canadian paintings. His collection, which he acquired at a cost of $150,000, is currently valued at $600,000.

Jean has over $450,000 in his RRSP. He has been living alone in a rental condo since his divorce five years ago.

When he dies, Jean will leave his property to his only child, Claudia, who is 33, married and has two children.

If he does not make any provisions to cover the tax liability, how will Jean's tax return be affected for the year of his death?

Eloise has critical illness coverage through her group insurance plan at work. She is 54 years old, in excellent health, and is planning to retire soon. She meets with Sonia, her insurance agent, to plan her retirement and to make sure she will still be covered in the event of critical illness. To make sure she is not a burden on her family, Eloise would also like to receive monthly benefits in the event she is placed in an assisted living facility. What should Sonia tell her?