LLQP Exam Dumps : Life License Qualification Program (LLQP)

In the context of insurance, records related to client policies, including claims and relevant documentation, must generally be retained for a minimum of five years. This requirement ensures that firms maintain adequate records for review or potential claims and can support clients or their representatives in matters related to policy details​.

Destroying Sarah's file shortly after paying out the death benefit would violate this five-year record retention requirement, which is part of standard industry practice for insurance providers. The requirement is intended to safeguard client information and provide continuity of service in case further details are needed post-claim​.

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Thematurity guaranteein a segregated fund protects a minimum portion (often 75% or 100%) of the initial investment at maturity, even if high-risk investments underperform. This allows Miles to take risks while having downside protection.

Exact Extract:

"The maturity guarantee protects a minimum portion of the original investment at contract maturity date, even if the underlying investment loses value."

(Reference:Segfunds-E313-2020-12-7ED, Chapter 2.1.1.1 Maturity Guarantee​)

Comprehensive and Detailed Explanation From Exact Extract:

To insure someone’s life, there must beinsurable interestat the time the policy is initiated. Health Inc. has abusiness-related financial interestin Leslie, their key employee, whichqualifies under Canadian insurance law. The LLQP material confirms that companies may insure key personnel for loss-of-income purposes with insurable interest clearly established.