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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

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

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Question 2

Pierre-Marc, aged 32, is a dentist with a rich clientele. His income is substantial. Five years ago, he purchased an “any occupation” disability insurance policy. Today he meets with Joseph, his life insurance agent, to determine whether this type of coverage is still adequate. What should Joseph tell him?

Options:

A.

This type of coverage is adequate because it is more flexible. Pierre-Marc will be entitled to disability benefits even if he can work in another profession and chooses to do so.

B.

This type of coverage is adequate. Pierre-Marc will be entitled to disability benefits even if he can work in another profession, provided he chooses not to do so.

C.

This type of coverage is no longer adequate. Pierre-Marc should purchase an accidental death and dismemberment rider, which would allow him to collect a lump-sum benefit if he injures his hands.

D.

This type of coverage is no longer adequate. Pierre-Marc should purchase “own occupation” coverage, which would allow him to collect benefits even if he can work in another profession and chooses to do so.

Question 3

Sabrina is an insurance representative with an insurance of persons certificate issued by the Autorité des marchés financiers (AMF). Her client, Stephanie, is a Quebec resident who accepted a job with Service Canada, in Ottawa, and purchased a condo there. Stephanie calls Sabrina to explain that her new job requires her to work in Ottawa three days per week, but she is still a Quebec resident; she spends four days a week with her family in Granby, Quebec. Stephanie asks Sabrina if she can buy mortgage insurance from her to help cover the mortgage on her new condo.

What should Sabrina answer her?

Options:

A.

Yes, they can complete and sign the application in Ottawa because Stephanie is a Quebec resident.

B.

Yes, but they would have to complete and sign the application in the province of Quebec.

C.

No, because Stephanie is a federal government employee.

D.

No, because Stephanie's condo is outside of the province of Quebec.