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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

Larissa is a 65-year-old retired marketing executive. She is single and has no dependents. Larissa accepted a generous retirement package from her employer five years ago and used her early retirement cash bonus to consolidate her financial affairs. She paid off mortgages on both her principal residence (a condo) and her vacation cottage. The fair market value (FMV) of the real estate increased significantly over the years. She named her sister Natalya as the sole beneficiary of her estate. In addition to the two properties, Larissa's estate includes a registered retirement savings plan (RRSP) and shares of Apple Inc. that she purchased in her tax-free savings account (TFSA) 10 years ago. If Larissa were to pass away today, which of her assets would be fully taxable on her final income tax return?

Options:

A.

The condo.

B.

The cottage.

C.

The TFSA.

D.

The RRSP.

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Question 2

(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.

Question 3

Gary owns a $500,000 T-20 life insurance policy with an accidental death rider of $250,000. His estate is named as beneficiary. Gary dies when his car falls into a lake. The autopsy shows that he had a heart attack, which caused his death and led to the accident.

What death benefit amount will the life insurance company pay Gary's estate?

Options:

A.

$750,000, because the accident was caused by the heart attack.

B.

$500,000, because accidental death cannot be added to term coverage.

C.

$750,000, because Gary's death meets the definition of accident in the contract.

D.

$500,000, because the death is due to the heart attack and not the car accident.