IFSE Institute Related Exams
LLQP Exam
Xander fills out a life insurance application to purchase a $75,000 policy. The policy is accepted by the insurer and delivered to him on March 3. He pays the first month’s premium upon receipt of the policy. Unfortunately, on March 9, Xander loses his job and decides that he no longer wants the policy. What will be the consequence of this cancellation?
Valerie, age 42, recently left her job after 15 years of service. She participated in a defined contribution pension plan and had accumulated benefits amounting to $88,000, eligible for transfer into a registered contract. What must Valerie do with this money?
(Germaine, a shareholder-manager, already has a group RRSP for her employees. She now wants to establish a second group savings plan that allows employees to withdraw money at any time without additional taxes or penalties.
Which plan fits her needs?)