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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

Brian is a machinist. For the past seven years, he’s worked for a company that offers a group benefits plan. Under that plan, the premiums for long-term disability coverage are entirely paid by the employees. Last year, an injury forced Brian to stop working for eight months. After a four-month waiting period, during which he collected Employment Insurance (EI) benefits, Brian received long-term disability (LTD) benefits from the group plan’s insurer. Brian is now preparing his income tax return and wonders about the tax implications of the different benefits he received while on disability. What statement accurately describes the tax treatment of Brian’s EI and LTD benefits?

Options:

A.

Both the EI benefits and LTD benefits are taxable income.

B.

The EI benefits are taxable income, the LTD benefits are tax-free.

C.

The EI benefits are tax-free, the LTD benefits are taxable income.

D.

Both the EI benefits and LTD benefits are tax-free.

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Question 2

Julie and Jim have been married for 16 years and decide to divorce. They draw up a list of property that will be partitioned based on the provisions of family patrimony: the family home, the cars, the RRSPs, and the benefits accrued with the RRQ during the marriage. What other items should be added to Julie and Jim's list?

Options:

A.

TFSAs

B.

Bank accounts and TFSAs

C.

Life insurance policy cash surrender values

D.

Nothing else

Question 3

The company Xtra is growing. Mr. Trenet, chair of the executive committee, invites his financial security advisor, Noah, to meet with them to underwrite an annuity contract. The treasurer of Xtra offers to invest $2,500,000 of the company’s retained earnings. Before voting on a resolution to designate a policyholder, the treasurer asks Noah if Xtra can be designated as the policyholder instead of Mr. Trenet. What answer should Noah give?

Options:

A.

Only an individual can be a policyholder; therefore, Noah can recommend that Mr. Trenet be the policyholder

B.

For Xtra to become the subscriber of the contract, the investment amount must come from aregistered plan, such as a retirement fund

C.

Because Xtra is a legal person, Xtra can be the policyholder; Mr. Trenet must be the subrogated annuitant to approve decisions on behalf of Xtra

D.

If the capital is not registered, Xtra can be the policyholder