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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

Sidney is a professional hockey player that recently purchased a large house and wants to have life insurance coverage to cover the cost. He meets with his life insurance agent, Dave, to determine his need and complete an application. After completing a needs analysis, it is determined he should have $25,000,000 worth of life insurance. Dave makes an application to A-Z Life Insurance Co. for $25,000,000 of permanent life insurance. The insurance company tells Dave that they have a maximum retention amount of $20,000,000 per policy.

What will happen in Sidney's case?

Options:

A.

He will have to apply for $20,000,000 worth of coverage.

B.

He will have to apply for $20,000,000 worth of coverage with A-Z Life Insurance Co. and $5,000,000 with a reinsurance company.

C.

He will have to apply for two different policies with A-Z Life Insurance Co.: Each less than $20,000,000 but totaling $25,000,000

D.

He will have to apply for $25,000,000 worth of coverage with A-Z Life Insurance Co. and they will find a reinsurance company to cover the $5,000,000.

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Question 2

Six years ago, when Kacey was working as an active firefighter, she purchased a $200,000 30-year term life insurance policy. At the time, the insurance company rated her policy. Recently, she changed roles and now works for the fire department’s public relations office, answering media calls and filling out paperwork. She meets with her insurance agent, Bernice, to ask if the insurer would consider reducing her premiums.

Options:

A.

The premiums cannot be increased once the policy is issued.

B.

The insurer cannot reduce the premium, but Kacey can apply for a new policy at a lower premium.

C.

The premiums can be reduced only if the policy has been in force for more than two years.

D.

Her premiums can be reduced since she is no longer a firefighter.

Question 3

Concilius has had a whole life (permanent) insurance policy for the past eight years. He decides he no longer wants this policy and stops paying the premiums. The cash value keeps the policy in effect for 28 months, after which it lapses. However, 46 months later, Concilius regrets his decision and applies to reinstate his policy. He is prepared to prove that he still meets the insurability conditions and to pay the overdue premiums plus interest, the cash value used, and the interest. Under what conditions will Concilius’ policy be reinstated?

Options:

A.

With the addition of a new premium based on his current age

B.

With the same initial conditions

C.

With an increase in the price of the premium

D.

With a reduction in the insured amount