IFSE Institute LLQP Exam With Confidence Using Practice Dumps

Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:

In a joint first-to-die policy, the death benefit is paid to the surviving insured (primary beneficiary)upon the first death, unless altered. TheIFSE Ethics and Professional Practice Course (Common Law)states that beneficiary designations remain valid unless changed, and divorce does not automatically revoke them in most Canadian common law jurisdictions (unlike some family law contexts). Here, Chad is the primary beneficiary, and the adult children are secondary (contingent) beneficiaries, payable only if Chad predeceased Rachel. Since Rachel died first and the designation wasn’t updated post-divorce, Chad receives the benefit. Joint payment (A) or children claiming first (B) contradicts the primary/secondary structure, and Rachel’s parents (D) have no standing. Thus, C is correct.

A redeemable GIC offers capital protection and easy liquidity (ability to cash out without penalties), making it the best fit for Anthony’s priorities.

Exact Extract:

"Redeemable GICs allow investors to cash in before maturity without significant penalties, while preserving the invested capital."

(Reference: Segfunds-E313-2020-12-7ED, Chapter 1.3.6 Guaranteed Investment Certificates (GICs)​)

Comprehensive and Detailed Explanation From Exact Extract:

On death, RRSPs are deemed disposed of and included as income on the deceased’s final return unless transferred to a spouse. The full $450,000 will be taxed. The capital gain on the art collection is $600,000 – $150,000 = $450,000; only 50% is taxable, resulting in a $225,000 taxable gain. These are standard treatments outlined in estate taxation modules of LLQP.