IFSE Institute LLQP Exam With Confidence Using Practice Dumps

Dale breached his duty of care by failing to submit Larry’s disability claim form in a timely manner. The duty of care requires insurance agents to act diligently and responsibly, ensuring that they prioritize their clients’ needs and act in a timely manner, especially in situations where benefits are urgently needed​. By neglecting to submit the form promptly, Dale did not fulfill this responsibility, potentially delaying Larry's benefits during his recovery period​.

Comprehensive and Detailed Explanation:

“Any occupation” disability insurance pays benefits only if the insured cannot work inanyjob for which they are reasonably suited by education, training, or experience. For a dentist like Pierre-Marc, whose substantial income relies on specialized skills, this is restrictive. “Own occupation” coverage pays if he cannot perform his specific job (dentistry), even if he can work elsewhere (Chapter 2:Insurance to Protect Income).

Option A: Incorrect; “any occupation” is less flexible, not more, and doesn’t pay if he can work elsewhere, regardless of choice.

Option B: Incorrect; benefits stop if he can work elsewhere, whether he chooses to or not.

Option C: Incorrect; an AD&D rider addresses specific losses, not income replacement adequacy.

Option D: Correct; “own occupation” suits his high-income, specialized profession, ensuring benefits if he can’t practice dentistry, even if he takes another job.

When Larissa passes away, her RRSP will be fully taxable on her final income tax return, as it is considered income in the year of death unless rolled over to a qualified beneficiary, such as a spouse. Her TFSA, on the other hand, is not taxable upon death as it passes tax-free to the beneficiary or estate. The principal residence (condo) and cottage may incur capital gains tax, but they are not fully taxable as income.Therefore,Option D, the RRSP, is correct​.