LLQP Exam Dumps : Life License Qualification Program (LLQP)

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.

Since Borealis Fit is a relatively new business with no prior experience data for group insurance, the insurer is likely to use manual rating. This method involves determining premiums based on standard rates for similar groups rather than the specific experience of the group itself. Manual rating is commonly applied when there is no claims history or insufficient data to support a credibility or experience rating. This aligns with LLQP guidelines, which outline manual rating as a default approach for groups without established claims experience​.

Comprehensive and Detailed Explanation From Exact Extract:

According to the LLQP curriculum, when an insured leaves employment, they are typically entitled to convert their group life insurance policy into an individual policy without medical evidence, up to a specified limit—commonly $200,000. This is a standard feature to ensure continued coverage post-employment. The conversion must generally occur within 31 days of termination.