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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

Seven years ago, Amber invested $150,000 in a non-registered equity segregated fund. Her investment grew, and today, the market value of her fund is $165,000. She places an order to redeem her fund and she wants to know how her investment will be taxed.

Options:

A.

The $15,000 of capital gains will receive preferential tax treatment.

B.

The $15,000 of capital gains will be 100% taxable.

C.

The entire $165,000 will be taxed as income.

D.

The investment will not be taxed.

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Question 2

Six years ago, Gerard, aged 28, purchased a life insurance policy.

Gerard just got married to Tanya, and they both want to purchase more insurance. Reviewing Gerard’s policy, Tanya notices that Gerard neglected to mention that he had migraines due to concussions suffered from playing football when he was a teenager. Gerard did not intentionally neglect to mention the migraines as the migraines were never an ongoing issue once he stopped playing football.

Which statement is true?

Options:

A.

Since the policy was taken out six years ago, the insurance company would have to prove that Gerard made a fraudulent material misrepresentation, or pay the policy's death benefit.

B.

The insurance company can void the contract under the contestability clause, and nopremiums would be returned to Gerard.

C.

Gerard can admit the mistake to the insurance company to ensure they cannot void the policy due to incomplete information at time of application.

D.

Since the policy was taken out six years ago, the insurance company can void the policy under the mistake clause.

Question 3

Valerie, age 42, recently left her job after 15 years of service. She participated in a defined contribution pension plan and had accumulated benefits amounting to $88,000, eligible for transfer into a registered contract. What must Valerie do with this money?

Options:

A.

Transfer this sum into an RRSP and convert the accumulated value into a life annuity or RRIF no later than December 31 of the year she turns 71

B.

Transfer this sum into a LIRA and convert the accumulated value into a life annuity or RRIF no later than December 31 of the year she turns 71

C.

Transfer this sum into a RRIF and start withdrawing annuity payments no later than the end of the following calendar year

D.

Transfer this sum into a LIRA and convert the accumulated value into a life annuity or LIF no later than December 31 of the year she turns 71