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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

Luisa owns a balanced segregated fund currently valued at $50,000. Her mother Linda is the current revocable beneficiary of the policy. However, Luisa has been dating Benjamin for a year and would like to name him as the new beneficiary of her policy.

Which of the following statements about modifying the beneficiary designation is CORRECT?

Options:

A.

The change will take effect on the date that the insurer receives the change of beneficiary form.

B.

Since Linda is Luisa’s named beneficiary, she would need to consent to the change.

C.

Luisa can modify the designation anytime.

D.

Luisa can call the insurer's head office to notify them of the change.

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Question 2

Aadi is retiring from Scotia Grand, his employer of 25 years. While employed, Aadi benefitted from the company's deferred profit sharing plan (DPSP) and over the years, he accumulated $75,000.

Where should Aadi transfer these funds on a tax-deferral basis, now that he is retired?

Options:

A.

A group tax-free savings account (TFSA).

B.

A group registered retirement income fund (RRIF).

C.

A group life income fund (LIF).

D.

A locked-in retirement account (LIRA).

Question 3

Kadiha invested $10,000 in a balanced fund 10 years ago, which she put into a non-registered account. At the time, her insurance agent sold her the fund with a 75% maturity and death benefit guarantee. Today, when the fund expires, the market value is $5,000.

How much will Kadiha receive, and how will her funds be treated for tax purposes?

Options:

A.

$7,500, tax free.

B.

$7,500, of which $2,500 will be taxed as capital gain.

C.

$7,500, of which $2,500 will be taxed as interest income.

D.

$7,500, of which $2,500 will be taxed as interest, dividend, and capital gain.