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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

Six years ago, Stéphane left his job as technical director at ADM Consultants in order to branch out on his own. He transferred the $48,000 pension amount accumulated under his former employer’s pension plan into a LIRA, investing it in a balanced segregated fund (within a contract with a 10-year term-to-maturity) offered by NRJ Insurance. Now 38, Stéphane is going through a divorce and would like to redeem his segregated funds contract in order to pay part of what he owes his ex-wife.

What will NRJ Insurance do in this situation?

Options:

A.

NRJ Insurance will liquidate the fund units and pay Stéphane the full amount obtained.

B.

NRJ Insurance will liquidate the fund units and pay Stéphane the amount obtained, minus the applicable income taxes.

C.

NRJ Insurance will not be able to carry out Stéphane’s request at this time because there are four years left to go before the contract matures.

D.

NRJ Insurance will not be able to carry out the request. Since the funds are held in a locked-in account, Stéphane cannot cash them in right now.

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Question 2

Surjit and Rajbir got married in 2010, and Surjit named Rajbir as the irrevocable beneficiary of his life insurance contract. In 2017, the couple divorced amicably, and Surjit met with his insurance representative, Ivan, to review his plans. Surjit tells Ivan that he would like to keep Rajbir as his beneficiary.

What should Ivan counsel his client to do?

Options:

A.

Surjit does not need to do anything as Rajbir is already the named beneficiary.

B.

Surjit cannot make any changes to the policy without Rajbir’s consent, as she is the irrevocable beneficiary of his policy.

C.

Surjit should name a different beneficiary now that he is divorced.

D.

Surjit should once again designate Rajbir as the beneficiary.

Question 3

Emma, an employee at MagicLand, is part of the company's group registered retirement savings plan (RRSP). During her tenure, she accumulated over $70,000 in the plan and all of her contributions are invested in segregated funds. She meets with Jun to invest in an individual segregated fund. Jun tells her that there are some differences between group and individual segregated funds.

How are Emma's group segregated funds DIFFERENT from an individual segregated fund?

Options:

A.

They have higher sales charges.

B.

They charge switching fees.

C.

They offer death benefit guarantees at a special rate.

D.

They have lower management expense ratios (MERs).