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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

The company Xtra is growing. Mr. Trenet, chair of the executive committee, invites his financial security advisor, Noah, to meet with them to underwrite an annuity contract. The treasurer of Xtra offers to invest $2,500,000 of the company’s retained earnings. Before voting on a resolution to designate a policyholder, the treasurer asks Noah if Xtra can be designated as the policyholder instead of Mr. Trenet. What answer should Noah give?

Options:

A.

Only an individual can be a policyholder; therefore, Noah can recommend that Mr. Trenet be the policyholder

B.

For Xtra to become the subscriber of the contract, the investment amount must come from aregistered plan, such as a retirement fund

C.

Because Xtra is a legal person, Xtra can be the policyholder; Mr. Trenet must be the subrogated annuitant to approve decisions on behalf of Xtra

D.

If the capital is not registered, Xtra can be the policyholder

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Question 2

Alana, Meaghan, and Beatrice are equal shareholders of Advanced Tech Inc. They each own 100 shares of the company. Each share is currently worth $5,000. They recently signed a cross-purchase buy-sell agreement that is funded by life insurance. What will happen under this agreement if Alanadies today?

Options:

A.

Meaghan and Beatrice would each still own 100 shares of the company.

B.

There would now be 200 outstanding shares of the company.

C.

Each share would now be worth $7,500.

D.

Alana’s estate would receive a total of $500,000.

Question 3

After meeting with his advisor Monica, Tom agrees to apply for a $50,000 whole life insurance policy. Monica tells him that the monthly premium will be $40 per month. Monica is advised by underwriting that Tom qualifies for an additional $10,000 critical illness rider, and that the new premium would be $50 per month. Monica advises underwriting that Tom accepts the additional coverage without speaking with him first, because it is such a good deal and great coverage, he won’t mind. When Tom finds out what she has accepted on his behalf, without his knowledge, he is upset and wants to lodge a complaint to someone other than the insurance company and Monica; he wants to speak with an independent third party. He finds the contact information for the local regulatory authority. What are some of the responsibilities the regulatory authority has in protecting clients like Tom?

Options:

A.

Promoting transparency, taking action against breaches of conduct, and giving clients avenues to resolve individual complaints (e.g., OmbudService for Life and Health Insurance).

B.

Promoting transparency, reimbursing financial losses suffered by clients, and giving clients avenues to resolve individual complaints.

C.

Promoting transparency, educating the public, and organizing class action lawsuits against insurers.

D.

Taking action against breaches of conduct, increasing the public’s financial knowledge (such as understanding financial concepts), and closing insurance offices that are non-compliant.