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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

Dennis, aged 56, is an actuary. He owns both a disability insurance policy and a renewable term life insurance policy. His life insurance policy includes a supplementary benefit: the waiver of premium for total disability benefit. Following a motorcycle accident, Dennis suffers a traumatic brain injury. His disability benefits begin after the waiting period. While receiving those benefits, his term life insurance policy comes up for renewal.

How will the supplementary benefit included in that policy help Dennis?

Options:

A.

It will pay the premiums for the disability insurance.

B.

It will increase the amount Dennis receives as a disability benefit.

C.

It will pay his life insurance premiums up until the policy's renewal, but not after.

D.

It will pay his life insurance premiums before and after the policy's renewal, so long as he is disabled.

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Question 2

Jean recently retired at age 60. A passionate art collector for some 30 years, Jean now has an impressive collection of Canadian paintings. His collection, which he acquired at a cost of $150,000, is currently valued at $600,000.

Jean has over $450,000 in his RRSP. He has been living alone in a rental condo since his divorce five years ago.

When he dies, Jean will leave his property to his only child, Claudia, who is 33, married and has two children.

If he does not make any provisions to cover the tax liability, how will Jean's tax return be affected for the year of his death?

Options:

A.

A taxable capital gain of $225,000 will be declared for his art collection and the RRSP will be transferred directly to Claudia.

B.

A taxable capital gain of $450,000 will be declared for his art collection and the RRSP will be transferred directly to Claudia.

C.

A taxable capital gain of $225,000 will be declared for his art collection and the entire RRSP will be considered income earned by Jean.

D.

A taxable capital gain of $450,000 will be declared for his art collection and for the cashing in of his RRSP.

Question 3

Rhonda is a sixty-year-old biologist at the local university. She has two adult children Connor and Daniel. She meets her life insurance agent Todd to make sure that if something were to happen to her that everything would be taken care of. She has taken the initiative to have a will done that has all of her assets divided between her two children after any debts or taxes are settled. She knows her boys are not great with money so she names her friend Sandra as the executor.

One of the things that Rhonda is concerned about is the taxes that will be owed on her final tax return and thinks a life insurance policy would be a good idea to solve her issue.

What should Todd recommend while completing a life insurance policy to make sure that Rhonda’s concerns are met?

Options:

A.

Name Connor and Daniel beneficiaries with Sandra as a trustee.

B.

Name her estate as the beneficiary

C.

Name Sandra as the beneficiary and have her distribute the funds to Connor and Daniel.

D.

Name Connor and Daniel beneficiaries with her estate as a contingent beneficiary.