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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

Christie’s savings and investment assets include the following:

    RRSP: $100,000 in bond funds

    Home valued at: $400,000

    Defined benefit pension plan (DBPP) valued at: $50,000

    Chequing account: $6,000

    Savings account: $5,000

Her liabilities include:

    Credit card debt: $20,000

    Balance of mortgage: $200,000

Based on the information provided, what should Christie’s priority be?

Options:

A.

Diversify her investments by including equities.

B.

Establish an emergency fund.

C.

Eliminate her credit card debt.

D.

Receive the commuted value of her DBPP.

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Question 2

Genevieve and Martin, a couple in their 40s, meet with Melissa, their insurance agent, to help them plan for their retirement. Melissa tells them that they would benefit from opening a spousal registered retirement savings plan (RRSP) given their financial situation and discrepancy in their incomes. The couple would like to know the benefits of opening a spousal RRSP.

Options:

A.

A spousal RRSP is a way to move income from one spouse, who has a higher tax rate, to the other, who has a lower tax rate, during retirement.

B.

Contributions to a spousal plan are based on the contribution room of the recipient and reduce his or her RRSP contribution room.

C.

Contributions to a spousal plan can be made until the end of the year in which the older spouse turns 71.

D.

Having a spousal RRSP can extend the tax benefit of contributions past age 71 if the contributing spouse is younger.

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.