LLQP Exam Dumps : Life License Qualification Program (LLQP)

Joseph’s diamond necklace collection is classified as aninvestment assetdue to its value and potential for appreciation over time. Investment assets are non-liquid assets that hold value, often with the potential to increase, and are usually part of an estate for wealth preservation or transfer. Liquid assets are easily convertible to cash, which does not apply here. Fixed assets typically refer to property or equipment used for business purposes. Thus,Option Baccurately describes the nature of his jewelry collection​​.

Comprehensive and Detailed Explanation:

A future purchase option allows benefit increases without medical underwriting, contingent on financial underwriting (proof of income increase) (Chapter 7:Insurance Recommendation, Contract, and Service Needs).

Option A: Incorrect; not automatic, requires proof.

Option B: Incorrect; no medical proof needed.

Option C: Correct; tied to income proof.

Option D: Incorrect; set at purchase, not disability.

As per LLQP guidelines and privacy regulations in Canada, an insurance agent like Vasu is required to submit all medical and lifestyle-related information to the insurer as part of the application process. Additionally, the agent is permitted to retain a copy of this information in his client file for record-keeping and future reference purposes. It is essential for compliance and potential follow-ups related to policy servicing or claims. Privacy laws do not permit Vasu to share this information with unauthorized parties, such as his supervisor or the client, beyond what is required for processing the application, unless consent has been explicitly provided​​.

=================