LLQP Exam Dumps : Life License Qualification Program (LLQP)

In this scenario, Rowan, an employee of a construction company, suffers an injury while on the job. Since the injury occurred in the workplace, he would be eligible for benefits under Workers' Compensation. Workers' Compensation is designed to cover employees who suffer work-related injuries or illnesses, providing them with benefits that include coverage for medical expenses and income replacement during their period of disability​.

As the accident happened while Rowan was performing work duties, Workers' Compensation will likely cover his wage loss for the duration he is unable to work due to the injury. Employment Insurance (EI) would not be applicable here, as EI sickness benefits are intended for non-work-related illnesses or injuries. The Canada Pension Plan (CPP) also would not apply, as it provides long-term disability benefits primarily for severe and prolonged disabilities that prevent individualsfrom working in any capacity. Therefore, option D is the correct answer, as Workers' Compensation is specifically designed for cases like Rowan’s​.

A spousal RRSP is beneficial for couples with differing income levels as it allows for income splitting during retirement. This is advantageous because it enables the higher-income spouse to contribute to the RRSP of the lower-income spouse. When the funds are eventually withdrawn during retirement, they are taxed at the lower-income spouse’s rate, potentially reducing the couple’s overall tax burden. This aligns with the LLQP guideline on income splitting as a tax minimization strategy​.

Option B is incorrect because the contributions to a spousal RRSP reduce the contribution room of the contributing spouse, not the recipient. Option C is technically accurate but does not directly address the primary advantage of a spousal RRSP in terms of tax planning, and Option D is correct regarding extending tax benefits but does not directly highlight the immediate benefit of income splitting for the couple.

In Quebec, an irrevocable beneficiary designation remains in effect even after a divorce, unless the policyholder takes steps to change it. Because Rajbir is designated as the irrevocable beneficiary, Surjit would require Rajbir’s consent to alter the beneficiary designation. Since Surjit intends to keep Rajbir as the beneficiary, he does not need to take any additional action, as the irrevocable beneficiary status remains in force. Surjit cannot change or remove Rajbir as the beneficiary without her consent, so his current designation remains unaffected by the divorce under LLQP guidelines and Quebec civil code rules on irrevocable beneficiaries​​.

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