LLQP Exam Dumps : Life License Qualification Program (LLQP)

Comprehensive and Detailed Explanation From Exact Extract:

The LLQP states that employer-paid premiums for group insurance are fully deductible business expenses. Even if employees contribute a portion (like 25%), the employer’s portion remains tax-deductible. The employee portion is not deductible to the employee.

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​​.

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Comprehensive and Detailed Explanation:

Future purchase options require financial underwriting (proof of income increase), not medical, to adjust benefits (Chapter 7:Insurance Recommendation, Contract, and Service Needs).

Option A: Incorrect; waived with rider.

Option B: Correct; income-based.

Option C-D: Incorrect; not required.