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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

Gary owns a $500,000 T-20 life insurance policy with an accidental death rider of $250,000. His estate is named as beneficiary. Gary dies when his car falls into a lake. The autopsy shows that he had a heart attack, which caused his death and led to the accident.

What death benefit amount will the life insurance company pay Gary's estate?

Options:

A.

$750,000, because the accident was caused by the heart attack.

B.

$500,000, because accidental death cannot be added to term coverage.

C.

$750,000, because Gary's death meets the definition of accident in the contract.

D.

$500,000, because the death is due to the heart attack and not the car accident.

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Question 2

Davy, who just turned 55, intends to retire 10 years from now. Together with his life insurance agent, he determines that he will need to have approximately $200,000 in RRSPs when he reaches age 65 in order to retire comfortably. He feels confident that his current RRSP account can generate a return of 3% per year on average for the next 10 years. However, he does not plan to contribute any new funds to his RRSP because he wants to start saving in his TFSA account instead. He therefore wonders whether his RRSP account currently has sufficient funds for him to meet his retirement goal in 10 years.

What is the minimum RRSP account balance needed now for Davy to meet his goal? (Round to the nearest dollar.)

Options:

A.

$140,000

B.

$148,819

C.

$150,000

D.

$153,846

Question 3

Six years ago, Stéphane left his job as technical director at ADM Consultants in order to branch out on his own. He transferred the $48,000 pension amount accumulated under his former employer’s pension plan into a LIRA, investing it in a balanced segregated fund (within a contract with a 10-year term-to-maturity) offered by NRJ Insurance. Now 38, Stéphane is going through a divorce and would like to redeem his segregated funds contract in order to pay part of what he owes his ex-wife.

What will NRJ Insurance do in this situation?

Options:

A.

NRJ Insurance will liquidate the fund units and pay Stéphane the full amount obtained.

B.

NRJ Insurance will liquidate the fund units and pay Stéphane the amount obtained, minus the applicable income taxes.

C.

NRJ Insurance will not be able to carry out Stéphane’s request at this time because there are four years left to go before the contract matures.

D.

NRJ Insurance will not be able to carry out the request. Since the funds are held in a locked-in account, Stéphane cannot cash them in right now.