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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

Johann owns a $250,000 whole life insurance policy. The policy has a cash surrender value (CSV) of $55,000 and an adjusted cost basis (ACB) of $30,000. Johann would like to cancel his policy and use the cash surrender value to fund a new business. If his marginal tax rate is 40%, how much will he have left after cancelling his policy?

Options:

A.

$30,000

B.

$33,000

C.

$45,000

D.

$55,000

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Question 2

(Vanessa, a grandmother, wants to set up a savings account for her six-month-old granddaughter Brienne’s future education, making a lump sum and regular contributions.

Which account is best suited?)

Options:

A.

An RRSP in Brienne’s name

B.

A TFSA in Vanessa’s name

C.

An RESP with Brienne as beneficiary

D.

A TFSA in Tanya’s name

Question 3

Rene, age 39, is a framing carpenter at a company that builds doors and windows. He has group disability insurance equivalent to 60% of his annual salary, which is $70,000. His monthly living expenses are $3,500. Since he has no pension plan at work, Rene has enrolled in an individual RRSP through payroll deductions ($1,000 per month). His RRSP savings currently amount to $45,000. In addition, Rene has $10,000 in a non-registered savings account. What should Rene’s life insurance agent advise him?

Options:

A.

Rene is already sufficiently protected through his group disability insurance.

B.

Rene is already sufficiently protected through his group disability insurance and his RRSP.

C.

Rene should, in addition, buy $1,000 per month of individual disability insurance, given his RRSP commitment.

D.

Rene should, in addition, buy individual disability insurance covering 40% of his salary for unexpected expenses.