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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

Brian is a machinist. For the past seven years, he’s worked for a company that offers a group benefits plan. Under that plan, the premiums for long-term disability coverage are entirely paid by the employees. Last year, an injury forced Brian to stop working for eight months. After a four-month waiting period, during which he collected Employment Insurance (EI) benefits, Brian received long-term disability (LTD) benefits from the group plan’s insurer. Brian is now preparing his income tax return and wonders about the tax implications of the different benefits he received while on disability. What statement accurately describes the tax treatment of Brian’s EI and LTD benefits?

Options:

A.

Both the EI benefits and LTD benefits are taxable income.

B.

The EI benefits are taxable income, the LTD benefits are tax-free.

C.

The EI benefits are tax-free, the LTD benefits are taxable income.

D.

Both the EI benefits and LTD benefits are tax-free.

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Question 2

Laraine wants to purchase an Individual Variable Insurance Contract (IVIC) because of the death benefit guarantee as she has been ill. She has decided on a segregated fund which has, as its underlying asset, units of a mutual fund that invests in North American common shares. Her insurance agent, Jeffrey, wants her to understand key issues before she completes and signs the application. What should Jeffrey do?

Options:

A.

Provide her with the prospectus issued for the underlying mutual fund units.

B.

Provide her with the summary information folder for the segregated fund.

C.

Tell her she has a 10-day "free look" to review the contract.

D.

Tell her she must complete a medical questionnaire which will be attached to the application.

Question 3

Manitoba resident Patrice works for ABC Inc. where he is covered by group life insurance. He consults Louise, his insurance agent, because he wants to maintain some life insurance coverage when he retires at age 65.

How much of Patrice’s group life insurance can he convert to individual life insurance coverage when he retires?

Options:

A.

None, because he must leave the plan.

B.

The amount of his group life insurance coverage by providing proof of insurability.

C.

Up to $200,000 without proof of insurability.

D.

Up to $200,000 with proof of insurability.