LLQP VALID DUMPS FREE, NEW LLQP TEST VCE

LLQP Valid Dumps Free, New LLQP Test Vce

LLQP Valid Dumps Free, New LLQP Test Vce

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Tags: LLQP Valid Dumps Free, New LLQP Test Vce, Dumps LLQP Reviews, Latest LLQP Examprep, Reliable LLQP Test Duration

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Are you planning to appear in the Life License Qualification Program (LLQP) (LLQP) certification test and need to know where to get updated practice questions? Then you are at the right place because Life License Qualification Program (LLQP) (LLQP) has made the learning material for the applicants to prepare successfully for the certfication exam in a short time.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q142-Q147):

NEW QUESTION # 142
Lily works for Cloud 9 Inc. She earned $120,000 in Year 1 and $125,000 in Year 2. Lily contributes 5% of her income into a defined contribution pension plan (DCPP), and this contribution is matched by the employer. Lily has unused contribution room of $15,000 andwants to know how much she can contribute to her registered retirement savings plan (RRSP) in Year 2.

  • A. $31,250
  • B. $24,600
  • C. $25,000
  • D. $30,600

Answer: B

Explanation:
Lily's RRSP contribution room is reduced by her DCPP contributions. Her total income for Year 2 was
$125,000, and she contributed 5% ($6,250) to the DCPP, matched by the employer, for a total of $12,500.
The Pension Adjustment (PA) for her DCPP contribution would be $12,500, which reduces her RRSP contribution room.
Calculation:
RRSP limit based on previous year's income (18% of $120,000): $21,600
PA reduction: $12,500
Remaining RRSP contribution room for Year 2: $21,600 - $12,500 = $9,100 Including her unused contribution room: $9,100 + $15,000 = $24,100 So, Lily can contribute $24,600 to her RRSP in Year 2.


NEW QUESTION # 143
Zaid married Baheya five years ago in Montreal. A year later, Zaid purchased two individual term-life insurance policies, one on his life and the second on Baheya's life, each with a death benefit of $250,000. The marriage didn't last long, and the couple divorced shortly thereafter. Baheya went on to marry Omar, and the new couple had a baby together, named Darwish.
Last week, Baheya died in a car accident. While settling her estate, Omar discovered that no beneficiary was designated on Baheya's life insurance policy.
To whom will Baheya's death benefit be paid?

  • A. Omar
  • B. Baheya's succession
  • C. Darwish
  • D. Zaid

Answer: B

Explanation:
In the absence of a designated beneficiary, the proceeds of a life insurance policy are generally paid to the estate (succession) of the deceased, in this case, Baheya. Quebec law stipulates that without a specific beneficiary, the policy death benefit becomes part of the deceased's estate and is distributed according to her will or intestate succession laws. Since Baheya did not name a beneficiary, the death benefit will be managed within her estate rather than automatically passing to Zaid, Omar, or their child.


NEW QUESTION # 144
Marvyn meets with his client, Edlyn, a 67-year-old retired widow who wants to purchase long-term care insurance. Edlyn receives monthly benefits from the Canada Pension Plan (CPP), Old Age Security (OAS), and a registered life annuity. She lives in a mortgage-free condo that she would like to bequeath to her son upon her death.
Given this information, which of the following is Edlyn looking to protect by purchasing long-term care insurance?

  • A. Protection of assets.
  • B. Protection of loss of income.
  • C. Protection of savings.
  • D. Protection of retirement income.

Answer: A

Explanation:
Edlyn's primary concern is to preserve her condo asset, which she intends to leave to her son. Long-term care (LTC) insurance can help protect her financial assets by covering the costs associated with long-term care, thus reducing the risk of needing to liquidate assets like her condo to pay for care. The LLQP materials note that LTC insurance is often used to protect assets against the high costs of extended care, particularly for individuals who want to ensure their assets can be transferred to heirs. Therefore, the correct answer is B, as Edlyn is seeking to safeguard her assets from potential erosion due to LTC expenses.


NEW QUESTION # 145
Kalei owns a $250,000 life insurance policy with an accumulated cash surrender value of $75,000. She meets with her insurance agent Pamela to inform her that she quit her job last week. She wants to start an online business and needs $40,000 to fund the inventory and cover her living expenses for a few months. She heard that it was possible to obtain a loan using her policy at a 5% interest rate. Which of the following statements about collateral assignment is CORRECT?

  • A. Kalei is prohibited from doing anything with her policy that could affect the value of the security.
  • B. Kalei must name the bank as an irrevocable beneficiary of the policy until the debt is paid off.
  • C. Upon Kalei's death, the insurance company will only reimburse the bank the entire $40,000 that she borrowed.
  • D. The bank is the new policyholder and beneficiary of the policy.

Answer: A

Explanation:
When a life insurance policy is used as collateral for a loan, the policyholder retains ownership but must avoid actions that could reduce the value of the policy as collateral, such as reducing the cash value or cancelling the policy. This restriction ensures that the lender's security interest in the policy remains protected until the debt is repaid.
In collateral assignments, the policyholder does not transfer ownership to the lender, nor is there a requirement to designate the lender as an irrevocable beneficiary. The assignment simply grants the lender a right to claim the policy proceeds to cover the loan amount if the policyholder defaults or passes away.


NEW QUESTION # 146
Denise, aged 52, is a nurse in a facility for seniors who can no longer live independently. She earns $45,000 a year, with a marginal tax rate of 38%. She has very little savings and is aware that, if she became unable to live independently herself, she could not afford the $4,500 a month it costs to live in a facility such as the one she works at. However, Denise recently learned that she could purchase affordable long-term care insurance.
Taking the underwriting requirements into account, how much coverage should she take out?

  • A. $4,500 per month.
  • B. $2,250 per month.
  • C. $1,395 per month.
  • D. $2,325 per month.

Answer: A

Explanation:
Comprehensive and Detailed Explanation:
Long-term care (LTC) insurance covers costs like assisted living facilities. Denise's need is $4,500/month, and underwriting ensures coverage matches this expense (Chapter 4:Insurance to Protect Savings).
Net income: $45,000 × (1 - 0.38) = $27,900/year or $2,325/month.
Option A: Correct; $4,500 matches her stated need.
Option B: Insufficient; $2,325 is her net income, not care cost.
Option C: Arbitrary; doesn't meet $4,500.
Option D: Insufficient; far below need.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 4:Insurance to Protect Savings.


NEW QUESTION # 147
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