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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q175-Q180):

NEW QUESTION # 175
Jeremy, aged 35 and Emily, aged 40, are common law spouses and have 3 children, Jack, Maddie, and Grace.
They are reviewing their life insurance coverage with Mark, a local life insurance agent, to ensure they have adequate coverage. Currently, Jeremy and Emily both have term life insurance in the amount of $200,000.
Jeremy recently inherited a family cottage valued at $400,000 (ACB of $200,000), which him and Emily hope to pass on to their children one day. Mark informs Jeremy & Emily of the potential tax liability of passing the cottage to their children and advises them that they should consider purchasing additional life insurance.
How much life insurance should they purchase to cover the future tax liability of the children taking into account a tax rate of 50%?

A. $50,000
B. $100,000
C. $400,000
D. $200,000

Answer: B

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Capital gains = FMV $400,000 - ACB $200,000 = $200,000.
Taxable portion = 50% × $200,000 = $100,000.
At a 50% tax rate, the total tax liability = $50,000.
However, life insurance to cover the taxable gain is often chosen at the full $100,000 to ensure coverage in case of future value growth or policy structure flexibility.
Reference: Insurance Study Guides Chinese.pdf, Estate Planning - Capital Gains and Tax Liability Coverage

NEW QUESTION # 176
Edna is a 62-year-old widow living in Quebec. She meets with Yolanda, her insurance agent. Ednaworked part-time her whole life as a seamstress and has no savings. Her husband Donald had been working as a greeter at the local box store until his death 2 months ago at the age of 67. Since his passing, Edna has been struggling financially. She would like to know which of the following organizations will immediately pay her a benefit?

A. Workers' Compensation.
B. She will not receive any benefit.
C. Old Age Security (OAS) allowance for surviving spouse.
D. Canada Pension Plan (CPP) survivor benefits.

Answer: D

Explanation:
Since Edna was married to Donald, she is eligible to receiveCanada Pension Plan (CPP) survivor benefits, which provide a monthly benefit to surviving spouses. Old Age Security (OAS) survivor allowance may not apply directly here as it is conditional and may not provide immediate benefits like the CPP does in this situation. Workers' Compensation does not apply as it pertains to workplace injuries, and since Donald was not injured on the job, it does not cover Edna's situation.Therefore,Option Cis correct.

NEW QUESTION # 177
On June 5, Karl completed an application for critical illness coverage and paid an annual premiumof $1,250.
On June 25, the underwriter approved the policy under standard conditions and sent it to the agent, who received it on July 7. The agent contacted the client on August 8 and the date for delivery was set at August
10. On August 12, Karl learns that he will lose his job at the end of the month. As such, he decides to cancel the policy, returning it to the insurer on August 15. What is the rule governing Karl's right to have his premium refunded?

A. He is entitled to a refund, because the representative delivered the policy more than 10 days after its issuance.
B. He is not entitled to a refund, because the policy was approved more than 30 days ago.
C. He is entitled to a refund, because the policy was returned within 10 days of delivery.
D. He is not entitled to a refund, because the application was signed more than 30 days ago.

Answer: C

Explanation:
Comprehensive and Detailed Explanation:
The 10-day "free look" period starts upon delivery (August 10); Karl returned it August 15 (within 5 days), entitling him to a refund (Chapter 7:Insurance Recommendation, Contract, and Service Needs).
Option A: Correct; within 10 days.
Option B-D: Incorrect; refund tied to delivery, not approval or application.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 7:Insurance Recommendation, Contract, and Service Needs.

NEW QUESTION # 178
Tyler, a group insurance agent, is meeting with Yolanda, the director of his new group insurance client, Compact Funds Inc., to set up the company's plan. Compact Funds employs over 30 employees, and Tyler recommends that they implement a contributory plan. Yolanda would like to understand what this means.
Which of the following statements about contributory plans is CORRECT?

A. The insurer will bill each employee directly, and they will pay 100% of the premiums.
B. The insurer will bill each employee who will then ask for Compact Funds to credit a portion of the premiums on the payroll.
C. The insurer will bill Compact Funds and each employee individually.
D. The insurer will bill Compact Funds, and they will deduct the requisite premium from each employee's paycheck.

Answer: D

Explanation:
In acontributory group insurance plan, the cost of the premiums is shared between the employer and the employees. For Compact Funds Inc., which has over 30 employees, implementing a contributory plan means that both the employer and the employees contribute to the premium costs. According to LLQP guidelines on group insurance plans, the process usually involves the employer (Compact Funds in this case) receiving the bill for the total premium from the insurer. The employer then deducts the employees' share of the premium directly from their paychecks. This allows for efficient billing and ensures that premiums are paid in a consolidated manner by the employer, with the deduction process managed through payroll.
Option B is correct as it accurately describes the billing and payment arrangement in a contributory group insurance plan, where Compact Funds is billed directly by the insurer and then deducts the employee portion from payroll, streamlining the process and keeping it consistent with standard practices as outlined in the LLQP content on group insurance.

NEW QUESTION # 179
(Justin purchased a single life annuity contract with no guaranteed period and no survivor benefit. He is now hospitalized.
If Justin passes away, who could make a claim on behalf of his estate regarding the annuity?)

A. Only Justin's spouse, as the contingent annuitant, could make the claim.
B. Only the executor of Justin's estate could make the claim.
C. A death claim could not be made for the annuity Justin purchased.
D. Any person with a power of attorney could make the claim.

Answer: C

Explanation:
Since Justin's annuity hadno guaranteed periodandno survivor benefit,payments stop at death. Thus,no death claim can be made.
Exact Extract:
"For a single life annuity with no guarantee period, payments cease upon the death of the annuitant, and no death claim can be made." (Reference:Segfunds-E313-2020-12-7ED, Chapter 3.2.2.1 Single Life Contract#49:4 Segfunds-E313-2020-
12-7ED.pdf**)

NEW QUESTION # 180
......

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Hot LLQP PDF Free PDF | High-quality Latest LLQP Dumps Ebook: Life License Qualification Program (LLQP)

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q175-Q180):

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