Training IFSE Institute LLQP Solutions - LLQP Test Valid

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q29-Q34):

NEW QUESTION # 29
Mohammed is an employee at Optima Plus Inc. Over the years, he accumulated $15,000 in the company's group plan. He knows that his contributions into the plan are not tax-deductible, and he is not taxed on the funds when he makes a withdrawal.
What type of plan does Mohammed have with his employer?

A. A deferred profit sharing plan (DPSP)
B. A group tax-free savings account (TFSA)
C. A group registered retirement income fund (RRIF)
D. A group registered retirement savings plan (GRRSP)

Answer: B

Explanation:
Mohammed's plan allows him to make contributions that are not tax-deductible, and he is also not taxed on withdrawals, indicating that his employer's plan is a group TFSA. In a TFSA, contributions are made with after-tax dollars, and withdrawals (including any growth) are tax-free, consistent with the LLQP outline on TFSAs. This is distinct from other retirement accounts, such as RRSPs, which provide tax deductions on contributions but tax the withdrawals as income.
Options A, B, and D are incorrect because these plans involve different tax treatments where contributions may be tax-deductible, and withdrawals are generally taxable.

NEW QUESTION # 30
Kimeni meets with Orion, an insurance agent, to purchase segregated funds. After assessing Kimeni's needs, Orion suggests an index segregated fund. Kimeni agrees to invest $5,000 in the fund now and $200 every month.
With relation to this transaction, which of the following options is CORRECT about the Fund Facts document?

A. It is Kimeni's responsibility to ask for the document.
B. Orion must deliver the document to Kimeni within 3 days after the purchase.
C. Kimeni must acknowledge that he received the document.
D. Orion can only deliver the document to Kimeni electronically.

Answer: C

Explanation:
It is a regulatory requirement for the client, Kimeni, to acknowledge receipt of the Fund Facts document when purchasing segregated funds. This ensures that he has been informed about the key aspects of the investment, such as fees, risks, and performance, prior to purchase. LLQP guidelines mandate that documentation like Fund Facts must be provided to clients and that they acknowledge receipt to confirm informed consent.
Option A is incorrect as the document must be delivered before the purchase. Option C is inaccurate as the document can be delivered in various formats, not exclusively electronic. Option D is incorrect because it is the agent's responsibility to provide the document, not the client's to request it.

NEW QUESTION # 31
Ontario residents, Juan and Maria, are a married couple approaching retirement. They have askedtheir representative Carlow to review the details of Maria's defined benefit plan (DBPP).
Which of the following statements about Maria's pension is CORRECT?

A. With Juan's consent, Maria can choose to reduce the survivor benefit to 25% of her normal pension amount.
B. Maria would be entitled to an increased benefit if Juan waived his survivor benefit.
C. Juan will be entitled to the survivor benefit even if they are separated at the time of Maria's death.
D. Juan would be entitled to receive at least 50% of Maria's pension upon Maria's death.

Answer: D

Explanation:
In Ontario, married members of a defined benefit pension plan (DBPP) are typically required to provide at least a 50% survivor benefit to their spouse upon their death unless the spouse waives this right. LLQP materials covering pension plans indicate that this spousal protection is standard for defined benefit plans, and Maria's pension would provide at least 50% to Juan as the surviving spouse.
Options like reducing the survivor benefit below 50% are generally not permitted under Ontario pension law, and a waiver must be in place for any changes.

NEW QUESTION # 32
Everett is an insurance of persons representative who works exclusively for Moon Life Insurance. He wants to leave the company and become an independent representative. He knows that before he branches out on his own, he needs to ensure he has sufficient liability insurance.
Which of the following statements about his professional liability insurance is CORRECT?

A. Professional liability insurance covers fraud or misappropriation.
B. This insurance covers gross faults committed by an insurance representative.
C. If a contract has a deductible, it may not exceed $20,000.
D. His liability insurance must have coverage of not less than $1,500,000 per claim.

Answer: C

Explanation:
For an insurance representative such as Everett who intends to transition to an independent role,maintaining adequate professional liability insurance is crucial. According to LLQP guidelines, the requirements for liability insurance coverage mandate that if the policy includes a deductible, it cannot exceed $20,000 per claim. This limit helps ensure that insurance representatives can reasonably cover the deductible amount without facing significant financial hardship in case of a claim.
Regarding the other answer choices:
* A liability insurance policy is typically required to have a minimum coverage of $1,000,000 per claim, not $1,500,000.
* Professional liability insurance does not cover gross negligence, fraud, or intentional misconduct such as fraud or misappropriation. It is designed to cover errors, omissions, and negligence within the scope of professional duties, provided they are not intentional or fraudulent acts.
Therefore, option B accurately reflects LLQP stipulations regarding the deductible limit on professional liability insurance for insurance representatives.

NEW QUESTION # 33
Larry, an insurance agent, meets with Ethan, a freelance photographer, to review his insurance needs. Larry tells Ethan that he wants to collect all pertinent financial information to prepare a net worth statement for Ethan.
Why does Larry want to prepare Ethan's net worth statement?

A. To determine if Ethan has enough resources to cover medical expenses if he had a medical emergency.
B. To determine how much Ethan can spend on accident and sickness insurance premiums.
C. To have enough information to identify where Ethan spends his money.
D. To determine Ethan's various sources of income.

Answer: A

Explanation:
Anet worth statementassesses an individual's total financial assets and liabilities, providing insight into their overall financial health. For Ethan, as a freelance photographer, understanding his net worth is essential to determine whether he has sufficient resources to manage unexpected expenses, such as medical costs from a potential emergency. This assessment helps Larry gauge Ethan's ability to withstand financial shocks, which is crucial when planning for accident and sickness insurance coverage. While cash flow statements provide details on income and expenses, net worth statements are specifically used to evaluate financial resources available for emergencies.

NEW QUESTION # 34
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Training IFSE Institute LLQP Solutions - LLQP Test Valid

Pass Guaranteed Quiz 2025 IFSE Institute LLQP: Life License Qualification Program (LLQP) – The Best Training Solutions

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q29-Q34):

Quiz 2025 Unparalleled IFSE Institute LLQP: Training Life License Qualification Program (LLQP) Solutions

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