Ifse Institute help2pass passed Exam Today Llqp by Ayana q45 vce pdf

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Exam Name:	Life License Qualification Program (LLQP)
Exam Code:	LLQP Dumps
Vendor:	IFSE Institute	Certification:	Life License Qualification Program
Questions:	328 Q&A's	Shared By:	ayana

Question 56

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%?

Options:

$400,000

$200,000

$100,000

$50,000

Discussion

Question 57

Life insurance agent Alexandra completes a life insurance application with her client, Joshua. After three months in underwriting, the application is accepted and the policy is issued on a standard rate. Alexandra goes to deliver the policy. When she gets to Joshua's, he tells her how he just got out of the hospital with a serious blood clot.

What should Alexandra do?

Options:

Simply deliver the policy to Joshua, as his application has already been accepted.

Deliver the policy to Joshua, but notify the underwriter of the new medical information.

Tell Joshua that, because of the new medical information, she cannot deliver the policy and must put an end to the entire application process.

Tell Joshua that, because of the new medical information, she cannot deliver the policy and must notify the underwriter for further consideration.

Discussion

Question 58

Nelson is turning 46 and wants to explore additional tax planning opportunity. He is an avid investor and has invested into a lot of mutual funds and stocks. His RRSP is currently maxed out. He is meeting with Andrew, his financial advisor with life insurance license, to discuss on his financial future and some life insurance policy options. As a risk taker, Nelson would like to have a plan that would allow him to supplement his retirement income when he reaches 70. However, his employment income is very high and his marginal tax rate will remain at the top bracket even after his retirement.

What recommendation should Andrew make in order to fit Nelson's need?

Options:

Purchase a universal life insurance and access its cash value with a policy loan.

Purchase a universal life insurance and leverage the cash value with a collateral loan.

Purchase a whole life insurance and access its cash value by policy loan.

Purchase a whole life insurance and leverage the cash value with a collateral loan.

Discussion

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Question 59

On February 5, Ayla started working at Larson Group Inc. as an administrative assistant. Larson Group offers all employees a group health, dental and life insurance plan that commences after a 3-month waiting period. On April 7, Ayla felt ill and drove herself to the hospital. The doctor diagnosed two clogged arteries and performed an emergency surgery. Ayla was unable to work for 2 months, then died of complications on June 9. Will the group insurance plan pay the death benefit?

Options:

Yes, because she died of natural causes.

Yes, because her group life coverage started on May 5.

No, because Ayla was not actively at work when the coverage started.

No, because Ayla did not provide the insurer with any proof of insurability.