IFSE Institute Updated LLQP Exam Questions and Answers by eira

Francis owns a $250,000 insurance policy with an accidental death and dismemberment (AD&D) rider. Francis calls his insurance agent Andrew to inform him that he permanently lost the use of his right hand. He explains to Andrew that his brother shot him when he broke into his brother’s house to recover a gold watch that was rightfully his. Francis wants to know how much he will receive from his AD&D rider.

Harold is a 66-year-old retired school bus mechanic. He receives $900 a month from his defined benefit pension plan (DBPP). His husband Karl is also retired and receives his own pension benefit. Harold would like to know the minimum monthly pension benefit from his DBPP that Karl will receive upon Harold's death.

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?

Elizabeth has a universal life policy and has been diligent in funding it over the last several years. As a part of this, the investment account within the policy has done quite well. Elizabeth met with her financial advisor as she would like a refresher on the benefits of the accumulating fund, as it has been a while since they last discussed this; flexibility with and access to cash flow are important to her as she would like to use this as part of her retirement planning in the future.

What benefits of the accumulating account apply to Elizabeth's situation?