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IFSE Institute Updated LLQP Exam Questions and Answers by kyrie

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IFSE Institute LLQP Exam Overview :

Exam Name: Life License Qualification Program (LLQP)
Exam Code: LLQP Dumps
Vendor: IFSE Institute Certification: Life License Qualification Program
Questions: 150 Q&A's Shared By: kyrie
Question 16

Ontario residents, Juan and Maria, are a married couple approaching retirement. They have asked their representative, Carlow, to review the details of Maria’s defined benefit plan (DBPP).

Which of the following statements about Maria's pension is CORRECT?

Options:

A.

Maria would be entitled to an increased benefit if Juan waived his survivor benefit.

B.

Juan would be entitled to receive at least 50% of Maria’s pension upon Maria's death.

C.

With Juan's consent, Maria can choose to reduce the survivor benefit to 25% of her normal pension amount.

D.

Juan will be entitled to the survivor benefit even if they are separated at the time of Maria'sdeath.

Discussion
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Question 17

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?

Options:

A.

Zaid

B.

Omar

C.

Darwish

D.

Baheya’s succession

Discussion
Question 18

Danny purchases a $1,000,000 whole life insurance policy. He names his three daughters, Donna-Joe, Stephanie, and Michelle, as revocable beneficiaries with each receiving one-third of the death benefit.

If Michelle predeceases Danny, and Danny did not have a chance to modify his beneficiary designation, how will Danny’s death benefit be paid out?

Options:

A.

Donna-Joe and Stephanie will each receive $500,000.

B.

Donna-Joe and Stephanie will each receive $333,333, and Michelle's estate will receive $333,333.

C.

Donna-Joe and Stephanie will each receive $333,333, and Danny's estate will receive $333,333.

D.

Danny’s estate will receive the entire $1,000,000 death benefit.

Discussion
Question 19

Bethenny meets with Harrison, an insurance agent, to review her life insurance needs. Bethenny is a single mother of a 3-year-old daughter named Emma. Bethenny's main concern is that Emma istaken care of financially if Bethenny were to die prematurely. Emma’s father Steve suffers from chronic alcoholism and is homeless. He has not been present in Emma's day-to-day life. After careful analysis, Harrison suggests that Bethenny purchase a $250,000 20-year term insurance policy. Given Bethenny's situation, who should she name as a beneficiary on her policy?

Options:

A.

Her estate.

B.

Emma.

C.

A trustee.

D.

Steve.

Discussion
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