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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: 227 Q&A's Shared By: kyrie
Question 16

Valerie, age 42, recently left her job after 15 years of service. She participated in a defined contribution pension plan and had accumulated benefits amounting to $88,000, eligible for transfer into a registered contract. What must Valerie do with this money?

Options:

A.

Transfer this sum into an RRSP and convert the accumulated value into a life annuity or RRIF no later than December 31 of the year she turns 71

B.

Transfer this sum into a LIRA and convert the accumulated value into a life annuity or RRIF no later than December 31 of the year she turns 71

C.

Transfer this sum into a RRIF and start withdrawing annuity payments no later than the end of the following calendar year

D.

Transfer this sum into a LIRA and convert the accumulated value into a life annuity or LIF no later than December 31 of the year she turns 71

Discussion
Question 17

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's death.

Discussion
Question 18

Sabrina is an insurance representative with an insurance of persons certificate issued by the Autorité des marchés financiers (AMF). Her client, Stephanie, is a Quebec resident who accepted a job with Service Canada, in Ottawa, and purchased a condo there. Stephanie calls Sabrina to explain that her new job requires her to work in Ottawa three days per week, but she is still a Quebec resident; she spends four days a week with her family in Granby, Quebec. Stephanie asks Sabrina if she can buy mortgage insurance from her to help cover the mortgage on her new condo.

What should Sabrina answer her?

Options:

A.

Yes, they can complete and sign the application in Ottawa because Stephanie is a Quebec resident.

B.

Yes, but they would have to complete and sign the application in the province of Quebec.

C.

No, because Stephanie is a federal government employee.

D.

No, because Stephanie's condo is outside of the province of Quebec.

Discussion
Question 19

Adèle retired a few months ago. She sold some of her assets and would like to use the funds to take out a term annuity to increase her retirement income. Adèle brings a $300,000 cheque to Germain, her financial security advisor, and wants to begin receiving lifetime guaranteedbenefits in one month with the right to use capital in the event of an emergency. When Germain tells her about alienating capital, the capitalization phase, and the payment phase, Adèle becomes confused and asks for clearer explanations. What can Germain say to help Adèle understand?

Options:

A.

If her capital is alienated now, i.e., if ownership of the money is transferred to the insurer, the insurer will be able to guarantee all the conditions of the annuity. Since the first benefit will be paid in a month, the contract will automatically be in the payment phase

B.

The alienation will allow Adèle to keep ownership of the capital and use it in the event of an emergency. The capitalization phase will enable the insurer to grow the capital before paying the annuity

C.

The contract will be a deferred annuity contract for one month and will be in the accumulation phase until the insurer takes possession of the $300,000 in capital. For benefits to be paid, the contract will enter the payment phase

D.

To grow the transferred capital and pay the annuities as planned, the contract will be an immediate annuity contract in the capitalization phase until the annuity’s guaranteed phase expires. The contract will then enter the payment phase

Discussion
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