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IFSE Institute Updated LLQP Exam Questions and Answers by avneet

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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: avneet
Question 28

Aadi is retiring from Scotia Grand, his employer of 25 years. While employed, Aadi benefitted from the company's deferred profit sharing plan (DPSP) and over the years, he accumulated $75,000.

Where should Aadi transfer these funds on a tax-deferral basis, now that he is retired?

Options:

A.

A group tax-free savings account (TFSA).

B.

A group registered retirement income fund (RRIF).

C.

A group life income fund (LIF).

D.

A locked-in retirement account (LIRA).

Discussion
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Question 29

Owen meets with his insurance agent, Rachel, to review his investments. Owen is interested in segregated funds. In particular, he wants to know more about the reset feature.

What should Rachel tell Owen about resetting his funds?

Options:

A.

All segregated funds offer a reset feature.

B.

The reset feature may be automatic.

C.

There is no additional cost for a fund that provides a reset feature.

D.

The reset feature can be used if the market value increases or decreases.

Discussion
Question 30

Seven years ago, Amber invested $150,000 in a non-registered equity segregated fund. Her investment grew, and today, the market value of her fund is $165,000. She places an order to redeem her fund and she wants to know how her investment will be taxed.

Options:

A.

The $15,000 of capital gains will receive preferential tax treatment.

B.

The $15,000 of capital gains will be 100% taxable.

C.

The entire $165,000 will be taxed as income.

D.

The investment will not be taxed.

Discussion
Question 31

Planet Source decides to implement a defined contribution pension plan (DCPP) for its 75 employees. The company's president appoints Josie, the human resources director, as the plan administrator.

Which of the following BEST describes Josie's responsibility as a plan administrator?

Options:

A.

To manage the pension plan

B.

To amend the pension plan

C.

To address funding shortfalls

D.

To set the benefit structure

Discussion
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