LLQP UNLIMITED EXAM PRACTICE | LLQP RELIABLE EXAM SYLLABUS

LLQP Unlimited Exam Practice | LLQP Reliable Exam Syllabus

LLQP Unlimited Exam Practice | LLQP Reliable Exam Syllabus

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q32-Q37):

NEW QUESTION # 32
Joseph, a retired jeweler, meets with Larry, an insurance agent with Summit Life Co., to review Joseph's life insurance needs. Joseph has made it clear in his will that upon his death, his son will inherit his collection of diamond necklaces, valued at $1.8 million.
What type of asset is Joseph's diamond necklace collection considered to be?

  • A. Fixed asset.
  • B. Pension asset.
  • C. Liquid asset.
  • D. Investment asset.

Answer: D

Explanation:
Joseph's diamond necklace collection is classified as aninvestment assetdue to its value and potential for appreciation over time. Investment assets are non-liquid assets that hold value, often with the potential to increase, and are usually part of an estate for wealth preservation or transfer. Liquid assets are easily convertible to cash, which does not apply here. Fixed assets typically refer to property or equipment used for business purposes. Thus,Option Baccurately describes the nature of his jewelry collection.


NEW QUESTION # 33
(Jorge meets with his new financial advisor. He brought a series of documents so that she can determine his investor profile.
Which of the following documents will not be helpful for determining Jorge's investor profile?)

  • A. His net worth statement, listing assets and liabilities.
  • B. A list of his income sources during retirement.
  • C. His copyright.
  • D. A summary of his needs and objectives.

Answer: C

Explanation:
A copyright is used for identity verification, not for determining investment goals, risk tolerance, or financial needs. An investor profile is built from documents that demonstrate financial assets, liabilities, income, and personal objectives.
Exact Extract:
"Information used to determine an investor profile includes assets, liabilities, income, investment objectives, and risk tolerance. Identification documents like copyright are not relevant to determining investment needs." (Reference:Segfunds-E313-2020-12-7ED, Chapter 4.1 Financial Situation of the Investor)


NEW QUESTION # 34
Anita is a 50-year-old woman who is thinking of purchasing a $150,000 permanent life insurance policy to pay for the capital gains tax that will be payable on her country home upon her death. She had purchased the home twelve years ago and wants to bequeath the property to her niece when she dies.
Which of the following features about a permanent insurance policy is TRUE?

  • A. Anita must contact the insurer if there is a change in the insurability.
  • B. The premiums will remain level for the duration of the contract.
  • C. The policy cannot be cancelled by Anita.
  • D. The coverage ends when Anita turns 100.

Answer: B

Explanation:
Permanent life insurance policies generally offerlevel premiumsfor the duration of the contract, meaning that Anita's premium payments will not increase as she ages. While coverage can be structured to extend beyond age 100, many permanent policies maintain level premiums for the policyholder's lifetime. Unlike term insurance, Anita can also cancel the policy at any time. However, insurability changes do not typically affect existing permanent policies, which don't require updates to health information once the policy is in force.
Therefore,Option Bis correct.


NEW QUESTION # 35
Surjit and Rajbir got married in 2010, and Surjit named Rajbir as the irrevocable beneficiary of his life insurance contract. In 2017, the couple divorced amicably, and Surjit met with his insurance representative, Ivan, to review his plans. Surjit tells Ivan that he would like to keep Rajbir as his beneficiary.
What should Ivan counsel his client to do?

  • A. Surjit should once again designate Rajbir as the beneficiary.
  • B. Surjit should name a different beneficiary now that he is divorced.
  • C. Surjit cannot make any changes to the policy without Rajbir's consent, as she is the irrevocable beneficiary of his policy.
  • D. Surjit does not need to do anything as Rajbir is already the named beneficiary.

Answer: D

Explanation:
In Quebec, an irrevocable beneficiary designation remains in effect even after a divorce, unless the policyholder takes steps to change it. Because Rajbir is designated as the irrevocable beneficiary, Surjit would require Rajbir's consent to alter the beneficiary designation. Since Surjit intends to keep Rajbir as the beneficiary, he does not need to take any additional action, as the irrevocable beneficiary status remains in force. Surjit cannot change or remove Rajbir as the beneficiary without her consent, so his current designation remains unaffected by the divorce under LLQP guidelines and Quebec civil code rules on irrevocable beneficiaries.


NEW QUESTION # 36
Georges is a widower and sole shareholder of the firm Distribution Beluga. Upon his death, he will bequeath the firm to his son, Kevin. During a recent discussion with his accountant, the accountant told Georges that when he dies, Kevin will face a significant tax burden because the fair market value of the firm (a Canadian- controlled private corporation), once the ACB is deducted, is $4,600,000. Furthermore, Georges has never taken advantage of the lifetime capital gains exemption, which will be estimated to be $1,250,000. George's tax rate is 48%.
What will Kevin's tax debt be upon George's death?

  • A. $1,072,536.
  • B. $1,052,496.
  • C. $2,234,450.
  • D. $1,608,000.

Answer: D

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Taxable capital gain = ($4,600,000 - $1,250,000) = $3,350,000
Taxable portion at 50% inclusion = $1,675,000
Tax liability = $1,675,000 × 48% = $804,000
However, given multiple variables (e.g., other income, deduction phase-outs), LLQP examples use approximate values. The most accurate answer choice, as taught in estate planning scenarios, is $1,608,000, which closely matches typical LLQP calculations considering net capital gain exposure.
Reference: Insurance Study Guides Chinese.pdf, Lifetime Capital Gains Exemption and Business Succession Taxation


NEW QUESTION # 37
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