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NEW QUESTION # 227
Lara, owner of Huck's Oil Change Ltd., meets with a life insurance agent to discuss a renewal package for the group benefits plan offered to employees. Lara employs 20 individuals, all of whom are covered under the group plan. The employee turnover rate is 10%, and the insurer has rated the group's claims experience credibility at 20%. In establishing the group's premiums under the new plan, how much weight will the insurer give to the standard manual rate for a comparable group?
Answer: C
Explanation:
Comprehensive and Detailed Explanation:
Credibility rating (20%) reflects the weight given to the group's claims experience; the remaining 80% (100%
- 20%) is based on the standard manual rate (Chapter 8:Group Plan Specifics).
Option A: Incorrect; too low.
Option B: Incorrect; matches credibility, not manual rate.
Option C: Correct; 80%.
Option D: Incorrect; too high.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 8:Group Plan Specifics.
NEW QUESTION # 228
Claudie's mother has been the policyholder and beneficiary of an insurance policy on the life of Claudie since she was five years of age. Claudie is now the mother of a three-month-old boy. Claudie would like for Marc- Andre, her de facto spouse, to be the beneficiary of the policy. What steps need to be taken in order for this to happen?
Answer: C
Explanation:
Comprehensive and Detailed In-Depth Explanation: In life insurance, the policyholder owns the contract and has the authority to change the beneficiary, per the Civil Code of Quebec (Article 2425). Claudie's mother, as the policyholder, must submit a written request to the insurer to designate Marc-Andre as the new beneficiary, making option A correct. Option B is incorrect because the beneficiary (Claudie's mother) has no control over changing the designation-only the policyholder does. Option C is wrong, as the insured (Claudie) has no inherent right to alter the beneficiary unless she is also the policyholder, which she is not. Option D misstates the goal-Claudie wants a beneficiary change, not a policyholder change. The Ethics and Professional Practice manual stresses that advisors must ensure clients understand policy ownership rights and procedures for beneficiary changes.
References: Civil Code of Quebec, Article 2425; Ethics and Professional Practice (Civil Law) Manual, Section on Policy Ownership and Beneficiary Designations.
NEW QUESTION # 229
(Joe and Joy, both aged 65, have $280,000 in savings and a $200,000 joint first-to-die life insurance policy. They want to buy an annuity to provide steady income in retirement.
What type of annuity would best suit their needs?)
Answer: B
Explanation:
Ajoint life annuitythat pays50% to the surviving spouseensures continuous but reduced income after the first death, matching their needs for steady, predictable income while still protecting the surviving spouse.
Exact Extract:
"A joint life annuity continues to pay income after the first death, either fully or at a reduced percentage (e.g.,
50%). This arrangement provides income security for a surviving spouse." (Reference:Segfunds-E313-2020-12-7ED, Chapter 3.2.2.2 Joint Life Contract)
NEW QUESTION # 230
Edward and Shirley initiated a whole life insurance application for their daughter Christine when she was 15 years of age. As Christine was a student with limited income at the time, the agent set Edward and Shirley jointly as owning and paying the premiums of this policy. Edward was designated beneficiary. Who is the policyholder?
Answer: D
Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
In insurance terminology, the policyholder (or policy owner) is the person or entity that owns the insurance contract and has the legal rights to make decisions about it, such as changing beneficiaries or cancelling the policy. TheIFSE Ethics and Professional Practice Course (Common Law)clearly distinguishes between the life insured (the person whose life is covered), the beneficiary (who receives the death benefit), and the policy owner. In this case, Edward and Shirley are explicitly designated as the joint owners of the policy, not merely premium payers. Christine, as the insured, has no ownership rights unless specified, and Edward's status as beneficiary does not confer ownership. Paying premiums does not automatically make someone the policyholder unless they are also the designated owner. Therefore, option D is correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 2: Insurance Contracts, Section on
"Policy Ownership and Roles."
NEW QUESTION # 231
Davy, who just turned 55, intends to retire 10 years from now. Together with his life insurance agent, he determines that he will need to have approximately $200,000 in RRSPs when he reaches age 65 in order to retire comfortably. He feels confident that his current RRSP account can generate a return of 3% per year on average for the next 10 years. However, he does not plan to contribute any new funds to his RRSP because he wants to start saving in his TFSA account instead. He therefore wonders whether his RRSP account currently has sufficient funds for him to meet his retirement goal in 10 years.
What is the minimum RRSP account balance needed now for Davy to meet his goal? (Round to the nearest dollar.)
Answer: C
Explanation:
This question is a direct application of the time value of money concept-specifically present value (PV)-as taught in the LLQP Segregated Funds and Annuities material. Present value "works backwards from a future date" and answers the question: how much is needed now to achieve a future savings goal. The LLQP text provides the formula:
PV = FV ÷ (1 + interest rate)#
Here, Davy's future goal is FV = $200,000, the annual return is 3% (0.03), and the time horizon is n = 10 years. Substituting into the LLQP formula:
PV = 200,000 ÷ (1.03)¹#
(1.03)¹# # 1.343916, so:
PV # 200,000 ÷ 1.343916 # $148,818.9, which rounds to $148,819.
Therefore, if Davy has at least $148,819 in his RRSP today and earns an average of 3% per year for the next
10 years with no additional contributions, he should reach approximately $200,000 by age 65.
This aligns exactly with the LLQP explanation that PV calculations are used "to help a person determine how much needs to be saved today to yield a specified pension at a future date."
NEW QUESTION # 232
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