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NEW QUESTION # 154
Leonard and Ashley, a couple in their early 30s, meet with Howard, an insurance agent, to review their investment needs. Leonard earns $60,000 a year as a research physicist, and Ashley earns $25,000 as an actress. They each have $3,000 in their respective chequing accounts. Leonard also has $40,000 invested in his group registered retirement savings plan (RRSP). Ashley has a Subaru WRX worth $20,000 with a car loan of $10,000. Leonard does not own a car, but he has an outstanding student loan of $30,000.
What is the couple's net worth?
Answer: C
Explanation:
To calculate net worth, we sum the couple's assets and subtract their liabilities. The calculation is as follows:
Assets:
Leonard's chequing account: $3,000
Ashley's chequing account: $3,000
Leonard's group RRSP: $40,000
Ashley's car (Subaru WRX): $20,000
Total Assets:$66,000
Liabilities:
Ashley's car loan: $10,000
Leonard's student loan: $30,000
Total Liabilities:$40,000
Net Worth Calculation:
$66,000 (Assets) - $40,000 (Liabilities) = $26,000
The couple's net worth is therefore $26,000, which aligns with LLQP methodologies for net worth calculations by considering all assets minus liabilities.
NEW QUESTION # 155
Eric is an architect who owns his own firm. He employs three staff and is in his fifth year of operation. While recently meeting with his insurance agent for an annual review of his coverage, he mentioned to the agent that he had recently purchased a new printing system and has a sizeable loan on it. In the event of disability, what type of insurance coverage could the agent suggest to ensure the loan payments are made?
Answer: A
Explanation:
Comprehensive and Detailed Explanation:
Business loan protection disability insurance covers loan payments if the owner is disabled, directly addressing Eric's need (Chapter 5:Insurance to Protect Businesses).
Option A: Incorrect; protects business operations.
Option B: Incorrect; covers overhead, not loans.
Option C: Incorrect; for buy-sell agreements.
Option D: Correct; targets loan payments.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 5:Insurance to Protect Businesses.
NEW QUESTION # 156
Nelson is turning 46 and wants to explore additional tax planning opportunity. He is an avid investor and has invested into a lot of mutual funds and stocks. His RRSP is currently maxed out. He is meeting with Andrew, his financial advisor with life insurance license, to discuss on his financial future and some life insurance policy options. As a risk taker, Nelson would like tohave a plan that would allow him to supplement his retirement income when he reaches 70. However, his employment income is very high and his marginal tax rate will remain at the top bracket even after his retirement.
What recommendation should Andrew make in order to fit Nelson's need?
Answer: D
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
For high-income individuals like Nelson, acollateral loan strategyusing aUniversal Life (UL)policy allows for tax-free access to accumulated values without triggering income. This is preferable to direct withdrawals, which are taxable. LLQP outlines this as a common retirement strategy for affluent clients.
Reference: Insurance Study Guides Chinese.pdf, Universal Life - Leverage and Retirement Planning
NEW QUESTION # 157
Natalie and Ted, who are both 40, meet with an insurance agent to discuss their life insurance needs. They have four major concerns. Their first concern is that Natalie is the primary income earner: if something happened to her, Ted would not be able to provide their two young children with the life they are accustomed to. Their second concern is that if something were to happen to Ted, Natalie would have to pay for childcare.
The third issue is that they want to make sure the mortgage on their primary residence is paid off in the event something happened to either of them. Lastly, Natalie is concerned about the tax liability on the family cottage when it gets passed on to the kids. The family cottage is fully paid. The agent notes that most of the couple's concerns could be addressed with term life insurance products.
Which of their concerns can only be addressed with a permanent life insurance product?
Answer: C
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Term insurance is designed for temporary needs (income, mortgage, childcare).
However, covering tax liabilities that will arise at death (e.g., deemed disposition of a cottage) requires permanent coverage to ensure the benefit is available whenever death occurs. The LLQP outlines this clearly in estate planning modules.
Reference: Insurance Study Guides Chinese.pdf, Estate Planning - Permanent Insurance Needs
NEW QUESTION # 158
Gary owns a $500,000 T-20 life insurance policy with an accidental death rider of $250,000. His estate is named as beneficiary. Gary dies when his car falls into a lake. The autopsy shows that he had a heart attack, which caused his death and led to the accident.
What death benefit amount will the life insurance company pay Gary's estate?
Answer: D
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
The LLQP definesaccidental deathas resultingsolely from accidental means, not from amedical condition.
Since theheart attackwas the proximate cause of death (not the accident itself), the accidental death riderdoes not apply. Only the base $500,000 will be paid.
NEW QUESTION # 159
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