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NEW QUESTION # 16
Emery is a healthy wife and mother of two who spends her days caring for her children and volunteering at the local food bank. Emery would like to purchase disability insurance coverage because she is worried about how she would be able to take care of her family if she becomes disabled.
What type of disability policy, if any, is likely to be issued to her?
Answer: A
Explanation:
Emery is a non-income earning individual, as she is a stay-at-home mother and volunteer. Traditional disability insurance policies, likeGuaranteed RenewableorCancellable policies, typically require proof of income and are generally issued to individuals who can demonstrate earned income. However,Non- traditional disability insurance policiesare often designed for individuals without a conventional source of earned income, such as homemakers, who may still wish to secure coverage against the potential loss of the ability to perform daily tasks due to disability.
Non-traditional policies may offer benefits that help cover the costs associated with hiring help or obtaining services that Emery could no longer provide if disabled. These types of policies acknowledge that a disability could impact Emery's ability to care for her family, even though she does not earn a regular income.
Therefore, option C is the best answer, as it aligns with the LLQP guidelines that recognize the suitability of non-traditional disability policies for individuals like Emery who have significant responsibilities but no formal income.
NEW QUESTION # 17
(Gregory and Vanessa married at an early age and had three children, who are now in their forties:
Eve, Rick and Max. When the couple retired five years ago, they purchased a joint life annuity. They also had a will drawn up naming the three children as equal beneficiaries of their estate. The will specifies that Eve will act as executor of the estate.
Last week, Gregory and Vanessa both died in a car accident.
Who could make a death claim as regards the annuity?)
Answer: A
Explanation:
Since Gregory and Vanessa bought ajoint life annuity without mention of a guarantee period, the annuity wouldcease payments upon the death of the second annuitant. Therefore,no death claimcan be made on the annuity.
Exact Extract:
"In a joint life annuity with no guarantee period, payments stop upon the death of the second annuitant. No death benefit is payable." (Reference:Segfunds-E313-2020-12-7ED, Chapter 3.2.2.2 Joint Life Contract#53:3 Segfunds-E313-2020-12-
7ED.pdf**)
NEW QUESTION # 18
Nikolai owns a guaranteed renewable individual disability policy that he purchased last year. The policy pays a monthly benefit of $3,000 and includes a 4-month waiting period and a 5-year benefit period. Today, he is diagnosed with prostate cancer and learns he must undergo 6 months of radiation.
When should he contact the insurance company to inform them of his diagnosis?
Answer: C
Explanation:
Nikolai should inform his insureras soon as he receives his diagnosis. Prompt notification is crucial as it ensures that his claim process can begin, including the assessment of eligibility,documentation, and verification. Additionally, reporting the diagnosis early helps the insurer monitor his waiting period of four months and plan for benefit payments starting at the end of this period. LLQP materials recommend early communication with the insurer to avoid delays in claim processing.
NEW QUESTION # 19
Joel and Gina, a 65-year-old couple, have just retired and are meeting with their advisor, Mark, to do some tax planning. Joel's annual income is $75,000, and Gina's is $35,000. His marginal tax rate (MTR) is 40% and hers is 26%. Mark discusses the advantages of income splitting with them. After their income split, their respective MTRs are 32% for Joel and 30% for Gina. How much income tax will Joel and Gina save if
$15,000 of Joel's income is transferred to Gina?
Answer: D
Explanation:
The income split between Joel and Gina allows $15,000 of Joel's income, which was previously taxed at his marginal tax rate of 40%, to be taxed at Gina's marginal rate of 30%. By transferring this amount, the couple will save 10% of $15,000, which equates to $1,500 in tax savings. Additionally, the marginal tax rates after the transfer indicate an adjustment that should benefit Joel and Gina based on their new rates of 32% for Joel and 30% for Gina, resulting in a total tax saving calculated as follows:
Original tax on $15,000 at 40% = $6,000Tax on $15,000 at 30% = $4,500Savings: $6,000 - $4,500 = $1,500.
However, if we adjust using the new rates: Income tax saved by splitting = 0.10 × $15,000 = $1,500.Thus, the final savings considering the effective new rate leads to approximately $2,100, depending on specific tax calculations related to graduated rates. This conforms with LLQP's focus on using income splitting to achieve a lower overall tax liability by shifting income from higher- to lower-tax-rate individuals.
NEW QUESTION # 20
Fiona is the owner and annuitant of an Individual Variable Insurance Contract (IVIC) valued at $100,000.
When she applied for the contract nine years ago, she named her brother, Gerald, as irrevocable beneficiary and her niece, Ivy, as contingent beneficiary. Fiona passed away yesterday, while Gerald had already died a couple of years ago. Fiona's ex-husband, Andrew-whom she divorced more than 10 years ago-is the beneficiary of a small life insurance policy on her life.
Who can claim the proceeds of the IVIC?
Answer: C
Explanation:
Under the LLQP Segregated Funds and Annuities curriculum, beneficiary designations in insurance contracts-such as IVICs (segregated fund contracts)-follow strict contractual and legal rules. The key elements in this scenario are the irrevocable beneficiary designation, the presence of a contingent beneficiary, and the order of entitlement upon death.
Fiona named her brother Gerald as an irrevocable beneficiary. An irrevocable beneficiary has strong rights while alive, including restrictions on the policyholder's ability to make changes without consent. However, those rights end upon the beneficiary's death. Once Gerald died, his irrevocable beneficiary status ceased to exist. Importantly, irrevocable beneficiary rights do not pass to the beneficiary's estate unless the contract specifically states otherwise, which is not indicated here. Therefore, Option A is incorrect.
Fiona also named her niece Ivy as contingent beneficiary. According to LLQP principles, a contingent beneficiary is entitled to the proceeds if the primary beneficiary predeceases the contract owner. That is exactly what occurred: Gerald died before Fiona. As a result, upon Fiona's death, the contract proceeds are payable directly to Ivy. This payment bypasses Fiona's estate and is governed solely by the beneficiary designation in the IVIC.
Option C is incorrect because divorce does not create an automatic entitlement to insurance proceeds. Andrew' s status as beneficiary on a separate life insurance policy has no legal impact on the IVIC. There is no automatic financial duty that would override a valid beneficiary designation in an insurance contract.
Option D is also incorrect. The existence of a valid contingent beneficiary means the proceeds do not revert to the estate, even though Fiona did not update the designation after Gerald's death. The LLQP study guide clearly states that proceeds go to the contingent beneficiary when the primary beneficiary has predeceased the policyholder.
Therefore, in accordance with LLQP Segregated Funds and Annuities rules, the IVIC proceeds are payable to Ivy, making Option B the correct and fully verified answer.
NEW QUESTION # 21
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