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Two IFSE Institute LLQP practice tests of TorrentValid (desktop and web-based) create an actual test scenario and give you a LLQP real exam feeling. These LLQP Practice Tests also help you gauge your IFSE Institute Certification Exams preparation and identify areas where improvements are necessary.
NEW QUESTION # 76
Larissa is a 65-year-old retired marketing executive. She is single and has no dependents. Larissa accepted a generous retirement package from her employer five years ago and used her early retirement cash bonus to consolidate her financial affairs. She paid off mortgages on both her principal residence (a condo) and her vacation cottage. The fair market value (FMV) of the real estate increased significantly over the years. She named her sister Natalya as the sole beneficiary of her estate. In addition to the two properties, Larissa's estate includes a registered retirement savings plan (RRSP) and shares of Apple Inc. that she purchased in her tax- free savings account (TFSA) 10 years ago. If Larissa were to pass away today, which of her assets would be fully taxable on her final income tax return?
Answer: A
Explanation:
When Larissa passes away, her RRSP will be fully taxable on her final income tax return, as it is considered income in the year of death unless rolled over to a qualified beneficiary, such as a spouse. Her TFSA, on the other hand, is not taxable upon death as it passes tax-free to the beneficiary or estate. The principal residence (condo) and cottage may incur capital gains tax, but they are not fully taxable as income.Therefore,Option D, the RRSP, is correct.
NEW QUESTION # 77
Jeremy, aged 35 and Emily, aged 40, are common law spouses and have 3 children, Jack, Maddie, and Grace.
They are reviewing their life insurance coverage with Mark, a local life insurance agent, to ensure they have adequate coverage. Currently, Jeremy and Emily both have term life insurance in the amount of $200,000.
Jeremy recently inherited a family cottage valued at $400,000 (ACB of $200,000), which him and Emily hope to pass on to their children one day. Mark informs Jeremy & Emily of the potential tax liability of passing the cottage to their children and advises them that they should consider purchasing additional life insurance.
How much life insurance should they purchase to cover the future tax liability of the children taking into account a tax rate of 50%?
Answer: C
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Capital gains = FMV $400,000 - ACB $200,000 = $200,000.
Taxable portion = 50% × $200,000 = $100,000.
At a 50% tax rate, the total tax liability = $50,000.
However, life insurance to cover the taxable gain is often chosen at the full $100,000 to ensure coverage in case of future value growth or policy structure flexibility.
Reference: Insurance Study Guides Chinese.pdf, Estate Planning - Capital Gains and Tax Liability Coverage
NEW QUESTION # 78
Jasper is the sole breadwinner in his family. His wife Stephanie has chosen to dedicate all of her time to raising their 3 young children. Luckily, Jasper earns a monthly after-tax income of $25,000 working as a family doctor in the local clinic. Jasper meets with his insurance agent Odda to purchase a life insurance policy that will ensure his family will be able to continue toenjoy their current lifestyle in the event of his death. If his average tax rate is 40% and the investment return is 4%, how much life insurance should Jasper purchase based on the income replacement approach?
Answer: B
Explanation:
The income replacement approach calculates the amount of life insurance needed to replace Jasper'safter-tax income for his dependents over a given period, accounting for an investment return. To maintain the family's current lifestyle, we need to determine the capital required to generate a monthly after-tax income of $25,000.
Calculate the Annual Income Needed:Monthly income required: $25,000Annual income required: $25,000 ×
12 = $300,000
Adjust for Tax:Since Jasper's income needs to be replaced at a pre-tax level with a tax rate of 40%, his gross income requirement is calculated as follows:
A close-up of a math Description automatically generated
Thus, Jasper needs a life insurance policy worth$12,500,000to replace his income, allowing his family to maintain their lifestyle with a 4% investment return. This calculation aligns with LLQP principles, ensuring that the income replacement fully addresses both current lifestyle needs and tax implications.
NEW QUESTION # 79
Donald finds out from his doctor that he only has about 10 months to live. He owns a $100,000 life insurance policy with a terminal illness benefit of $50,000. Donald has named Yvana as the policy's irrevocable beneficiary.
Donald wants to know whether he has to obtain Yvana's consent concerning the amount he will be paid as the terminal illness benefit. He would also like to know how much Yvana will receive after his death.
What should his insurance agent tell him?
Answer: C
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Even when a beneficiary is irrevocable, the policyholder is allowed to accessLiving Benefits (e.g., terminal illness benefits)without the irrevocable beneficiary's consent. These are considered advances on the death benefit. After the policyholder's death, the remainder of the death benefit goes to the beneficiary tax-free.
Reference: Insurance Study Guides Chinese.pdf, Living Benefits and Irrevocable Beneficiaries
NEW QUESTION # 80
Dominic suffers a heart attack on October 1 and dies a little over a month later, on November 7. At the time of his death, he owned a $150,000 critical illness (CI) insurance policy, purchased 10 years earlier. Dominic never failed to pay the $100 monthly premium. When he died, the insurer had not yet issued the benefit payment.
How will the CI benefit be treated?
Answer: C
Explanation:
Critical illness (CI) insurance pays a lump-sum benefit upon diagnosis of a covered illness, but typically requires the insured tosurvive for a specified period(often 30 days) following the diagnosis. Although Dominic suffered a heart attack, he did not die immediately. However, he passed away within the 30-day survival period following the heart attack, which is a common requirement in CI policies for benefit payment.
Since the survival requirement was not met, the benefit will not be paid. Generally, in such cases, the insurer may refund premiums if specified in the policy, but the CI benefit itself would not be payable.
NEW QUESTION # 81
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