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NEW QUESTION # 63
Svetlana is a 45-year-old single mother with two children: Georgi 17; and Ingrid 13. The children's father, Vladimir, has a serious gambling problem and only visits them sporadically. Vladimir's younger brother Sergei, on the other hand, is a dependable and helpful uncle who helps Svetlana regularly with the children.
Svetlana meets with Robert, an insurance agent to review her life insurance needs because she wants to make sure that her children are taken care of if she were to die prematurely. Robert suggests that she purchase a
$200,000 policy. Who should she name as a beneficiary?
Answer: C
Explanation:
Since Svetlana's children are minors, naming them directly as beneficiaries would require appointing a trustee to manage the funds until they reach the age of majority. Given that Vladimir is unreliable,Sergei-who is dependable and supportive-is the most suitable choice to act as trustee. Naming him as trustee ensures that the funds are managed responsibly for the benefit of Georgi and Ingrid until they can access them.Therefore, Option Bis the most appropriate choice.
NEW QUESTION # 64
(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?)
Answer: D
Explanation:
A birth certificate 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 birth certificates are not relevant to determining investment needs." (Reference:Segfunds-E313-2020-12-7ED, Chapter 4.1 Financial Situation of the Investor)
NEW QUESTION # 65
(Matthew, 40 years old, is leaving his employer (XYZ Corp) and has $100,000 in a group RRSP.
What should Shawn, the advisor, do?)
Answer: B
Explanation:
Upon termination of employment, employees cantransfer group RRSP funds to an individual RRSPto maintain tax-deferred growth without triggering a taxable event.
Exact Extract:
"Upon leaving employment, a member may transfer their group RRSP assets to an individual RRSP to maintain tax deferral." (Reference:Segfunds-E313-2020-12-7ED, Chapter 1.3.11.2 Group Plans#45:5 Segfunds-E313-2020-12-7ED.
pdf**)
NEW QUESTION # 66
Ben and Pam, both aged 37, are married with three young triplets, Lucas, Jack, and William. Ben works as a pharmaceutical rep, and Pam is a stay-at-home mom. Ben's monthly salary is $6,000. An unforeseen accident happening, where Ben were to die, would leave Pam and the kids in serious financial trouble. Ben and Pam want to address this, so they meet with a licensed life insurance agent to discuss purchasing a life insurance policy. The agent, assuming an interest rate of 4%, shows Ben and Pam the capitalized value of his lost income.
Based on the above information, using the income replacement approach, how much life insurance does Ben need?
Answer: B
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Using theincome replacement method:
Annual income = $6,000 ร 12 = $72,000
Capitalized value at 4% = $72,000 รท 0.04 =$1,800,000
The LLQP guide confirms this formula for calculating the present value of future income needed for full replacement.
Reference: Insurance Study Guides Chinese.pdf, Income Replacement Approach - Present Value Formula
NEW QUESTION # 67
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: B
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Capital gains = FMV $400,000 - ACB $200,000 = $200,000.
Taxable portion = 50% ร $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 # 68
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