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NEW QUESTION # 66
Mercedes is a single mother to her 5-year-old son Arthur. Arthur's father Richard is not in his son's life because he is a recovering drug dealer who spent the last 4 years in and out of prison. Mercedes has full custody of Arthur and cannot count on help from her family because they live in another province.
Wanting to ensure his well-being, in the event of her death, Mercedes purchases a $100,000 life insurance policy and names Arthur the sole beneficiary of the policy.
If she died without a will who would receive the death benefit?
Answer: B
Explanation:
Since Arthur is the named beneficiary on Mercedes' life insurance policy, the death benefit will be payable to him directly. Under LLQP provisions, life insurance proceeds designated to a minor beneficiary are generally paid into a trust or managed by a legal guardian until the minor reaches the age of majority.
In this case, because Mercedes died intestate (without a will), Arthur would still receive the proceeds of the life insurance policy as the sole named beneficiary. However, since he is a minor, the Director of Youth Protection or a legal guardian may be appointed to manage the funds until Arthur becomes of age.
NEW QUESTION # 67
Hana, a 25-year-old personal assistant, recently got a job where the employer offers all employees access to a defined contribution pension plan (DCPP). Hana meets with the group insurance agent, Tom, because she must choose her investments and she doesn't know what she should choose. She is not very knowledgeable about investments, but since the money will only be used at retirement, she wants to invest in a fund that combines stocks and bonds and that is easy to understand.
Which fund should Tom suggest?
Answer: C
Explanation:
Since Hana is not highly knowledgeable about investments and prefers a simple approach that includes both stocks and bonds, a Balanced Fund would be appropriate. Balanced funds are designed to provide a mix of stocks and bonds, which offers both growth potential and incomestability. This aligns well with Hana's objectives for a diversified and easy-to-understand investment suitable for retirement. LLQP materials note that balanced funds offer simplicity and diversification, making them suitable for investors who seek moderate risk and diversification without the need for detailed investment knowledge.
Bond funds, dividend funds, and target date funds each have unique advantages, but they do not offer the same balanced exposure to both stocks and bonds that Hana seeks. Bond funds focus primarily on fixed- income assets, dividend funds on equity income, and target date funds adjust over time rather than maintain a fixed allocation of stocks and bonds throughout the investment period.
NEW QUESTION # 68
(Arthur's assets include a home worth $744,000, savings of $41,000, and a whole life insurance policy with a death benefit of $300,000 and a cash value of $196,000. His liabilities include a $150,000 reverse mortgage and $2,090 income tax owed.
What is Arthur's net worth?)
Answer: C
Explanation:
Net worth is calculated by addingassetsand subtractingliabilities:
Assets = $744,000 + $41,000 + $196,000 = $981,000
Liabilities = $150,000 + $2,090 = $152,090
Net Worth = $981,000 - $152,090 =$828,910
Exact Extract:
"Net worth equals total assets minus total liabilities. Whole life insurance cash values are counted as assets." (Reference:Segfunds-E313-2020-12-7ED, Chapter 4.1 Financial Position of Client)
NEW QUESTION # 69
Abraham lives in Alberta. He meets with a life insurance agent to discuss the purchase of an individual extended health insurance plan. Abraham is interested in a plan that would cover him, his wife, and their two young children. Here are some of the features of the plan that most closely meets Abraham's needs:
prescription drug coverage with a $50 annual deductible and 80% co-insurance, and dental coverage with a
$100 deductible and 70% co-insurance on preventative services. However, Abraham asks the agent to present a plan with a cheaper premium. What changes would the agent have to consider in order to present a plan with a lower premium than the one described above?
Answer: C
Explanation:
Comprehensive and Detailed Explanation:
Lower premiums result from higher deductibles (more out-of-pocket cost) and lower co-insurance (less insurer payout) (Chapter 7:Insurance Recommendation, Contract, and Service Needs).
Current: Drugs ($50 deductible, 80% co-insurance), Dental ($100 deductible, 70% co-insurance).
Option A: Lower drug deductible increases premiums; only half-correct.
Option B: Lower deductibles and co-insurance increase premiums; incorrect.
Option C: Correct; higher deductibles and lower co-insurance reduce premiums.
Option D: Lower deductibles raise premiums; incorrect.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 7:Insurance Recommendation, Contract, and Service Needs.
NEW QUESTION # 70
Naomie meets with her new client, Keisha, to review her investment portfolio. Keisha is a 43-year-old sales representative who has been with Belmont Inc., a large pharmaceutical company, for 15 years. She earns a generous salary, plus bonuses. She also has a group tax-free savings account (TFSA) and a defined contribution pension plan (DCPP), all of which are invested in Belmont common shares.
What main need does Naomie have to address regarding Keisha's investments?
Answer: B
Explanation:
Keisha's investment portfolio is highly concentrated in Belmont Inc. common shares, which include her TFSA and defined contribution pension plan (DCPP). This significant exposure to a single company's stock poses a risk because the value of her investments is directly tied to the financial performance of Belmont Inc.
Diversification is a key strategy to mitigate risk by spreading investments across various asset classes, industries, or geographic regions. This can reduce the impact of poor performance in any one area on the overall portfolio. According to LLQP content, one of the primary goals in managing an investment portfolio is to ensure appropriate diversification to avoid over-reliance on a single asset or asset type.
While other needs, like liquidity and emergency fund savings, are important, Keisha's immediate concern should be diversification. Her current investments do not provide adequate protection against company- specific risks, such as the potential downturns specific to Belmont Inc. Thisaligns with LLQP principles, which emphasize diversification as a way to manage risk effectively and achieve a more stable financial outcome.
NEW QUESTION # 71
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