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NEW QUESTION # 179
(Ten years ago, Yamina invested $2,500 in a segregated fund contract with a 75%/100% guarantee structure. The market value of the contract peaked at $4,500 but then fell. Now, at maturity, the units are worth $2,250.
How much can Yamina expect to receive?)
Answer: B
Explanation:
With a 75% maturity guarantee, Yamina is guaranteed to receive at least 75% of the original investment at maturity, regardless of market performance.
75% $2,500 = $1,875, but because there is a reset possibility if applicable and a 100% death benefit guarantee, and if there had been any resets (not mentioned here), she would get the original amount $2,500 based on the basic guarantee.
Exact Extract:
"At maturity, if the market value is less than the guaranteed amount (typically 75% or 100% of the deposited amount), the maturity guarantee is paid." (Reference: Segfunds-E313-2020-12-7ED, Chapter 2.1.1 Guarantees#33:4 Segfunds-E313-2020-12-7ED.
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NEW QUESTION # 180
Marsha and Alexis are equal partners in an advertising firm. They meet with Jose, an insurance agent, and Horacio, their lawyer, because they would like to protect themselves if one of them becomes disabled and unable to work for an extended period of time. At the end of their meeting, they agree to purchase $500,000 disability insurance policies on each other by each of them paying premiums.
What type of agreement do Marsha and Alexis have?
Answer: D
Explanation:
In across-purchase agreement, business partners purchase disability or life insurance policies on each other. If one partner becomes disabled, the other partner uses the proceeds from the insurance to buy out the disabled partner's share in the business. Marsha and Alexis have agreed to purchase disability insurance policies on each other, with each paying the premium on the policy for their partner. This structure aligns with the cross- purchase format, where each partner independently holds the policy on the other, as described in LLQP materials on business continuation planning. The other options, such as an entity purchase agreement, involve the business purchasing the policy, which is not the case here.
NEW QUESTION # 181
Abishola purchases segregated funds from her insurance agent Bob. Before finalizing the transaction, she tells Bob that she will need the funds in a few months to make a down payment on a condo. Later, when Abishola calls to withdraw her funds, Bob informs her that she will incur a fee for withdrawing her funds prematurely.
Abishola complains to Bob, and then to Bob's supervisor, without receiving a satisfactory response. To which organization can Abishola escalate her complaint?
Answer: D
Explanation:
The OmbudService for Life and Health Insurance (OLHI) provides a platform for consumers to resolve disputes related to life and health insurance products in Canada. If Abishola is dissatisfied with the responses from her insurance agent and his supervisor, she can escalate her complaint to the OLHI, which offers a neutral and independent review of disputes concerning insurance products like segregated funds.
Other organizations mentioned, such as Assuris, focus on protecting policyholders in cases of insurer insolvency, not individual complaints.
NEW QUESTION # 182
Alana, Meaghan, and Beatrice are equal shareholders of Advanced Tech Inc. They each own 100 shares of the company. Each share is currently worth $5,000. They recently signed a cross-purchase buy-sell agreement that is funded by life insurance. What will happen under this agreement if Alanadies today?
Answer: B
Explanation:
In a cross-purchase buy-sell agreement funded by life insurance, each shareholder purchases a life insurance policy on the lives of the other shareholders. Upon the death of a shareholder, the surviving shareholders use the proceeds from the insurance to buy out the deceased shareholder'sshares at the agreed value. Since each share is valued at $5,000, Alana's 100 shares would be worth:
100 shares×5,000=500,000100 \text{ shares} \times 5,000 = 500,000100 shares×5,000=500,000 Thus, Meaghan and Beatrice would collectively purchase Alana's shares from her estate, providing her estate with a total of$500,000. Each surviving shareholder will then own an additional 50 shares, resulting in each now holding 150 shares of Advanced Tech Inc. This option aligns with the principles of cross-purchase agreements discussed in the LLQP.
NEW QUESTION # 183
Six years ago, Stephane left his job as technical director at ADM Consultants in order to branch out on his own. He transferred the $48,000 pension amount accumulated under his former employer's pension plan into a LIRA, investing it in a balanced segregated fund (within a contract with a 10-year term-to-maturity) offered by NRJ Insurance. Now 38, Stephane is going through a divorce and would like to redeem his segregated funds contract in order to pay part of what he owes his ex-wife.
What will NRJ Insurance do in this situation?
Answer: C
Explanation:
In the LLQP Segregated Funds and Annuities material, a LIRA (Locked-in Retirement Account) is clearly described as a locked-in, savings-phase vehicle used to hold pension money transferred from an employer- sponsored pension plan when an employee leaves before retirement. A key rule is that withdrawals cannot be made from the locked-in savings account. The curriculum explains that locked-in plans have two phases: a savings phase (LRSP/LIRA) and an income phase (such as LIF/LRIF/PRRIF/RLIF), and only the income- phase accounts permit withdrawals. The text explicitly states that when pension value is transferred into an LRSP/LIRA, the individual gains control over investment choices "except that withdrawals are not allowed." That is exactly Stephane's situation: his segregated fund investment is held inside a LIRA, meaning the insurer must administer it as locked-in pension money. Even though the segregated fund contract itself has a
10-year term-to-maturity, the maturity date is not the governing restriction here. The governing restriction is the locked-in legislation attached to the LIRA: Stephane cannot simply "cash in" or redeem the contract to access a lump sum for personal needs such as a divorce settlement.
The LLQP curriculum also notes that unlocking is only permitted in a few specific circumstances (for example, certain cases of financial hardship, shortened life expectancy, or very small balances). Divorce equalization may allow a transfer under family law rules in some jurisdictions, but it does not mean Stephane can redeem the LIRA for cash on demand; the funds generally remain within locked-in vehicles. Therefore, NRJ Insurance would refuse the redemption request because the assets are locked in.
Accordingly, the correct answer is D: NRJ Insurance cannot carry out the request because the funds are held in a locked-in account and cannot be cashed in right now.
NEW QUESTION # 184
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