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NEW QUESTION # 127
(Jim is buying a life annuity with insurance settlement money due to a disabling accident. He declines a guarantee period to maximize monthly payments.
Which of the following must the agent be sure to note on the application?)
Answer: B
Explanation:
Since Jim is buying the annuity for himself and will receive the payments,he must be named as the annuitanton the application.
Exact Extract:
"The annuitant is the person on whose life the annuity is based and who is entitled to receive the periodic payments. In this case, it must be Jim." (Reference:Segfunds-E313-2020-12-7ED, Chapter 3.2.2 Lives Covered#45:2 Segfunds-E313-2020-12-7ED.
pdf**)
NEW QUESTION # 128
Mireille and Mathieu, who have been married for 15 years, have two children aged 9 and 12. Mireille chose to work part-time and earns an income of $20,000. She has not contributed to an RRSP and has $30,000 of unused contribution room. Mathieu earns $80,000. He has $40,000 invested in RRSPs and $80,000 of unused contribution room.
How can they save on income tax?
Answer: A
Explanation:
According to the LLQP Segregated Funds and Annuities and Investment & Savings curriculum, one of the most effective income-tax-saving strategies for couples with unequal incomes is the use of a spousal RRSP. A spousal RRSP allows the higher-income spouse to contribute to an RRSP that is registered in the lower- income spouse's name, while still claiming the tax deduction personally.
In this case, Mathieu earns $80,000 and is therefore in a higher marginal tax bracket than Mireille, who earns only $20,000 working part-time. From a tax-planning perspective, RRSP contributions are most valuable when deducted against higher income, because they reduce taxable income at a higher marginal rate. The LLQP study materials emphasize that RRSP contribution limits are determined by the contributor's unused RRSP room, not the planholder's room when using a spousal RRSP.
Although Mireille has $30,000 of unused RRSP room, that amount is irrelevant if Mathieu is the contributor.
Mathieu has $80,000 of unused RRSP contribution room, which means he can contribute up to $80,000 into a spousal RRSP in Mireille's name. Mathieu would receive the full tax deduction, reducing his taxable income significantly, while the funds would belong to Mireille for future retirement income purposes.
This strategy also supports income splitting in retirement, which is a key LLQP planning concept. When Mireille withdraws funds from the spousal RRSP in retirement (subject to attribution rules), the income will be taxed in her hands at a lower marginal tax rate, further reducing the family's overall tax burden.
Options C and D are incorrect because Mireille, as the lower-income spouse, would gain little immediate tax benefit from making RRSP contributions. Option A is incorrect because it incorrectly limits Mathieu's contribution to Mireille's unused RRSP room rather than Mathieu's own contribution limit.
Therefore, under LLQP-approved tax planning principles, the correct strategy is Option B, where Mathieu contributes up to $80,000 to an RRSP in Mireille's name.
NEW QUESTION # 129
Mordecai's life insurance lapsed four years after the policy was issued because he failed to make premium payments. The insurer reinstated the policy several months later when he made the required payments and provided the medical and financial information the insurer required. Twelve months later, Mordecai commits suicide and his beneficiaries ask Larry, his insurance agent, whether the claim will be paid. What should Larry tell the beneficiaries?
Answer: A
Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
TheIFSE Ethics and Professional Practice Course (Common Law)explains that life insurance policies typically include a suicide clause, which denies the death benefit if the insured commits suicide within a specified period-usually two years-from the policy's issue date or reinstatement date. When a policy lapses and is reinstated, the suicide exclusion period restarts from the reinstatement date, not the original issue date.
In this case, Mordecai's policy lapsed after four years, was reinstated, and he committed suicide 12 months (less than two years) later. The incontestability clause (which prevents insurers from denying claims based on misstatements after two years) does not override the suicide exclusion, making A incorrect. Public order (B) is irrelevant, and there's no evidence of a preexisting condition (D) affecting the suicide clause. Thus, Larry should inform the beneficiaries that the claim will be rejected due to the suicide exclusion restarting upon reinstatement, making C correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 2: Insurance Contracts, Section on
"Suicide Clause" and "Reinstatement."
NEW QUESTION # 130
It's Friday afternoon and Olivier, an insurance agent, has just received the paper copy of his client's insurance contract. Olivier is about to leave on a three-day weekend, and he's already late for his camping reservation.
He wonders if he should delay his departure to deliver the document, or if it can wait until he gets back on Tuesday. How long does Olivier have to deliver the contract?
Answer: B
Explanation:
Life insurance agents are generally required to deliver the insurance contract to the client within a "reasonable time" to ensure that the client is promptly informed of the policy's terms and conditions. This standard is set to prevent undue delays that might affect the client's rights and their free look period. While no specific timeframe is always mandated, it is commonly understood within the LLQP guidelines that timely delivery is essential for compliance. Therefore, Olivier can reasonably wait until after his weekend to deliver the contract on Tuesday, as this would still fall within a reasonable time.
NEW QUESTION # 131
(Ted purchased an IVIC 10 years ago. His original deposit was $10,000. The current market value is
$15,500 at maturity.
What will the new maturity guarantee be?)
Answer: C
Explanation:
Upon maturity,the new guarantee becomes the current market value, andthe new maturity date is based on contract terms, often depending on the ageof the client or a specific reset term.
Exact Extract:
"When a segregated fund contract matures, the new guarantee is based on the current market value, and a new maturity date is set according to the client's age or the insurer's terms." (Reference:Segfunds-E313-2020-12-7ED, Chapter 2.1.2 Growth Secured by Reset#45:0 Segfunds-E313-
2020-12-7ED.pdf**)
NEW QUESTION # 132
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