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In the Desktop LLQP practice exam software version of IFSE Institute LLQP practice test is updated and real. The software is useable on Windows-based computers and laptops. There is a demo of the LLQP Practice Exam which is totally free. Life License Qualification Program (LLQP) (LLQP) practice test is very customizable and you can adjust its time and number of questions.
NEW QUESTION # 104
Rhonda is a sixty-year-old biologist at the local university. She has two adult children Connor and Daniel. She meets her life insurance agent Todd to make sure that if something were to happen to her that everything would be taken care of. She has taken the initiative to have a will done that has all of her assets divided between her two children after any debts or taxes are settled. She knows her boys are not great with money so she names her friend Sandra as the executor.
One of the things that Rhonda is concerned about is the taxes that will be owed on her final tax return and thinks a life insurance policy would be a good idea to solve her issue.
What should Todd recommend while completing a life insurance policy to make sure that Rhonda's concerns are met?
Answer: B
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
If Rhonda wants the policy to be used for paying taxes on her estate, naming theestateas the beneficiary is the most appropriate option. The LLQP notes that naming the estate allows the proceeds to directly addressestate liabilities, such as taxes, before distribution to heirs.
NEW QUESTION # 105
Planet Source decides to implement a defined contribution pension plan (DCPP) for its 75 employees. The company's president appoints Josie, the human resources director, as the plan administrator.
Which of the following BEST describes Josie's responsibility as a plan administrator?
Answer: D
Explanation:
As a plan administrator for a defined contribution pension plan (DCPP), Josie's primary responsibility is to manage the pension plan, which includes overseeing day-to-day operations, ensuring regulatory compliance, and handling communications with plan members. According to LLQP, plan administrators are tasked with ensuring the effective management and administration of the plan, rather than setting benefit structures or addressing funding issues, which are typically responsibilities of the employer.
Options B, C, and D describe responsibilities typically held by the employer or plan sponsor, not the administrator.
NEW QUESTION # 106
Angela works in a biomedical research lab where she has been assigned to discover possible antidotes to the anthrax virus. While the discovery process of testing possible antidotes would expose her to the deadly virus, she is excited about the assignment.
Knowing that anthrax can be contracted through infected food, air or contact with skin, what risk management strategy would Angela employ by wearing protective gear over her mouth and skin?
Answer: A
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Angela is using protective gear to minimize exposure to a known hazard. This is a textbook example of risk reduction, which involves implementing safety measures to lower the probability or impact of a loss. LLQP classifies risk strategies into avoidance, retention, transfer, and reduction-each with distinct characteristics.
Wearing gear does not eliminate the risk but reduces it significantly.
Reference: Insurance Study Guides Chinese.pdf, Risk Management - Types of Risk Strategies
NEW QUESTION # 107
Leanna has an accidental death and dismemberment policy for $175,000 that she purchased through Leo, her financial advisor, four years ago. Leanna works as a heavy-duty mechanic at a local diesel mechanic shop in town. Leanna was in a tragic accident that involved a hoist issue which resulted in the loss of one of her legs.
How much benefit will Leanna receive when she makes a claim?
Answer: B
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
AD&D policies typically pay50% of the policy valuefor the loss of one limb. Therefore, $175,000 ร 50% =
$87,500. The LLQP outlines thatfull benefits are for death or multiple limb loss, while partial payouts apply to single dismemberments.
NEW QUESTION # 108
Nathalie worked for 25 years as an administrative assistant at a manufacturing company. When she left the company 10 years ago, she transferred the money that she accumulated from the company's pension plan into a locked-in retirement account (LIRA). Now she is 60 years of age and would like to withdraw the money from the LIRA.
Under which of the following circumstances would Nathalie be allowed to withdraw her funds?
Answer: B
Explanation:
Under the rules governing Locked-In Retirement Accounts (LIRAs) in Canada, which apply similarly across provinces including Ontario, there are specific circumstances under which a person may access funds prior to the usual retirement age. In general, LIRA funds are intended to be kept locked-in until a specified retirement age. However, early withdrawal is permitted if the account holder becomes disabled and has a reduced life expectancy, as stated in LLQP materials. Thus, Nathalie's disability and reduced life expectancy would qualify her to withdraw from the LIRA. Moving to another location, retiring, or collecting QPP benefits do not generally permit early withdrawal from a LIRA.
NEW QUESTION # 109
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