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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q252-Q257):
NEW QUESTION # 252
(Miles receives a $500,000 inheritance. He wants to invest it in a high-risk segregated fund but is nervous about potential losses.
What unique advantage of segregated funds enables Miles to pursue this strategy?)
Answer: C
Explanation:
Thematurity guaranteein a segregated fund protects a minimum portion (often 75% or 100%) of the initial investment at maturity, even if high-risk investments underperform. This allows Miles to take risks while having downside protection.
Exact Extract:
"The maturity guarantee protects a minimum portion of the original investment at contract maturity date, even if the underlying investment loses value." (Reference:Segfunds-E313-2020-12-7ED, Chapter 2.1.1.1 Maturity Guarantee)
NEW QUESTION # 253
(Business owner Timothy is reviewing information that his life insurance agent provided for him to establish a group savings plan for his employees. Timothy then meets the agent for some advice. He wants to avoid having to deal with pension credit adjustments.
Which of the following types of plans would meet this requirement?)
Answer: B
Explanation:
Timothy wants toavoid pension adjustments, which occur with formal pension plans.Group RRSPsand Group TFSAsare not pension plans, so they do not generate a pension credit (adjustment), unlike DPSPs or DCPPs.
Exact Extract:
"GRRSPs and TFSAs are not registered pension plans and thus do not result in pension adjustments against the employee's RRSP contribution room." (Reference:Segfunds-E313-2020-12-7ED, Chapter 1.3.11 Group Plans#49:3†Segfunds-E313-2020-12-7ED.
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NEW QUESTION # 254
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 # 255
Danny purchases a $1,000,000 whole life insurance policy. He names his three daughters, Donna-Joe, Stephanie, and Michelle, as revocable beneficiaries with each receiving one-third of the death benefit.
If Michelle predeceases Danny, and Danny did not have a chance to modify his beneficiary designation, how will Danny's death benefit be paid out?
Answer: C
Explanation:
When a beneficiary is designated as "revocable" and predeceases the policyholder, their share of the benefit typically reverts to the surviving beneficiaries rather than the deceased beneficiary's estate. In this case, since Michelle has predeceased Danny, her portion of the benefit is divided equally between Donna-Joe and Stephanie, the remaining beneficiaries. Therefore, each of them would receive 50% of the total death benefit, which is $500,000. If the beneficiaries had been designated as "irrevocable" or if there were specific contingent beneficiaries, different rules might apply.
NEW QUESTION # 256
Rowan works for a construction company that employs 40 employees. The company is newly established, and the owners have yet to implement a group insurance policy. Rowan falls off the side of a building and breaks his collar bone. The doctor informs him that he will be unable to work for five months.
Who will pay him disability benefits while he is recuperating?
Answer: C
Explanation:
In this scenario, Rowan, an employee of a construction company, suffers an injury while on the job. Since the injury occurred in the workplace, he would be eligible for benefits under Workers' Compensation. Workers' Compensation is designed to cover employees who suffer work-related injuries or illnesses, providing them with benefits that include coverage for medical expenses and income replacement during their period of disability.
As the accident happened while Rowan was performing work duties, Workers' Compensation will likely cover his wage loss for the duration he is unable to work due to the injury. Employment Insurance (EI) would not be applicable here, as EI sickness benefits are intended for non-work-related illnesses or injuries. The Canada Pension Plan (CPP) also would not apply, as it provideslong-term disability benefits primarily for severe and prolonged disabilities that prevent individuals from working in any capacity. Therefore, option D is the correct answer, as Workers' Compensation is specifically designed for cases like Rowan's.
NEW QUESTION # 257
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