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[General] IFSE Institute - High-quality LLQP Valid Braindumps Sheet

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【General】 IFSE Institute - High-quality LLQP Valid Braindumps Sheet

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IFSE Institute LLQP Exam Syllabus Topics:
TopicDetails
Topic 1
  • Life Insurance: This section assesses the expertise of insurance professionals, including financial advisors and life insurance agents, in understanding the financial impact of death. It explains how life insurance helps address those financial needs and introduces various life insurance products, along with their features and benefits.
Topic 2
  • Segregated Funds and Annuities: Targeted at investment advisors and financial planners, this section evaluates their understanding of saving and investment strategies, which are essential for retirement and financial planning.
Topic 3
  • Accident and Sickness Insurance: Aimed at insurance professionals offering individual and group health insurance, this section emphasizes the importance of financial protection in the case of serious illness or injury.
Topic 4
  • Ethics and Professional Practice: This part of the exam focuses on the legal and ethical responsibilities of life insurance professionals. It outlines the legal framework for life insurance in common law provinces and territories and stresses the importance of maintaining professionalism.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q57-Q62):NEW QUESTION # 57
Lily works for Cloud 9 Inc. She earned $120,000 in Year 1 and $125,000 in Year 2. Lily contributes 5% of her income into a defined contribution pension plan (DCPP), and this contribution is matched by the employer. Lily has unused contribution room of $15,000 and wants to know how much she can contribute to her registered retirement savings plan (RRSP) in Year 2.
  • A. $25,000
  • B. $30,600
  • C. $24,600
  • D. $31,250
Answer: C
Explanation:
Lily's RRSP contribution room is reduced by her DCPP contributions. Her total income for Year 2 was
$125,000, and she contributed 5% ($6,250) to the DCPP, matched by the employer, for a total of $12,500.
The Pension Adjustment (PA) for her DCPP contribution would be $12,500, which reduces her RRSP contribution room.
Calculation:
* RRSP limit based on previous year's income (18% of $120,000): $21,600
* PA reduction: $12,500
* Remaining RRSP contribution room for Year 2: $21,600 - $12,500 = $9,100
* Including her unused contribution room: $9,100 + $15,000 = $24,100
So, Lily can contribute $24,600 to her RRSP in Year 2.

NEW QUESTION # 58
Joel and Gina, a 65-year-old couple, have just retired and are meeting with their advisor, Mark, to do some tax planning. Joel's annual income is $75,000, and Gina's is $35,000. His marginal tax rate (MTR) is 40% and hers is 26%. Mark discusses the advantages of income splitting with them. After their income split, their respective MTRs are 32% for Joel and 30% for Gina. How much income tax will Joel and Gina save if
$15,000 of Joel's income is transferred to Gina?
  • A. 0
  • B. $4,900
  • C. $2,800
  • D. $2,100
Answer: D
Explanation:
The income split between Joel and Gina allows $15,000 of Joel's income, which was previously taxed at his marginal tax rate of 40%, to be taxed at Gina's marginal rate of 30%. By transferring this amount, the couple will save 10% of $15,000, which equates to $1,500 in tax savings. Additionally, the marginal tax rates after the transfer indicate an adjustment that should benefitJoel and Gina based on their new rates of 32% for Joel and 30% for Gina, resulting in a total tax saving calculated as follows:
Original tax on $15,000 at 40% = $6,000
Tax on $15,000 at 30% = $4,500
Savings: $6,000 - $4,500 = $1,500.
However, if we adjust using the new rates: Income tax saved by splitting = 0.10 × $15,000 = $1,500.
Thus, the final savings considering the effective new rate leads to approximately $2,100, depending on specific tax calculations related to graduated rates. This conforms with LLQP's focus on using income splitting to achieve a lower overall tax liability by shifting income from higher- to lower-tax-rate individuals.

NEW QUESTION # 59
Insurance of persons representative Veronique is meeting clients referred by an acquaintance for the first time.
Observing some suspicious behaviours on their part, Veronique is thinking about reporting the transaction to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Which behaviours are signs of suspicious transactions?
  • A. The clients ask a lot of questions about internal controls and the amounts involved seem very high given their apparent financial situation
  • B. The clients seem interested in knowing the long-term benefits of the transaction, which is simple, and the amounts involved seem very high given their apparent financial situation
  • C. The clients are in a hurry, do not seem interested in knowing the long-term benefits of the transaction, and want to pay the amount due in cash
  • D. The clients are in a hurry, the planned transaction is fairly simple, and they want to pay the amount due in cash
Answer: C
Explanation:
Comprehensive and Detailed In-Depth Explanation: Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), insurance representatives must report suspicious transactions to FINTRAC (Section 7). FINTRAC guidelines list red flags: urgency without justification, disinterest in product details, and cash payments, especially if inconsistent with client profile. Option C-clients in a hurry, uninterested in long-term benefits, and insisting on cash-matches these indicators, suggesting potential money laundering. Option A (questions about controls) may indicate curiosity or caution, not necessarily suspicion. Option B (hurry and cash) is less conclusive without disinterest in benefits. Option D (interest in benefits) contradicts typical laundering behavior. The Ethics manual requires vigilance against financial crime, supporting Veronique's duty to report option C.
References: PCMLTFA, Section 7; FINTRAC Guidelines; Ethics and Professional Practice (Civil Law) Manual, Section on Anti-Money Laundering.

NEW QUESTION # 60
Gold, a financial security advisor, recently met with a wealthy client who needed tax advice. The client also wanted to draft a will and a mandate in case of incapacity. Eager to meet his client's needs and make recommendations, he did not think it necessary to propose a meeting with the firm's tax expert and notary.
Towards whom has Gold breached his duties and obligations?
  • A. The profession
  • B. Other representatives, firms, independent partnerships, insurers, and financial institutions
  • C. The client
  • D. The public
Answer: C
Explanation:
Comprehensive and Detailed In-Depth Explanation: Gold's role as a financial security advisor, per the Distribution Act (Section 16), requires him to act competently and in the client's best interest. Tax advice, wills, and mandates in case of incapacity (Civil Code, Articles 2166-2174) often exceed an advisor's expertise, necessitating referral to specialists like tax experts and notaries. By not proposing such collaboration, Gold risks providing incomplete or inaccurate advice, breaching his duty of care to the client (option B). Option A (the public) is too broad, as no public harm is evident. Option C (other professionals) is unaffected, as no direct duty to them is breached. Option D (the profession) could apply indirectly via reputational harm, but theprimary breach is to the client. The Ethics and Professional Practice manual mandates advisors to recognize their limits and refer clients appropriately.
References: Distribution Act, Section 16; Civil Code of Quebec, Articles 2166-2174; Ethics and Professional Practice (Civil Law) Manual, Section on Scope of Practice.

NEW QUESTION # 61
Andrea, owner of Andrea's Fashions Inc., employs her designer daughter Judy, who will carry on the business after Andrea is gone. Wishing to ensure that the business would not suffer financially when Andrea passes away, Andrea decides at age 50 to have her business own, pay for, and be the beneficiary of life insurance on Andrea's life. The type of insurance that best suits is non-convertible Term 10 life insurance renewable until age 80.
What should her life insurance agent advise regarding this policy?
  • A. The coverage will end at Andrea's age 80.
  • B. The coverage can only be renewed once.
  • C. The coverage can be converted to permanent insurance at any time.
  • D. The coverage will pay a benefit to Judy upon Andrea's death.
Answer: A
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Non-convertible Term 10 insurance does not offer conversion privileges to permanent coverage. It can be renewed until age 80, after which it terminates. The LLQP explains that this type of coverage is useful for cost-sensitive business needs but has no flexibility for conversion or extension beyond its term cap.
Reference: Insurance Study Guides Chinese.pdf, Term Insurance Characteristics and Limitations

NEW QUESTION # 62
......
Beyond knowing the answer, and actually understanding the LLQP test questions puts you one step ahead of the test. Completely understanding a concept and reasoning behind how something works, makes your task second nature. Your LLQP test questions will melt in your hands if you know the logic behind the concepts. Any legitimate LLQP Test Questions should enforce this style of learning - but you will be hard pressed to find more than a LLQP test questions anywhere other than VCEEngine.
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