Online Access Free LLQP Exam Questions

Manitoba resident Patrice works for ABC Inc. where he is covered by group life insurance. He consults Louise, his insurance agent, because he wants to maintain some life insurance coverage when he retires at age
65.
How much of Patrice's group life insurance can he convert to individual life insurance coverage when he retires?

• A.Up to $200,000 with proof of insurability.
• B.The amount of his group life insurance coverage by providing proof of insurability.
• C.Up to $200,000 without proof of insurability.
• D.None, because he must leave the plan.

Juliette owns a medium-sized business with approximately 100 employees. Three years ago, she set up a small group benefits plan. Her employees, however, are unhappy with the coverages offered under the plan.
Moreover, for tax purposes, the group plan shares the cost of disability premiums with the employees-an expense they do not welcome. What should Juliette's agent tell her?

• A.She should instead opt for a PHSP, which provides more flexible and tax-free disability benefits.
• B.The existing group plan is the most cost-effective and tax-free way to provide these benefits.
• C.Her existing group plan is the best solution, because a group of that size would not be able to take advantage of other "grouped" alternatives.
• D.She should instead opt for an EHT, which affords more flexibility with no tax implications for her employees.

(Germaine, a shareholder-manager, already has a group RRSP for her employees. She now wants to establish a second group savings plan that allows employees to withdraw money at any time without additional taxes or penalties.
Which plan fits her needs?)

• A.ADPSP.
• B.ADBPP.
• C.A group TFSA.
• D.APRPP.

Ontario residents, Juan and Maria, are a married couple approaching retirement. They have askedtheir representative Carlow to review the details of Maria's defined benefit plan (DBPP).
Which of the following statements about Maria's pension is CORRECT?

• A.Juan will be entitled to the survivor benefit even if they are separated at the time of Maria's death.
• B.Juan would be entitled to receive at least 50% of Maria's pension upon Maria's death.
• C.Maria would be entitled to an increased benefit if Juan waived his survivor benefit.
• D.With Juan's consent, Maria can choose to reduce the survivor benefit to 25% of her normal pension amount.

Li Jun, 50, applies for a $250,000 critical illness (CI) insurance policy with his insurance agent Ming. On the application, Li Jun states that he must take pills daily to manage his hypertension. Aside from this, his health is good. Given his age and hypertension issue, he is worried that the insurer may refuse his application.
What does Ming CORRECTLY advise him?

• A.The policy will likely be issued with a premium rating.
• B.The policy will likely be issued with an exclusion.
• C.The policy will likely be denied.
• D.The policy will likely be issued with a lower benefit.