LLQP NEW DUMPS - LLQP TEST QUESTION

LLQP New Dumps - LLQP Test Question

LLQP New Dumps - LLQP Test Question

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Tags: LLQP New Dumps, LLQP Test Question, Latest LLQP Cram Materials, LLQP Test Testking, Free LLQP Exam Dumps

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LLQP Exam Materials: Life License Qualification Program (LLQP) & LLQP Study Guide Files

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q296-Q301):

NEW QUESTION # 296
Maverick meets with Alyssa, an insurance agent, to review his life insurance needs. After completing the needs analysis, Alyssa suggests that Maverick purchase a $100,000 whole life insurance policy and add a critical illness (CI) benefit rider. Which of the following options is an advantage of adding the CI coverage as a rider instead of purchasing an individual CI policy?

  • A. Benefits are paid out as soon as the individual is diagnosed with a covered condition.
  • B. It is less expensive than an individual policy.
  • C. If he is diagnosed with a debilitating illness that does not endanger his life, he may still receive coverage.
  • D. It covers more illnesses than an individual policy.

Answer: B

Explanation:
Adding a Critical Illness (CI) rider to a whole life insurance policy is generally less expensive than purchasing a separate individual CI policy because the rider is attached to an existing policy, reducing administrative costs and sometimes providing limited coverage options. While a CI rider may offer a less comprehensive range of covered conditions than a standalone policy, it serves as a cost-effective solution for adding coverage to a primary life insurance policy. Additionally, CI riders often provide a more affordable premium than individual policies, aligning with budget-conscious clients like Maverick.


NEW QUESTION # 297
(Anthony, 26, wants to invest $500 but be able to cash it in anytime without fees and wants capital protection.
What investment should the insurance agent recommend?)

  • A. A market-linked guaranteed investment certificate.
  • B. An IVIC consisting of a bond fund with a deferred sales charge.
  • C. A redeemable guaranteed investment certificate.
  • D. An IVIC consisting of a growth fund with a 100% maturity guarantee.

Answer: C

Explanation:
Aredeemable GICofferscapital protectionandeasy liquidity(ability to cash out without penalties), making it the best fit for Anthony's priorities.
Exact Extract:
"Redeemable GICs allow investors to cash in before maturity without significant penalties, while preserving the invested capital." (Reference:Segfunds-E313-2020-12-7ED, Chapter 1.3.6 Guaranteed Investment Certificates (GICs))


NEW QUESTION # 298
Svetlana is a 45-year-old single mother with two children: Georgi 17; and Ingrid 13. The children's father, Vladimir, has a serious gambling problem and only visits them sporadically. Vladimir's younger brother Sergei, on the other hand, is a dependable and helpful uncle who helps Svetlana regularly with the children.
Svetlana meets with Robert, an insurance agent to review her life insurance needs because she wants to make sure that her children are taken care of if she were to die prematurely. Robert suggests that she purchase a
$200,000 policy. Who should she name as a beneficiary?

  • A. Vladimir
  • B. Georgi and Ingrid but name Sergei as a trustee.
  • C. Sergei
  • D. Georgi and Ingrid but name Vladimir as a trustee.

Answer: B

Explanation:
Since Svetlana's children are minors, naming them directly as beneficiaries would require appointing a trustee to manage the funds until they reach the age of majority. Given that Vladimir is unreliable,Sergei-who is dependable and supportive-is the most suitable choice to act as trustee. Naming him as trustee ensures that the funds are managed responsibly for the benefit of Georgi and Ingrid until they can access them.Therefore, Option Bis the most appropriate choice.


NEW QUESTION # 299
Kirill purchases a $250,000 permanent life insurance policy on the life of his grandson, Dmitry. Kirill asks his wife Katya to pay the policy premiums and names his daughter, Natalya, as the subrogated policyholder. He does not name a beneficiary. Subsequently, Kirill dies without a will.
Who will become the new policyholder?

  • A. Dmitry.
  • B. The executor of Kirill's estate.
  • C. Katya.
  • D. Natalya.

Answer: D

Explanation:
In the case of life insurance where a subrogated policyholder is designated, that individual (in this case, Natalya) would assume ownership rights of the policy upon the original policyholder's death. Since Kirill named Natalya as the subrogated policyholder, she would become the new policyholder upon his death, regardless of the fact that Kirill did not have a will. This designation bypasses the estate, meaning the executor or other family members (like Katya) do not assume ownership. This outcome aligns with LLQP guidelines on succession planning and the assignment of life insurance ownership.


NEW QUESTION # 300
Edward and Shirley initiated a whole life insurance application for their daughter Christine when she was 15 years of age. As Christine was a student with limited income at the time, the agent set Edward and Shirley jointly as owning and paying the premiums of this policy. Edward was designated beneficiary. Who is the policyholder?

  • A. Christine, as she is the life insured.
  • B. Edward and Shirley, as they are paying the premiums.
  • C. Edward, as he is the designated beneficiary.
  • D. Edward and Shirley, as they are designated owners of the policy.

Answer: D

Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
In insurance terminology, the policyholder (or policy owner) is the person or entity that owns the insurance contract and has the legal rights to make decisions about it, such as changing beneficiaries or cancelling the policy. TheIFSE Ethics and Professional Practice Course (Common Law)clearly distinguishes between the life insured (the person whose life is covered), the beneficiary (who receives the death benefit), and the policy owner. In this case, Edward and Shirley are explicitly designated as the joint owners of the policy, not merely premium payers. Christine, as the insured, has no ownership rights unless specified, and Edward's status as beneficiary does not confer ownership. Paying premiums does not automatically make someone the policyholder unless they are also the designated owner. Therefore, option D is correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 2: Insurance Contracts, Section on
"Policy Ownership and Roles."


NEW QUESTION # 301
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