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IFSE Institute LLQP Test Dumps

Total Questions Answers: 150
Last Updated: 21-Jan-2025
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Question # 1



Mercedes is a single mother to her 5-year-old son, Arthur. Arthur's father, Richard, is not in his son's life because he is a recovering drug dealer who spent the last 4 years in and out of prison. Mercedes has full custody of Arthur and cannot count on help from her family because they live in another province.

Wanting to ensure his wellbeing, in the event of her death, Mercedes purchases a $100,000 life insurance policy and names Arthur the sole beneficiary of the policy.

If she died without a will, who would receive the death benefit?
A. Arthur
B. Richard
C. Director of youth protection
D. Mercedes's estate



C.
  Director of youth protection





Question # 2



Paola, an employee at Horizon Pharmaceuticals, was recently diagnosed with depression. She is unable to work and is receiving tax-free disability insurance benefits due to her condition. Paola is deeply indebted, and her creditors have been garnishing a portion of her pay for the last year. She is worried about her creditors also garnishing her disability benefit.

Can her disability benefits be seized by her creditors?
A. Yes, disability insurance benefits are seizable.
B. Yes, but creditors can only seize up to 50% of her benefit.
C. No, because the benefits are tax-free.
D. No, because she is disabled.



D.
  No, because she is disabled.





Question # 3



Paulette earns a modest income working as a delivery driver for FastFlowers Inc. in Quebec. The florist company has over 80 employees, 20 of whom are delivery drivers. The employees benefit from a group short- and long-term disability plan. One morning, while delivering flowers, Paulette's truck is struck by a bus. Paulette is taken to the hospital where a doctor deems that she will beunable to work for at least 4 months. Paulette contacts Jade, the human resources manager, to ask her who will pay her disability benefits.

Which of the following answers is CORRECT?
A. Employment insurance (EI).
B. Her group insurance.
C. Société de l'assurance automobile du Québec (SAAQ).
D. Commission des normes, de l’équité, de la santé et de la sécurité du travail (CNESST).



B.
  Her group insurance.





Question # 4



Aadi is retiring from Scotia Grand, his employer of 25 years. While employed, Aadi benefitted from the company's deferred profit sharing plan (DPSP) and over the years, he accumulated $75,000.

Where should Aadi transfer these funds on a tax-deferral basis, now that he is retired?
A. A group tax-free savings account (TFSA).
B. A group registered retirement income fund (RRIF).
C. A group life income fund (LIF).
D. A locked-in retirement account (LIRA).



D.
  A locked-in retirement account (LIRA).





Question # 5



Seven years ago, Amber invested $150,000 in a non-registered equity segregated fund. Her investment grew, and today, the market value of her fund is $165,000. She places an order to redeem her fund and she wants to know how her investment will be taxed.
A. The $15,000 of capital gains will receive preferential tax treatment.
B. The $15,000 of capital gains will be 100% taxable.
C. The entire $165,000 will be taxed as income.
D. The investment will not be taxed.



A.
  The $15,000 of capital gains will receive preferential tax treatment.





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Life License Qualification Program (LLQP) Exam Dumps


Exam Code: LLQP
Exam Name: Life License Qualification Program (LLQP)

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