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.
Question # 6
Over the years, Agnes, a disciplined investor with a modest income, was able to save over $140,000 in an accumulation annuity. She plans on using the funds in a few years to travel the world and enjoy life while she is still healthy.
Which of the following statements about her annuity is TRUE? |
| A. The annuity permits both withdrawals, subject to minimum and maximum amounts, and surrender.
| | B. A surrender can only be made at specific times.
| | C. An accumulation annuity is not flexible.
| | D. A market value adjustment will be charged by the insurer each time she withdraws her funds.
|
A. The annuity permits both withdrawals, subject to minimum and maximum amounts, and surrender.
Question # 7
Caleb meets with Miles, his insurance agent, to invest for his retirement. Caleb tells Miles that he will not need his funds for the next 25 years, he is comfortable with market fluctuations, and he would like a fund that mimics the S&P/TSX Composite index.
Which of the following funds will best suit Caleb's needs? |
| A. Equity fund
| | B. Target date fund
| | C. Dividend fund
| | D. Index fund
|
D. Index fund
Question # 8
| Arianna, a healthy 61-year-old university professor, is retiring this year and wants to transfer the funds she accumulated in her registered retirement savings plan (RRSP) into an annuity. She is looking at different options and would like to know which of the following annuities will pay the highest monthly benefit. |
| A. A life annuity
| | B. A life annuity with a 10-year guarantee
| | C. An indexed annuity
| | D. A joint life annuity
|
A. A life annuity
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Life License Qualification Program (LLQP) Exam Dumps
Exam Code: LLQP
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