Life Licence Qualification Program (LLQP) Tests Bundle

Do whole life policies have a cash value? LLQP - LIFE VL 08 - WL Premium Options, Modal Factors and Limited Payment Policies Answer Yes, and as a result, they have non-forfeiture options as well Define "Insurance" LLQP - LIFE VL 01 Answer Insurance can be summed up by two words "Spreadin...

What is legal capacity? Answer Anyone over 18 is presumed to be capable What type of life insurance has the benefit of cost sharing? Answer Group life insurnace Who are preferred beneficiaries? Answer 1. Spouses 2. Children 3. Grandchildren 4. Parent of life insured How long must taxpaye...

Financial impact of death Answer Loss of income Loss of caregiver Debt repayment Income taxes Estate creation (education funds, legacies, charitable giving) Business impacts Risk Management Answer Risk avoidance Risk reduction Risk retention Risk transfer Joint (First-to-Die) Li...

Diana is a new life insurance agent and is studying the requirements for ascertaining the clientâs identity under the Proceeds of Crime (Money Laundering) and Terrorist Financing Actand Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) guideline 6A. For which of the following ...

Process to underwriting Answer 1. Personal information 2. Medical information 3. Product information 4. Agents comment Annuity is cover by whom? Answer Assuris How much does assuris covers? Answer 60,000 or 85% Bank products are covered by whom? Answer CDIC 3 predictable risks Answer ...

Absolute assignment Answer The transfer of all the rights of the original policy owner to another party, including the right to appoint a beneficiary basic promise Answer The promise in the policy that identified the life insured, the amount of the insurance payable, when and where that amount is...

What does it mean when a policy is minimally funded? Answer The policy holder is paying the minimum amount required to keep the policy in force. What would happen when a minimally funded policy is surrendered (one in which would pay the face value plus account value upon death)? Answer The policy...