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NEW QUESTION # 66
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?
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 # 67
Which organization provides protection for holders of segregated fund contracts in Canada if the insurer becomes insolvent?
Answer: A
Explanation:
Assuris provides protection to Canadian policyholders, including holders of segregated fund contracts, if their insurance company becomes insolvent. Assuris is a not-for-profit organization that safeguards policyholders by ensuring that they continue to receive guaranteed benefits within specified limits. This organization is essential for maintaining confidence in the Canadian insurance industry, offering peace of mind to policyholders that their segregated fund contracts are protectedunder such circumstances. Neither the Canadian Deposit Insurance Corporation nor the OmbudService for Life & Health Insurance provides this specific type of insolvency protection for segregated funds.
NEW QUESTION # 68
Jonas recently graduated with his engineering degree and is joining the Alberta Engineering Association. He is informed that the association offers a group plan to all members. Jonas wants to join the plan but wishes to know who will pay the premiums for the coverage.
Which of the following answers is CORRECT?
Answer: D
Explanation:
Typically, when associations like the Alberta Engineering Association offer group insurance plans, these plans arevoluntary, and members are generally responsible for paying the full premium. This arrangement is common in association group plans, where membership is optional, and individuals must choose to opt in and pay their share. The LLQP materials outline that association-sponsored group plans often work this way unless otherwise specified, as there is no indication that the association shares in the premium costs.
NEW QUESTION # 69
Seeing that his employer is eliminating its presence in Canada, Franco decided to accept an early retirement package. The package included cash severance and options for his Registered Pension Plan (RPP). After discussing his options with his life insurance agent, Franco decides to transfer the proceeds of his RPP to an immediate annuity. Franco then asks whether his spouse can be the annuitant for tax purposes.
How should Franco's life insurance agent advise him?
Answer: D
Explanation:
Under the LLQP Segregated Funds and Annuities and Taxation curriculum, the rules governing annuities funded with Registered Pension Plan (RPP) proceeds are very specific. When pension funds are used to purchase an annuity, the annuity must comply with registered annuity rules, which strictly control who can be the owner and annuitant.
In Franco's situation, the proceeds of his RPP are being transferred to an immediate life annuity. According to LLQP principles, when an annuity is funded with registered pension money, the member of the pension plan must be both the owner and the annuitant of the annuity. This requirement exists to preserve the tax-deferred nature of pension income and to ensure that the retirement income is paid directly to the individual who earned the pension entitlement.
Because the annuity is purchased with RPP funds, Franco cannot designate another person-such as his spouse-as the annuitant. Doing so would be considered an inappropriate transfer of registered pension benefits and would violate the tax rules governing registered plans. As a result, Franco must be both the contract owner and the annuitant, receiving the annuity payments himself.
It is important to distinguish this from other situations involving RRSP-funded deferred annuities, where a spouse may sometimes be named as annuitant under specific conditions. However, those rules do not apply to annuities purchased directly with RPP proceeds. The fact that the annuity is immediate further reinforces this requirement, as payments must begin right away to the pension plan member.
While Franco may be able to provide survivor benefits or a guaranteed payment period for his spouse within the annuity structure, he cannot name her as the annuitant for tax purposes.
Therefore, in accordance with LLQP-approved annuity and pension transfer rules, the correct advice is Option A: Franco cannot name his wife as annuitant because the annuity is funded by his RPP proceeds, requiring him to be both owner and annuitant.
NEW QUESTION # 70
Leonard and Ashley, a couple in their early 30s, meet with Howard, an insurance agent, to review their investment needs. Leonard earns $60,000 a year as a research physicist, and Ashley earns $25,000 as an actress. They each have $3,000 in their respective chequing accounts. Leonard also has $40,000 invested in his group registered retirement savings plan (RRSP). Ashley has a Subaru WRX worth $20,000 with a car loan of $10,000. Leonard does not own a car, but he has an outstanding student loan of $30,000.
What is the couple's net worth?
Answer: B
Explanation:
To calculate net worth, we sum the couple's assets and subtract their liabilities. The calculation is as follows:
Assets:
Leonard's chequing account: $3,000
Ashley's chequing account: $3,000
Leonard's group RRSP: $40,000
Ashley's car (Subaru WRX): $20,000
Total Assets:$66,000
Liabilities:
Ashley's car loan: $10,000
Leonard's student loan: $30,000
Total Liabilities:$40,000
Net Worth Calculation:
$66,000 (Assets) - $40,000 (Liabilities) = $26,000
The couple's net worth is therefore $26,000, which aligns with LLQP methodologies for net worth calculations by considering all assets minus liabilities.
NEW QUESTION # 71
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