PASS GUARANTEED QUIZ LLQP - HIGH HIT-RATE LIFE LICENSE QUALIFICATION PROGRAM (LLQP) LATEST EXAM TEST

Pass Guaranteed Quiz LLQP - High Hit-Rate Life License Qualification Program (LLQP) Latest Exam Test

Pass Guaranteed Quiz LLQP - High Hit-Rate Life License Qualification Program (LLQP) Latest Exam Test

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Tags: LLQP Latest Exam Test, Training LLQP Kit, Real LLQP Exam Dumps, LLQP Dumps, LLQP Advanced Testing Engine

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Free PDF Quiz 2025 IFSE Institute LLQP: Life License Qualification Program (LLQP) – Valid Latest Exam Test

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q90-Q95):

NEW QUESTION # 90
Johann owns a $250,000 whole life insurance policy. The policy has a cash surrender value (CSV) of $55,000 and an adjusted cost basis (ACB) of $30,000. Johann would like to cancel his policy and use the cash surrender value to fund a new business. If his marginal tax rate is 40%, how much will he have left after cancelling his policy?

  • A. $30,000
  • B. $55,000
  • C. $45,000
  • D. $33,000

Answer: D

Explanation:
When Johann cancels his whole life insurance policy, the taxable portion of the cash surrender value (CSV) is calculated as the CSV minus the adjusted cost basis (ACB). Johann's taxable amount will be:
Taxable amount=55,000#30,000=25,000text{Taxable amount} = 55,000 - 30,000 = 25,000 Taxable amount=55,000#30,000=25,000 The tax on this amount at a marginal rate of 40% is:
Tax payable=25,000×0.4=10,000text{Tax payable} = 25,000 times 0.4 = 10,000Tax payable=25,000×0.
4=10,000
Therefore, the net amount Johann will have left after taxes is:
Net amount=55,000#10,000=45,000text{Net amount} = 55,000 - 10,000 = 45,000Net amount=55,000#10,
000=45,000
The correct answer isB. $33,000after adjusting tax implications on the total amount accessible.


NEW QUESTION # 91
Marsha and Alexis are equal partners in an advertising firm. They meet with Jose, an insurance agent, and Horacio, their lawyer, because they would like to protect themselves if one of them becomes disabled and unable to work for an extended period of time. At the end of their meeting, they agree to purchase $500,000 disability insurance policies on each other by each of them paying premiums.
What type of agreement do Marsha and Alexis have?

  • A. Key person insurance
  • B. Entity purchase agreement
  • C. Business loan protection disability insurance
  • D. Cross-purchase agreement

Answer: D

Explanation:
In across-purchase agreement, business partners purchase disability or life insurance policies on each other.
If one partner becomes disabled, the other partner uses the proceeds from the insurance to buy out the disabled partner's share in the business. Marsha and Alexis have agreed to purchase disability insurance policies on each other, with each paying the premium on the policy for their partner. This structure aligns with the cross-purchase format, where each partner independently holds the policy on the other, as described in LLQP materials on business continuation planning. The other options, such as an entity purchase agreement, involve the business purchasing the policy, which is not the case here.


NEW QUESTION # 92
Konrad is the owner of CrossBoy, a manufacturing company employing over 50 employees. Konrad recently took out a $500,000 loan to expand his business. Terrence works as a sales manager and is responsible for roughly 40% of the company's revenue. Konrad recognizes the importance of Terrence's contributions to the success of the company. Therefore, in addition to a sizeable basesalary, CrossBoy also pays Terrence regular performance-based bonuses. Konrad understands that if Terrence dies prematurely, CrossBoy would suffer financially. What should he do to protect his company?

  • A. Offer Terrence group life insurance plan.
  • B. Purchase criss-cross insurance with Terrence.
  • C. Purchase business-owned buy-agreement with Terrence.
  • D. Purchase key person life insurance on Terrence.

Answer: D

Explanation:
Key person life insurance is designed to protect a business from financial losses resulting from the death of a key employee. In this case, Terrence's role is crucial to CrossBoy's success due to his substantial contribution to the company's revenue. By purchasing key person insurance on Terrence, Konrad can ensure that the company has the necessary funds to cover the financial impact of Terrence's potential loss. Other options, like offering a group life insurance plan (A), do not directly address the specific financial risk associated with the loss of a key employee.Therefore,Option Cis the appropriate choice.


NEW QUESTION # 93
Ae-Cha starts working for the manufacturer, Premier Vibe Inc., a company that offers its employees group insurance with Sprout Life Insurance. Ae-Cha meets with Devon, the group insurance representative, and learns that her group plan includes $75,000 of life insurance coverage. Ae-Cha would like to know who designates the beneficiary on the life insurance.

  • A. Premier Vibe Inc.
  • B. Devon
  • C. Sprout Life
  • D. Ae-Cha

Answer: D

Explanation:
In group life insurance plans, the employee (insured individual) is typically responsible for designating their own beneficiary. Although Premier Vibe Inc. sponsors the group plan, it is Ae-Cha, as the policyholder, who has the right to choose her beneficiary for the life insurance coverage provided under the plan. The employer or the insurer does not decide the beneficiary; this decision remains solely with the insured employee.


NEW QUESTION # 94
Danny purchases a $1,000,000 whole life insurance policy. He names his three daughters, Donna-Joe, Stephanie, and Michelle, as revocable beneficiaries with each receiving one-third of the death benefit.
If Michelle predeceases Danny, and Danny did not have a chance to modify his beneficiary designation, how will Danny's death benefit be paid out?

  • A. Danny's estate will receive the entire $1,000,000 death benefit.
  • B. Donna-Joe and Stephanie will each receive $333,333, and Danny's estate will receive $333,333.
  • C. Donna-Joe and Stephanie will each receive $500,000.
  • D. Donna-Joe and Stephanie will each receive $333,333, and Michelle's estate will receive $333,333.

Answer: C

Explanation:
When a beneficiary is designated as "revocable" and predeceases the policyholder, their share of the benefit typically reverts to the surviving beneficiaries rather than the deceased beneficiary's estate. In this case, since Michelle has predeceased Danny, her portion of the benefit is divided equally between Donna-Joe and Stephanie, the remaining beneficiaries. Therefore, each of them would receive 50% of the total death benefit, which is $500,000. If the beneficiaries had been designated as "irrevocable" or if there were specific contingent beneficiaries, different rules might apply.


NEW QUESTION # 95
......

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