Jenny purchased a whole life insurance policy 10 years ago. She was recently diagnosed with a terminal illness and the doctor told her she got an estimated life span of 12 months. She would like to spend the rest of her time with family doing vacation across the world. She brought Ellen, her daughter and also her beneficiary to the life insurance agent and wants to find out about the claims process.What does Ellen need to know regarding the claims process in this situation?
Answer(s): C
Gabe and Martine are partners in a successfully run clothing company. They have a current buy-sell agreement in place which outlines how their respective share of the business is to be sold/purchased should one of them, or both of them, pass away. They have come to John, their financial advisor, to help them purchase life insurance as they understand this is the most efficient way to fund this arrangement.What are some strategies through which the buy-sell agreement could be funded?
Answer(s): B
Leanna has an accidental death and dismemberment policy for $175,000 that she purchased through Leo, her financial advisor, four years ago. Leanna works as a heavy-duty mechanic at a local diesel mechanic shop in town. Leanna was in a tragic accident that involved a hoist issue which resulted in the loss of one of her legs.How much benefit will Leanna receive when she makes a claim?
Answer(s): D
Rhonda is a sixty-year-old biologist at the local university. She has two adult children Connor and Daniel. She meets her life insurance agent Todd to make sure that if something were to happen to her that everything would be taken care of. She has taken the initiative to have a will done that has all of her assets divided between her two children after any debts or taxes are settled. She knows her boys are not great with money so she names her friend Sandra as the executor. One of the things that Rhonda is concerned about is the taxes that will be owed on her final tax return and thinks a life insurance policy would be a good idea to solve her issue. What should Todd recommend while completing a life insurance policy to make sure that Rhonda's concerns are met?
Paula is a business owner and likes to make important decisions herself. Her business is very successful and she has lots of disposable income. She has a self-direct investment account where she chooses the investment herself. However, despite doing some researches on investment, her own portfolio ends up with major losses.She just gave birth to a new born baby and would like to have some life insurance coverage for her children's expense in the event of her death. She wants a plan that can provide additional coverage over time and allows her to cover the effect of inflation as well, as she has lost confidence on making investment decisions.What insurance plan can fit Paula's need?
Answer(s): A
Post your Comments and Discuss IFSE Institute LLQP exam prep with other Community members:
Our website is free, but we have to fight against AI bots and content theft. We're sorry for the inconvenience caused by these security measures. You can access the rest of the LLQP content, but please register or login to continue.