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IFSE Institute LLQP Exam Dumps - Actual Questions Answers

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IFSE Institute LLQP Questions Answers

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LLQP Questions and Answers

Question # 1

(Jerry, aged 63, is getting ready to retire. His pension statement shows contributions, investment choices, and performance data.

From among the following types of pension plans, which one was Jerry a member of?)

A.

Group life income fund.

B.

Defined benefit pension plan.

C.

Defined contribution pension plan.

D.

Deferred profit-sharing plan.

Question # 2

(Helmut, a Canadian resident for 10 years, invests $25,000 in a segregated fund within an RRSP. The agent processes the transaction without asking for proof of identity.

According to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), what is the conclusion about the agent’s action?)

A.

He has violated the identification requirements because the amount of the transaction is more than $10,000.

B.

He has not violated the identification requirements because the amount is less than $100,000.

C.

He has violated the identification requirements because the agent previously completed just one transaction for Helmut.

D.

He has not violated the identification requirements because the amount was deposited in a registered account.

Question # 3

Karine receives $200,000 from her mother's estate and decides to purchase an annuity. Her insurance agent Serge goes over her options with her, and she chooses the annuity that best suits her needs. Serge proceeds with the transaction.

Which of the following statements about the transaction is TRUE?

A.

Karine may make a cash deposit.

B.

Serge has 3 business days to forward the payment to the insurer.

C.

Serge should provide a receipt for all deposits he receives as cash, cheque, or bank draft.

D.

If Karine writes a cheque, it should be made payable to Serge.

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