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HLLQP (Harmonized Life License Qualification Program) license Tests Bundle
HLLQP (Harmonized Life License Qualification Program) license Tests Bundle
[Show more]HLLQP (Harmonized Life License Qualification Program) license Tests Bundle
[Show more]Rhonda and Karl are equal partners of an accounting business. Their business is currently worth $3,000,000, and their annual business expenses are $240,000. They share the business expenses equally. The couple wants to have a buy-sell agreement in place in the event that one of them is disabled for ...
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Add to cartRhonda and Karl are equal partners of an accounting business. Their business is currently worth $3,000,000, and their annual business expenses are $240,000. They share the business expenses equally. The couple wants to have a buy-sell agreement in place in the event that one of them is disabled for ...
A insurance policy is active when... Answer What is payment of first premium 
 
What is a contract? Answer a legally binding agreement between two or more parties 
 
What is a unilateral contract? Answer a one-sided agreement where the insured can cancel for any reason but the insurer cannot 
 
What...
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Add to cartA insurance policy is active when... Answer What is payment of first premium 
 
What is a contract? Answer a legally binding agreement between two or more parties 
 
What is a unilateral contract? Answer a one-sided agreement where the insured can cancel for any reason but the insurer cannot 
 
What...
lucas owns a property that he uses as his principal residence. he resides in the property with his 20 yrs old son Jake. the property has $250,000 mortgage registered against it. upon his death, lucas would like to gift the property to his son takes over the mortgage 
 
lucas is retired and collect O...
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Add to cartlucas owns a property that he uses as his principal residence. he resides in the property with his 20 yrs old son Jake. the property has $250,000 mortgage registered against it. upon his death, lucas would like to gift the property to his son takes over the mortgage 
 
lucas is retired and collect O...
Prabdeep is sole sales representative. He has good connections in community that his sister Shatakski does not. Shatakski starts a business with on demand load. If prabdep were to die. Agent reccomends coverage on is brother to cover on demand loan Answer The bank can recall the loan if the feel bus...
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Add to cartPrabdeep is sole sales representative. He has good connections in community that his sister Shatakski does not. Shatakski starts a business with on demand load. If prabdep were to die. Agent reccomends coverage on is brother to cover on demand loan Answer The bank can recall the loan if the feel bus...
3 phrases of Against Permanent Loss of income( Income earner dies) Answer Readjustment period, Dependency Period, Survivor life income needs 
 
Capital retention approach Answer Today's value of income needs + cash needs = insurance needs 
 
Two common method for calculate life insurance needs Answ...
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Add to cart3 phrases of Against Permanent Loss of income( Income earner dies) Answer Readjustment period, Dependency Period, Survivor life income needs 
 
Capital retention approach Answer Today's value of income needs + cash needs = insurance needs 
 
Two common method for calculate life insurance needs Answ...
The coverage under a group life insurance plan is determined in four different ways based upon an earnings multiple, flat rate, length of service, or some combination thereof. Which method is most common? Answer The most common is the earnings multiple schedule. In this, coverage is equivalent to a ...
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Add to cartThe coverage under a group life insurance plan is determined in four different ways based upon an earnings multiple, flat rate, length of service, or some combination thereof. Which method is most common? Answer The most common is the earnings multiple schedule. In this, coverage is equivalent to a ...
Term Insurance is appropriate for temporary life insurance needs. Can you give some examples of temporary life insurance needs? 
 
HLLQP - LIFE 02 FC Answer Paying off a mortgage in the event of death: This is a temporary insurance need because most mortgages are amortized over 25 years or less. 
...
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Add to cartTerm Insurance is appropriate for temporary life insurance needs. Can you give some examples of temporary life insurance needs? 
 
HLLQP - LIFE 02 FC Answer Paying off a mortgage in the event of death: This is a temporary insurance need because most mortgages are amortized over 25 years or less. 
...
If an additional life-insured is being added to an existing UL policy, will evidence of insurability be required? 
 
HLLQP - LIFE 04 FC Answer Yes! Universal life is the only policy type that makes it as possible to change the life-insured or even add an additional life-insured. however, such a chan...
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Add to cartIf an additional life-insured is being added to an existing UL policy, will evidence of insurability be required? 
 
HLLQP - LIFE 04 FC Answer Yes! Universal life is the only policy type that makes it as possible to change the life-insured or even add an additional life-insured. however, such a chan...
What is churning? Answer Churning is an unethical practice whereby an agent advises a client to cancel a policy in order to sell a new one with the same insurer for the sole purpose of earning a commission. 
 
Note: This can even include a partial cancellation, such as borrowing against an existing...
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Add to cartWhat is churning? Answer Churning is an unethical practice whereby an agent advises a client to cancel a policy in order to sell a new one with the same insurer for the sole purpose of earning a commission. 
 
Note: This can even include a partial cancellation, such as borrowing against an existing...
taxable gains formula on a participating formula? Answer (ACB - Dividend - NCPI) - CSV 
 
what is a CDA? Answer capital dividend account, side account for funds 
 
what is a PUA? Answer paid up addition, ability to add temp insurance adding a feature or increasing death benefit 
 
what is GIB? Answe...
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Add to carttaxable gains formula on a participating formula? Answer (ACB - Dividend - NCPI) - CSV 
 
what is a CDA? Answer capital dividend account, side account for funds 
 
what is a PUA? Answer paid up addition, ability to add temp insurance adding a feature or increasing death benefit 
 
what is GIB? Answe...
What are the three main types of permanent insurance policies? 
 
HLLQP - LIFE 03 FC Answer 1. Term-to-100, or simply T-100 (least expensive) 
2. Whole life insurance. 
3. Universal life insurance (most expensive) 
 
What does it mean when an insurance policy is a non-participating policy? 
 
HLLQP ...
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Add to cartWhat are the three main types of permanent insurance policies? 
 
HLLQP - LIFE 03 FC Answer 1. Term-to-100, or simply T-100 (least expensive) 
2. Whole life insurance. 
3. Universal life insurance (most expensive) 
 
What does it mean when an insurance policy is a non-participating policy? 
 
HLLQP ...
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