LLQP TEST WITH 100% CORRECT
ANSWERS
Which term refers to the average number of years that a person within a certain group
and of a certain age expects to live from that age forward? - Answer- Life expectancy
Which death of a non-income earner can have a significant impact on the surviving
family's finance, particularly if the deceased took care of the family's children or other
dependent family members? - Answer- Loss of caregiver
What is it called when contemplating their future death, clients often reflect that they
want to leave something behind, to have "something to show" for their life? - Answer-
Legacies
Which of the following statements are not true about life insurance riders and
supplementary benefits? - Answer- Riders can provide benefits indefinitely, long after
the base policy expires
Investor profile - Answer- A description of the type of investor a person is in terms of
goals, comfort with risk, knowledge of investing etc.
Assets - Answer- money and other valuables belonging to an individual or business
Liability - Answer- (n.) a debt; something disadvantageous
Positive Net Worth - Answer- You own more than you owe.
Negative Net Worth - Answer- You owe more than you own
Cash Flow Statement - Answer- A summary that shows total income and spending for a
given time period
Pension Plan Assets - Answer- employer contributions and accumulated earnings on
the investment of those contributions to be used to pay retirement benefits to retired
employees.
Life insurance - Answer- insurance paid to named beneficiaries when the insured
person dies
ANSWERS
Which term refers to the average number of years that a person within a certain group
and of a certain age expects to live from that age forward? - Answer- Life expectancy
Which death of a non-income earner can have a significant impact on the surviving
family's finance, particularly if the deceased took care of the family's children or other
dependent family members? - Answer- Loss of caregiver
What is it called when contemplating their future death, clients often reflect that they
want to leave something behind, to have "something to show" for their life? - Answer-
Legacies
Which of the following statements are not true about life insurance riders and
supplementary benefits? - Answer- Riders can provide benefits indefinitely, long after
the base policy expires
Investor profile - Answer- A description of the type of investor a person is in terms of
goals, comfort with risk, knowledge of investing etc.
Assets - Answer- money and other valuables belonging to an individual or business
Liability - Answer- (n.) a debt; something disadvantageous
Positive Net Worth - Answer- You own more than you owe.
Negative Net Worth - Answer- You owe more than you own
Cash Flow Statement - Answer- A summary that shows total income and spending for a
given time period
Pension Plan Assets - Answer- employer contributions and accumulated earnings on
the investment of those contributions to be used to pay retirement benefits to retired
employees.
Life insurance - Answer- insurance paid to named beneficiaries when the insured
person dies
