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NEW QUESTION # 250
Jasper is the sole breadwinner in his family. His wife Stephanie has chosen to dedicate all of her time to raising their 3 young children. Luckily, Jasper earns a monthly after-tax income of $25,000 working as a family doctor in the local clinic. Jasper meets with his insurance agent Odda to purchase a life insurance policy that will ensure his family will be able to continue toenjoy their current lifestyle in the event of his death. If his average tax rate is 40% and the investment return is 4%, how much life insurance should Jasper purchase based on the income replacement approach?
Answer: A
Explanation:
The income replacement approach calculates the amount of life insurance needed to replace Jasper'safter-tax income for his dependents over a given period, accounting for an investment return. To maintain the family's current lifestyle, we need to determine the capital required to generate a monthly after-tax income of $25,000.
Calculate the Annual Income Needed:Monthly income required: $25,000Annual income required: $25,000 ×
12 = $300,000
Adjust for Tax:Since Jasper's income needs to be replaced at a pre-tax level with a tax rate of 40%, his gross income requirement is calculated as follows:
A close-up of a math Description automatically generated
Thus, Jasper needs a life insurance policy worth$12,500,000to replace his income, allowing his family to maintain their lifestyle with a 4% investment return. This calculation aligns with LLQP principles, ensuring that the income replacement fully addresses both current lifestyle needs and tax implications.
NEW QUESTION # 251
Pete is the owner of Blenheim News Tribune Inc, a company responsible for producing the local newspaper.
He has owned the family-run business for 30 years, and he currently employs 10 people. Peter wants to offer a group benefits plan to his staff, so he meets with Daphne, a licensed insurance agent to go over some options.
He would be willing to cover 75% of each employee's required premium and ask that each employee be responsible for their remaining 25%.
Based on the information provided, which statement is true regarding Blenheim News Tribune Inc's group insurance premiums?
Answer: C
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
The LLQP states that employer-paid premiums for group insurance are fully deductible business expenses.
Even if employees contribute a portion (like 25%), the employer's portion remains tax-deductible. The employee portion is not deductible to the employee.
Reference: Insurance Study Guides Chinese.pdf, Group Insurance - Tax Treatment of Premiums
NEW QUESTION # 252
(Matthew, 40 years old, is leaving his employer (XYZ Corp) and has $100,000 in a group RRSP.
What should Shawn, the advisor, do?)
Answer: C
Explanation:
Upon termination of employment, employees cantransfer group RRSP funds to an individual RRSPto maintain tax-deferred growth without triggering a taxable event.
Exact Extract:
"Upon leaving employment, a member may transfer their group RRSP assets to an individual RRSP to maintain tax deferral." (Reference:Segfunds-E313-2020-12-7ED, Chapter 1.3.11.2 Group Plans#45:5†Segfunds-E313-2020-12-7ED.
pdf**)
NEW QUESTION # 253
Larissa is a 65-year-old retired marketing executive. She is single and has no dependents. Larissa accepted a generous retirement package from her employer five years ago and used her early retirement cash bonus to consolidate her financial affairs. She paid off mortgages on both her principal residence (a condo) and her vacation cottage. The fair market value (FMV) of the real estate increased significantly over the years. She named her sister Natalya as the sole beneficiary of her estate. In addition to the two properties, Larissa's estate includes a registered retirement savings plan (RRSP) and shares of Apple Inc. that she purchased in her tax- free savings account (TFSA) 10 years ago. If Larissa were to pass away today, which of her assets would be fully taxable on her final income tax return?
Answer: B
Explanation:
When Larissa passes away, her RRSP will be fully taxable on her final income tax return, as it is considered income in the year of death unless rolled over to a qualified beneficiary, such as a spouse. Her TFSA, on the other hand, is not taxable upon death as it passes tax-free to the beneficiary or estate. The principal residence (condo) and cottage may incur capital gains tax, but they are not fully taxable as income.Therefore,Option D, the RRSP, is correct.
NEW QUESTION # 254
Callum is an agent with Neverland Insurance. It was recently discovered that he had been using a tied selling technique to double his sales with each client. Which one of the following organizations will take action against Callum's conduct?
Answer: C
Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
Tied selling-requiring clients to buy one product to get another-is unethical and prohibited under insurance regulations. TheIFSE Ethics and Professional Practice Course (Common Law)states that provincial/territorial regulatory authorities (e.g., Financial Services Commission of Ontario) oversee agent conduct and enforce compliance within their jurisdiction. Callum's actions fall under their purview. The Canadian Insurance Services Regulatory Organizations (A) is not a specific body, the Canadian Council of Insurance Regulators (C) coordinates but doesn't enforce, and the Office of the Superintendent of Financial Institutions (D) regulates federal financial institutions, not individual agents. Thus, B is correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 4: Regulatory Environment, Section on "Provincial/Territorial Regulators."
NEW QUESTION # 255
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