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LLQP Practice Engine, Exam LLQP Material

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IFSE Institute LLQP Exam Syllabus Topics:

Topic
Details

Topic 1

Ethics and Professional Practice: This part of the exam focuses on the legal and ethical responsibilities of life insurance professionals. It outlines the legal framework for life insurance in common law provinces and territories and stresses the importance of maintaining professionalism.

Topic 2

Accident and Sickness Insurance: Aimed at insurance professionals offering individual and group health insurance, this section emphasizes the importance of financial protection in the case of serious illness or injury.

Topic 3

Segregated Funds and Annuities: Targeted at investment advisors and financial planners, this section evaluates their understanding of saving and investment strategies, which are essential for retirement and financial planning.

Topic 4

Life Insurance: This section assesses the expertise of insurance professionals, including financial advisors and life insurance agents, in understanding the financial impact of death. It explains how life insurance helps address those financial needs and introduces various life insurance products, along with their features and benefits.

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Exam LLQP Material - Certification LLQP Questions

The IFSE Institute is committed to making the IFSE Institute LLQP certification exam journey simple, smart, and easiest. The mock Life License Qualification Program (LLQP) exams that will give you real-time environment for IFSE Institute LLQP exam preparation. To keep you updated with latest changes in the LLQP Test Questions, we offer one-year free updates in the form of new questions according to the requirement of LLQP real exam. Updated LLQP PDF dumps ensure the accuracy of learning materials and guarantee success of in your first attempt.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q258-Q263):

NEW QUESTION # 258
Three years ago, Douglas purchased a whole life insurance policy with numerous supplementary benefits and riders. Today, he meets with his doctor who informs him that he has late-stage colon cancer and has only a few months to live. Even with surgery, his chances of survival are low. Douglas calls his insurance agent, Penny, to ask her what he should do to obtain a benefit immediately.

A. Terminal illness benefit.
B. Policy loan.
C. Dread disease benefit.
D. Policy withdrawal.

Answer: A

Explanation:
TheTerminal Illness Benefit(also known as an accelerated death benefit) allows a policyholder diagnosed with a terminal illness to receive a portion of the policy's death benefit while still alive. This benefit is designed specifically for situations like Douglas's, where he has a limited life expectancy and needs immediate funds.
While the Dread Disease Benefit (Option A) covers specific critical illnesses, it is generally not as expansive as the terminal illness benefit, whichdirectly applies to Douglas's prognosis. Options C and D involve accessing cash values or loans, which are not immediate death benefit payouts.

NEW QUESTION # 259
Eric is a group benefits specialist and he is meeting with Lionel to review his company's benefits plan after it has been in force for one year. The biggest issue to bring up with Lionel is that his premiums are going to increase. What is the reason as to why the premiums would increase after one year?

A. Nature of the business.
B. Age of employees.
C. Claims experience.
D. Commission to specialist.

Answer: C

Explanation:
Comprehensive and Detailed Explanation:
Group insurance premiums are adjusted annually based onclaims experience-the ratio of claimspaid to premiums collected (Chapter 8:Group Plan Specifics). High claims increase premiums.
Option A: Age affects initial rates, not annual adjustments unless specified.
Option B: Correct; claims experience directly drives premium changes.
Option C: Business nature sets initial risk, not yearly changes.
Option D: Commissions are fixed, not tied to claims.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 8:Group Plan Specifics.

NEW QUESTION # 260
Marsha and Alexis are equal partners in an advertising firm. They meet with Jose, an insurance agent, and Horacio, their lawyer, because they would like to protect themselves if one of them becomes disabled and unable to work for an extended period of time. At the end of their meeting, they agree to purchase $500,000 disability insurance policies on each other by each of them paying premiums.
What type of agreement do Marsha and Alexis have?

A. Business loan protection disability insurance
B. Entity purchase agreement
C. Cross-purchase agreement
D. Key person insurance

Answer: C

Explanation:
In across-purchase agreement, business partners purchase disability or life insurance policies on each other. If one partner becomes disabled, the other partner uses the proceeds from the insurance to buy out the disabled partner's share in the business. Marsha and Alexis have agreed to purchase disability insurance policies on each other, with each paying the premium on the policy for their partner. This structure aligns with the cross- purchase format, where each partner independently holds the policy on the other, as described in LLQP materials on business continuation planning. The other options, such as an entity purchase agreement, involve the business purchasing the policy, which is not the case here.

NEW QUESTION # 261
Barry, a life insurance agent, is meeting his client Diane who came to Canada 26 years ago. Diane is turning
60 years old and is considering purchasing a non-registered life annuity to supplement her retirement income.
Barry presented the quote to her and it was quickly accepted. During the application process, he recorded Diane's contact information, used her Social Insurance card to ascertain her identity, and collected a cheque of $120,000 from a joint account. The names written on the cheque were Diane and Geoffrey. Diane explained that this was a joint account with her brother. What should Barry do to comply with FINTRAC's guidelines regarding ascertaining identity?

A. Report this transaction to FINTRAC because it exceeds $10,000.
B. Nothing, because there is no suspicious activity involved.
C. Use another ID to ascertain her identity, because the Social Insurance card is prohibited.
D. Complete a third-party form because it involves her brother as well.

Answer: D

Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
TheIFSE Ethics and Professional Practice Course (Common Law)references FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) guidelines, requiring agents to identify third parties when funds come from a joint account not solely owned by the client. Diane's $120,000 cheque from a joint account with Geoffrey triggers the third-party determination rule, necessitating a third-party form (A).
Reporting to FINTRAC (B) applies to cash transactions over $10,000, not cheques here. The Social Insurance card is acceptable ID, so C is incorrect. Doing nothing (D) violates FINTRAC compliance. A is correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 4: Regulatory Environment, Section on "FINTRAC Guidelines - Third-Party Determination."

NEW QUESTION # 262
Pat, a 30-year-old youth worker, meets with his life insurance agent to discuss disability insurancecoverage.
After a thorough analysis of Pat's needs, the agent recommends a policy with a $1,500 a month benefit (50% of Pat's current salary) payable to age 65 after a 31-day waiting period. Pat has put enough money away to cover 6 months' worth of expenses, if necessary, but he would prefer not to dip into his savings. He applies for the policy, with the expectation that the premium will be $75 a month. He already thinks this is pricey and would not want to pay any more than that. Some time later, underwriting informs the agent that the policy has been approved, but with a 125% premium rating due to Pat being overweight. Which one of the following options would make the most sense to reduce the premium to a level Pat would accept without compromising too much on his coverage?

A. Have Pat reapply for coverage after losing the excess weight.
B. Extend the benefit period.
C. Extend the waiting period.
D. Reduce the monthly benefit.

Answer: C

Explanation:
Comprehensive and Detailed Explanation:
A 125% rating increases the $75 premium to $93.75. Extending the waiting period (e.g., to 90 days) lowers premiums while leveraging Pat's 6-month savings, maintaining $1,500/month to age 65 (Chapter 7:Insurance Recommendation, Contract, and Service Needs).
Option A: Correct; cost-effective adjustment.
Option B: Incorrect; reduces coverage.
Option C: Incorrect; increases premiums.
Option D: Impractical; delays coverage.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 7:Insurance Recommendation, Contract, and Service Needs.

NEW QUESTION # 263
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