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Popular IFSE Institute LLQP Exams - Real LLQP Exam Questions

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>> Popular IFSE Institute LLQP Exams <<

Real LLQP Exam Questions, Real LLQP Exam

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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

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.

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

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.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q84-Q89):

NEW QUESTION # 84
Cecilia, a licensed life insurance agent, delivers a life insurance policy to her client Tony, a newly landed immigrant. Tony would like to pay the policy using the pre-authorized monthly payment method. However, he does not have a bank account in Canada yet and doubts he could find the time to open one in the next few days. Cecilia offers to open a savings account for him, but Tony is unsure whether she is licensed to do that.
What should Cecilia tell Tony to reassure him that she can open a savings account on his behalf?

A. That licensed life insurance agents are authorized to sell bank products.
B. That she can open a savings account for him with no additional license so long as the initial deposit is less than $100,000.
C. That no license is required to act as a deposit broker.
D. That she can open a savings account for him with no additional license because she delivered the life insurance policy to him beforehand.

Answer: C

Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
TheIFSE Ethics and Professional Practice Course (Common Law)clarifies that acting as a deposit broker- facilitating the opening of a bank account-does not require a specific license beyond whatCecilia already holds as an insurance agent, provided it's incidental to her insurance duties. She's not selling bank products (A), and prior delivery (C) or deposit size (D) aren't conditions for this. Assisting Tony with a savings account for premium payments is permissible without additional licensing, making B correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 4: Regulatory Environment, Section on "Scope of Agent Activities."

NEW QUESTION # 85
Danny purchases a $1,000,000 whole life insurance policy. He names his three daughters, Donna-Joe, Stephanie, and Michelle, as revocable beneficiaries with each receiving one-third of the death benefit.
If Michelle predeceases Danny, and Danny did not have a chance to modify his beneficiary designation, how will Danny's death benefit be paid out?

A. Donna-Joe and Stephanie will each receive $333,333 and Michelle's estate will receive $333,333.
B. Danny's estate will receive the entire $1,000,000 death benefit.
C. Donna-Joe and Stephanie will each receive $500,000.
D. Donna-Joe and Stephanie will each receive $333,333 and Danny's estate will receive $333,333.

Answer: C

Explanation:
When a beneficiary predeceases the policyholder and no alternate or contingent beneficiary has been named, the portion allocated to the deceased beneficiary is typically redistributed among the surviving beneficiaries.
Since Michelle was named as a revocable beneficiary and predeceased Danny, her one-third share will be divided equally between the remaining two beneficiaries, Donna-Joe and Stephanie.
Thus, Donna-Joe and Stephanie will each receive half of the total death benefit ($500,000 each), as per LLQP guidelines which state that a predeceased beneficiary's share is typically redistributed among surviving beneficiaries unless otherwise specified.

NEW QUESTION # 86
Angela works in a biomedical research lab where she has been assigned to discover possible antidotes to the anthrax virus. While the discovery process of testing possible antidotes would expose her to the deadly virus, she is excited about the assignment.
Knowing that anthrax can be contracted through infected food, air or contact with skin, what risk management strategy would Angela employ by wearing protective gear over her mouth and skin?

A. Risk retention.
B. Risk transfer.
C. Risk reduction.
D. Risk avoidance.

Answer: C

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Angela is using protective gear to minimize exposure to a known hazard. This is a textbook example of risk reduction, which involves implementing safety measures to lower the probability or impact of a loss. LLQP classifies risk strategies into avoidance, retention, transfer, and reduction-each with distinct characteristics.
Wearing gear does not eliminate the risk but reduces it significantly.
Reference: Insurance Study Guides Chinese.pdf, Risk Management - Types of Risk Strategies

NEW QUESTION # 87
Planet Source decides to implement a defined contribution pension plan (DCPP) for its 75 employees. The company's president appoints Josie, the human resources director, as the plan administrator.
Which of the following BEST describes Josie's responsibility as a plan administrator?

A. To amend the pension plan
B. To manage the pension plan
C. To address funding shortfalls
D. To set the benefit structure

Answer: B

Explanation:
As a plan administrator for a defined contribution pension plan (DCPP), Josie's primary responsibility is to manage the pension plan, which includes overseeing day-to-day operations, ensuring regulatory compliance, and handling communications with plan members. According to LLQP, plan administrators are tasked with ensuring the effective management and administration of the plan, rather than setting benefit structures or addressing funding issues, which are typically responsibilities of the employer.
Options B, C, and D describe responsibilities typically held by the employer or plan sponsor, not the administrator.

NEW QUESTION # 88
Donald is married and has two children, ages 3 and 5, one of whom is severely disabled and will never be able to live independently. He is considering buying $500,000 of life insurance to guarantee care for his disabled child for his lifetime. He also wishes to insure his 20-year mortgage of $250,000 to ensure that his family can remain in their home in the event of his death.
What life insurance policy would you recommend to Donald?

A. A participating whole life insurance policy of $750,000
B. A non-participating whole life insurance policy of $500,000 with a T-20 insurance rider of $250,000
C. A participating whole life insurance policy of $250,000 with a T-20 insurance rider of $500,000
D. A T-20 life insurance policy of $750,000

Answer: B

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Donald's need is two-fold:
* Permanent needfor his disabled child's care
Reference: Insurance Study Guides Chinese.pdf, Policy Design - Combining Permanent and Term Riders

NEW QUESTION # 89
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