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IFSE Institute LLQP New Dumps Questions & LLQP Exam Torrent

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Free PDF 2025 IFSE Institute LLQP: Useful Life License Qualification Program (LLQP) New Dumps Questions

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IFSE Institute LLQP Exam Syllabus Topics:

Topic
Details

Topic 1

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 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

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.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q78-Q83):

NEW QUESTION # 78
Edna is a 62-year-old widow living in Quebec. She meets with Yolanda, her insurance agent. Ednaworked part-time her whole life as a seamstress and has no savings. Her husband Donald had been working as a greeter at the local box store until his death 2 months ago at the age of 67. Since his passing, Edna has been struggling financially. She would like to know which of the following organizations will immediately pay her a benefit?

A. Canada Pension Plan (CPP) survivor benefits.
B. She will not receive any benefit.
C. Workers' Compensation.
D. Old Age Security (OAS) allowance for surviving spouse.

Answer: A

Explanation:
Since Edna was married to Donald, she is eligible to receiveCanada Pension Plan (CPP) survivor benefits, which provide a monthly benefit to surviving spouses. Old Age Security (OAS) survivor allowance may not apply directly here as it is conditional and may not provide immediate benefits like the CPP does in this situation. Workers' Compensation does not apply as it pertains to workplace injuries, and since Donald was not injured on the job, it does not cover Edna's situation.Therefore,Option Cis correct.

NEW QUESTION # 79
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. Reduce the monthly benefit.
B. Have Pat reapply for coverage after losing the excess weight.
C. Extend the waiting period.
D. Extend the benefit period.

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 # 80
Seven years ago, Amber invested $150,000 in a non-registered equity segregated fund. Her investment grew, and today, the market value of her fund is $165,000. She places an order to redeem her fund and she wants to know how her investment will be taxed.

A. The $15,000 of capital gains will receive preferential tax treatment.
B. The investment will not be taxed.
C. The entire $165,000 will be taxed as income.
D. The $15,000 of capital gains will be 100% taxable.

Answer: A

Explanation:
In a non-registered equity segregated fund, capital gains are only 50% taxable under Canadian tax rules.
Amber's investment grew by $15,000, which represents a capital gain. As per LLQP guidelines, capital gains on non-registered investments are subject to preferential tax treatment, meaning only half of the gain is added to taxable income. Therefore, only $7,500 of the gain will be taxable. This treatment is consistent with capital gains taxation principles outlined in the LLQP material, where only the taxable portion of the capital gain is reported, resulting in reduced tax liability compared to regular income.

NEW QUESTION # 81
Ten years ago, Albert purchased a life insurance policy and designated his brother Stephen as the sole beneficiary. Albert is single and Stephen is his only family. Albert is a frequent traveler and enjoys doing exotic sports in South Africa. During his trip in South Africa in July 2019, there was a heavy earthquake in the region and a lot of the buildings fell apart. It was reported that Albert could be drinking in one of the restaurants when the disaster happened. His body was not located at that time. The South African government declared the incident as a national disaster. After the incident, Stephen got a letter from the life insurance company indicating Albert's life insurance was in grace period and a payment was required or it will lapse on August 15, 2019. Two weeks have passedsince the mail arrived and the grace period is over. The policy is now lapsed because Stephen was occupied with Albert's disappearance. On October 1, 2019, Albert's body is finally located in one of the building ashes. The coroner's report indicated he died when the building collapsed. What should Stephen do to handle the life insurance matter?

A. Stephen would not be able to make a claim because the coroner's report came out after the policy lapsed.
B. Stephen could bring the policy back in force by telling the insurance company what happened and start paying the premium again.
C. Stephen should make a death claim because Albert died on the day when the earthquake occurred.
D. Stephen would not be able to make a claim because the policy already lapsed.

Answer: C

Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
TheIFSE Ethics and Professional Practice Course (Common Law)states that a life insurance policy's coverage remains in effect during the grace period (typically 30 days) if the insured dies before it lapses. Albert died in July 2019 during the earthquake, within the grace period (ending August 15, 2019). The delay in finding his body or issuing the coroner's report doesn't negate the claim, as death occurred while the policy was active.
Lapse after death (B, C) doesn't apply, and reinstatement (D) is unnecessary since the claim is valid based on the death date. Stephen should file a claim, making A correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 2: Insurance Contracts, Section on
"Grace Period and Claims."

NEW QUESTION # 82
Naomie meets with her new client, Keisha, to review her investment portfolio. Keisha is a 43-year-old sales representative who has been with Belmont Inc., a large pharmaceutical company, for 15 years. She earns a generous salary, plus bonuses. She also has a group tax-free savings account (TFSA) and a defined contribution pension plan (DCPP), all of which are invested in Belmont common shares.
What main need does Naomie have to address regarding Keisha's investments?

A. Diversification.
B. Liquidity.
C. Saving for an emergency fund.
D. Income.

Answer: A

Explanation:
Keisha's investment portfolio is highly concentrated in Belmont Inc. common shares, which include her TFSA and defined contribution pension plan (DCPP). This significant exposure to a single company's stock poses a risk because the value of her investments is directly tied to the financial performance of Belmont Inc.
Diversification is a key strategy to mitigate risk by spreading investments across various asset classes, industries, or geographic regions. This can reduce the impact of poor performance in any one area on the overall portfolio. According to LLQP content, one of the primary goals in managing an investment portfolio is to ensure appropriate diversification to avoid over-reliance on a single asset or asset type.
While other needs, like liquidity and emergency fund savings, are important, Keisha's immediate concern should be diversification. Her current investments do not provide adequate protection against company- specific risks, such as the potential downturns specific to Belmont Inc. Thisaligns with LLQP principles, which emphasize diversification as a way to manage risk effectively and achieve a more stable financial outcome.

NEW QUESTION # 83
......

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