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IFSE Institute LLQP Exam Syllabus Topics:

Topic	Details
Topic 1	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 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	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.

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q292-Q297):

NEW QUESTION # 292
(Justin purchased a single life annuity contract with no guaranteed period and no survivor benefit. He is now hospitalized.
If Justin passes away, who could make a claim on behalf of his estate regarding the annuity?)

A. Any person with a power of attorney could make the claim.
B. Only the executor of Justin's estate could make the claim.
C. Only Justin's spouse, as the contingent annuitant, could make the claim.
D. A death claim could not be made for the annuity Justin purchased.

Answer: D

Explanation:
Since Justin's annuity hadno guaranteed periodandno survivor benefit,payments stop at death. Thus,no death claim can be made.
Exact Extract:
"For a single life annuity with no guarantee period, payments cease upon the death of the annuitant, and no death claim can be made." (Reference:Segfunds-E313-2020-12-7ED, Chapter 3.2.2.1 Single Life Contract#49:4†Segfunds-E313-2020-
12-7ED.pdf**)

NEW QUESTION # 293
(Ted purchased an IVIC 10 years ago. His original deposit was $10,000. The current market value is
$15,500 at maturity.
What will the new maturity guarantee be?)

A. $10,000, with the new maturity date set 10 years from now.
B. $12,000, with the new maturity date set 10 years from now.
C. $15,500, and the new maturity date will depend on Ted's age.
D. $11,625, and the new maturity date will depend on Ted's age.

Answer: C

Explanation:
Upon maturity,the new guarantee becomes the current market value, andthe new maturity date is based on contract terms, often depending on the ageof the client or a specific reset term.
Exact Extract:
"When a segregated fund contract matures, the new guarantee is based on the current market value, and a new maturity date is set according to the client's age or the insurer's terms." (Reference:Segfunds-E313-2020-12-7ED, Chapter 2.1.2 Growth Secured by Reset#45:0†Segfunds-E313-
2020-12-7ED.pdf**)

NEW QUESTION # 294
A few months ago, Urmish filed a complaint to the Autorite des marches financiers (AMF) about the services he received from his insurance agent, Jaba. The complaint was heard by the discipline committee, and Jaba was found guilty and ordered to pay a $10,000 fine. Jaba is upset and does not agree with the verdict. She would like to appeal the verdict.
Which of the following statements is CORRECT?

A. A decision made by the discipline committee may be appealed to the Chambre de la securite financiere (CSF).
B. A decision made by the discipline committee may be appealed to the Court of Quebec.
C. A decision made by the discipline committee may be appealed to the AMF.
D. A decision made by the discipline committee cannot be appealed.

Answer: B

NEW QUESTION # 295
Aaliyah is a 37-year-old account manager at a large pharmaceutical company. She earns $300,000 a year plus bonuses. She meets with Theo, an insurance agent, to review her life insurance needs. Theo deduces that Aaliyah needs a $250,000 universal life (UL) insurance policy. Aaliyah agrees but states that she wants to keep her premiums low. Which of the following UL death benefit options would BEST suit her needs?

A. Level death benefit.
B. Level death benefit plus account value.
C. Level death benefit plus cumulative premiums.
D. Indexed death benefit.

Answer: A

Explanation:
ALevel death benefitoption provides a fixed death benefit and is generally the least expensive premium option in Universal Life (UL) insurance. Since Aaliyah wants to keep her premiums low, this option best aligns with her needs. Other options like the death benefit plus account value or cumulative premiums increase the cost, as they provide a growing death benefit based on the policy's cash value or premiums paid.
Therefore,Option Awill help Aaliyah maintain lower premiums

NEW QUESTION # 296
Valerie, age 42, recently left her job after 15 years of service. She participated in a defined contribution pension plan and had accumulated benefits amounting to $88,000, eligible for transfer into a registered contract. What must Valerie do with this money?

A. Transfer this sum into a RRIF and start withdrawing annuity payments no later than the end of the following calendar year
B. Transfer this sum into an RRSP and convert the accumulated value into a life annuity or RRIF no later than December 31 of the year she turns 71
C. Transfer this sum into a LIRA and convert the accumulated value into a life annuity or LIF no later than December 31 of the year she turns 71
D. Transfer this sum into a LIRA and convert the accumulated value into a life annuity or RRIF no later than December 31 of the year she turns 71

Answer: C

Explanation:
Comprehensive and Detailed In-Depth Explanation: Pension funds from a defined contribution plan, upon leaving employment, must follow Quebec's Supplemental Pension Plans Act (SPPA) and federal tax rules.
The $88,000 is "locked-in," meaning it cannot be cashed out and must be transferred to a Locked-In Retirement Account (LIRA) to preserve its pension status (SPPA,Section 98). A LIRA restricts access until retirement, when it must be converted into a life annuity or Life Income Fund (LIF) by December 31 of the year the holder turns 71 (Income Tax Act, Section 146). Option D correctly identifies the LIRA and LIF
/annuity options. Option A (RRSP) applies to non-locked-in funds, not pension benefits. Option B's "RRIF" is incorrect, as locked-in funds use a LIF in Quebec. Option C (immediate RRIF withdrawal) violates locking- in rules and age requirements. The Ethics manual requires advisors to clarify locked-in fund rules for clients.
References: Supplemental Pension Plans Act, Section 98; Income Tax Act, Section 146; Ethics and Professional Practice (Civil Law) Manual, Section on Retirement Planning.

NEW QUESTION # 297
......

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Most-honored LLQP Preparation Exam: Life License Qualification Program (LLQP) stands for high-effective Training Dumps - TroytecDumps

IFSE Institute LLQP Exam Syllabus Topics:

Pass Guaranteed Quiz IFSE Institute - Updated LLQP - New Life License Qualification Program (LLQP) Mock Exam

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q292-Q297):

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