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| Certification Vendor: | IFSE Institute |
|---|---|
| Exam Name: | Life License Qualification Program Examination |
| Exam Number: | LLQP |
| Passing Score: | 60%–70% (varies by jurisdiction and module) |
| Exam Price: | CAD 100–150 per module (varies by province/provider) |
| Exam Duration: | 120–180 per module |
| Available Languages: | French, English |
| Real Exam Qty: | Approximately 80–100 per module |
| Exam Format: | Computer-Based Exam, Proctored Online or In-Centre, Multiple Choice Questions (MCQ) |
| Certificate Validity Period: | Varies by provincial regulator; typically requires ongoing continuing education for license maintenance |
| Related Certifications: | Segregated Funds and Annuities License Accident & Sickness Insurance License Life Insurance License |
| Recommended Training: | IFSE LLQP Training Program |
| Exam Registration: | Ontario FSRA Licensing Information IFSE LLQP Program Registration |
| Sample Questions: | IFSE Institute LLQP Sample Questions |
| Exam Way: | Computer-based proctored exam delivered online or at authorized testing centres depending on province |
| Pre Condition: | No formal prerequisite, but completion of LLQP course modules is required before examination eligibility in most provinces |
| Official Syllabus URL: | https://www.ifse.ca |
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NEW QUESTION # 311
Levi is a newly licensed financial security advisor in Quebec City, meeting with Mason, the compliance officer at Yes Insurance Inc. Mason stresses the importance of being professional and complying with the code of ethics. Levi asks who enacted the code of ethics.
Which of the following is Mason's CORRECT response?
Answer: A
Explanation:
In Quebec, theChambre de la securite financiere(CSF) is responsible for enacting and enforcing the Code of Ethics for financial security advisors. The CSF ensures that professionals, like financial security advisors, adhere to ethical standards and provide clients with competent and honest services.
The Autorite des marches financiers (AMF) oversees the financial market in Quebec, but the CSF specifically regulates the ethical conduct of financial advisors, including those selling life insurance and financial security products.
NEW QUESTION # 312
Goran and Tanja married two years ago. Last year, they purchased and moved into a three-bedroom house in the suburbs. The current balance on their mortgage is $655,000. They meet with Ljubomir, an insurance agent, to purchase a joint term life insurance policy to cover the mortgage. When Ljubomir asks about their existing coverage, Goran shares that he has none. Tanja explains that she owns a universal life (UL) policy with a level death benefit of $50,000 and a cash surrender value (CSV) of $5,000, purchased 6 years ago from another agent. Tanja would like to surrender her UL policy and use the $5,000 CSV to pay for a trip to Europe. What additional information about Tanja's UL policy does Ljubomir need to collect?
Answer: A
Explanation:
When considering surrendering a universal life (UL) policy, it is essential to understand the tax implications and any costs associated with surrender. Theadjusted cost basis (ACB)helps determine the taxable portion of the policy's cash surrender value (CSV) because any amount received above the ACB may be subject to tax.
Additionally,surrender chargescould reduce the CSV received upon surrender. Therefore, Ljubomir needs to collect both the ACB and any surrender charges applicable to Tanja's policy. These factors will help Tanja make an informed decision regarding the net amount she would receive from surrendering the policy and the potential tax liability.
NEW QUESTION # 313
Julie is a stay-at-home single parent with an eight-year-old son, Justin, who has severe intellectual disabilities.
Julie's mother, Lucille, who died recently, used to help Julie financially, especially for Justin's special needs.
She wanted this assistance to continue after her death. To this end, she designated Justin as beneficiary of her RRSP, now worth about $100,000. Julie would like this amount to be transferred to a plan that would eventually provide Justin with an annual income, which she would administer. She would like a plan that is eligible for government grants.
To which plan should Julie transfer the funds?
Answer: B
Explanation:
According to the LLQP Segregated Funds and Annuities and Investment & Savings curriculum, when planning for the long-term financial security of a person with a severe disability, the most appropriate and specialized vehicle is the Registered Disability Savings Plan (RDSP). Julie's situation aligns precisely with the objectives and eligibility criteria of this plan.
An RDSP is specifically designed to help parents and caregivers save for the long-term financial well-being of a person eligible for the Disability Tax Credit (DTC). Justin's severe intellectual disabilities strongly indicate DTC eligibility, which is a prerequisite for opening an RDSP. The LLQP study guide emphasizes that RDSPs are unique because they allow for government support through grants and bonds, making them particularly effective for families with limited financial resources.
One of Julie's key requirements is that the plan be eligible for government grants. RDSPs qualify for both the Canada Disability Savings Grant (CDSG) and the Canada Disability Savings Bond (CDSB). These incentives can significantly increase the value of contributions over time, even when the plan beneficiary or family has little or no income. Neither a GRRSP nor an RESP provides access to disability-specific government grants of this nature.
Additionally, Julie wants the funds to eventually provide Justin with an annual income, administered by her.
RDSPs are designed to convert accumulated savings into disability assistance payments later in life, ensuring a structured income stream while allowing a parent or legal representative to manage the plan on behalf of the beneficiary.
A Group RRSP (GRRSP) is an employer-sponsored retirement savings vehicle and is completely inappropriate in this context. An RESP is intended for post-secondary education and does not meet Julie's objective of lifetime income support for a disabled child.
The LLQP curriculum highlights RDSPs as a cornerstone planning tool for families supporting dependants with disabilities. Therefore, the correct and fully verified answer is Option C: An RDSP.
NEW QUESTION # 314
Jean, who is in business, would like to understand why his segregated funds, which resemble mutual funds, allow this type of asset to be sheltered from creditors. How should Patrice, his financial security advisor, answer?
Answer: D
Explanation:
Comprehensive and Detailed In-Depth Explanation: Segregated funds are investment products offered by life insurers, combining insurance and investment features. Under Quebec's Civil Code (Article 2457), proceeds from life insurance contracts, including annuities, are exempt from seizure if the beneficiary is the policyholder's spouse, ascendant, descendant, or an irrevocable beneficiary. Segregated funds qualify for this protection because they are structured as annuity contracts, distinguishing them from mutual funds. Option A correctly identifies this legal protection tied to beneficiary designation. Option B misattributes the protection to the AMF Guideline, which regulates segregated funds but does not grant seizure exemption-that stems from the Civil Code. Option C overgeneralizes, as not all insurance products are exempt (e.g., recent contributions may be contested under Article 2459). Option D focuses on the guarantee, which is a feature of segregated funds, but the creditor protection hinges on the insurance contract status and beneficiary rules, not the guarantee alone. The Ethics manual requires advisors to explain legal protections accurately.
References: Civil Code of Quebec, Articles 2457-2459; Ethics and Professional Practice (Civil Law) Manual, Section on Segregated Funds and Creditor Protection.
NEW QUESTION # 315
Dorothy, age 36, is an architect. She runs her own office with the help of two assistants. She owns her own condo, has an active social life, and travels regularly for pleasure. She has a net annual income of approximately $125,000, once all the business, rent, salary, and car expenses have been paid. Dorothy is well aware of the significant financial problems that she would face for any absences from the office due to illness or disability. What are Dorothy's main protection needs in this respect?
Answer: B
Explanation:
Comprehensive and Detailed Explanation:
As a self-employed architect, Dorothy needs disability income protection (60% of $125,000 = $75,000/year or
$6,250/month) for personal expenses and business overhead expense (BOE) insurance to cover fixed costs (e.
g., assistants' salaries, rent) during disability (Chapter 5:Insurance to Protect Businesses).
Option A: Incomplete; ignores business costs.
Option B: Unrealistic; insurers cap at 60-75%.
Option C: Incomplete; misses personal income.
Option D: Correct; covers both personal and business needs.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 2:Insurance to Protect Income, Chapter 5:
Insurance to Protect Businesses.
NEW QUESTION # 316
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