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| Certification Vendor: | IFSE Institute |
|---|---|
| Exam Name: | Life License Qualification Program Examination |
| Exam Number: | LLQP |
| Real Exam Qty: | Approximately 80–100 per module |
| Exam Format: | Multiple Choice Questions (MCQ), Proctored Online or In-Centre, Computer-Based Exam |
| Passing Score: | 60%–70% (varies by jurisdiction and module) |
| Available Languages: | French, English |
| Certificate Validity Period: | Varies by provincial regulator; typically requires ongoing continuing education for license maintenance |
| Exam Duration: | 120–180 per module |
| Exam Price: | CAD 100–150 per module (varies by province/provider) |
| Related Certifications: | Life Insurance License Accident & Sickness Insurance License Segregated Funds and Annuities 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 |
>> Free IFSE Institute LLQP Exam <<
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NEW QUESTION # 327
A group of high school students visits Jacques, a financial security advisor, as part of Career Day. A student wants to know what an insurance contract is. What will Jacques answer?
Answer: B
Explanation:
Comprehensive and Detailed In-Depth Explanation: An insurance contract under Quebec's Civil Code (Articles 2389-2414) has distinct characteristics. It is a "contract of the utmost good faith"(uberrimae fidei), requiring full disclosure from both parties, especially the insured, about material facts (Article 2408). It is typically a "contract of adhesion," as insurers offer standard terms with little negotiation (Article 1379), unlike mutual agreement contracts. It is "synallagmatic," imposing reciprocal obligations-premium payment by the policyholder and coverage by the insurer (Article 1381). It is also "aleatory," as the outcome depends on an uncertain event, like death or loss (Article 2390). Option C accurately reflects these traits. Option A's
"mutual agreement" suggests negotiation, which is rare in insurance. Option B and D incorrectly state that inaccurate statements are inconsequential-misrepresentations can void a policy (Article 2410)-and B's
"consensual" and D's "gratuitous" misalign with insurance's onerous nature (payment for coverage). The Ethics and Professional Practice manual emphasizes advisors' duty to explain these legal characteristics clearly.
References: Civil Code of Quebec, Articles 2389-2414; Ethics and Professional Practice (Civil Law) Manual, Section on Insurance Contracts.
NEW QUESTION # 328
Nathalie worked for 25 years as an administrative assistant at a manufacturing company. When she left the company 10 years ago, she transferred the money that she accumulated from the company's pension plan into a locked-in retirement account (LIRA). Now she is 60 years of age and would like to withdraw the money from the LIRA.
Under which of the following circumstances would Nathalie be allowed to withdraw her funds?
Answer: C
Explanation:
Under the rules governing Locked-In Retirement Accounts (LIRAs) in Canada, which apply similarly across provinces including Ontario, there are specific circumstances under which a person may access funds prior to the usual retirement age. In general, LIRA funds are intended to be kept locked-in until a specified retirement age. However, early withdrawal is permitted if the account holder becomes disabled and has a reduced life expectancy, as stated in LLQP materials. Thus, Nathalie's disability and reduced life expectancy would qualify her to withdraw from the LIRA. Moving to another location, retiring, or collecting QPP benefits do not generally permit early withdrawal from a LIRA.
NEW QUESTION # 329
Six years ago, when Kacey was working as an active firefighter, she purchased a $200,000 30-year term life insurance policy. At the time, the insurance company rated her policy. Recently, she changed roles and now works for the fire department's public relations office, answering media calls and filling out paperwork. She meets with her insurance agent, Bernice, to ask if the insurer would consider reducing her premiums.
Answer: C
Explanation:
When a term life insurance policy is issued with a specific rating based on risk factors, such as Kacey's former occupation as a firefighter, the premiums are generally fixed and non-negotiable post-issuance.
However, Kacey can apply for a new policy, which would consider her current lower-risk occupation and potentially offer lower premiums. She would need to undergo underwriting again. Thus,Option Bis correct, as the existing policy's premiums cannot be adjusted retroactively to account for her new role.
NEW QUESTION # 330
Candace, an insurance agent, met with her client Rebecca on March 15th to complete a life insurance application form. Rebecca applied for a T-10 $200,000 life insurance policy, she told Candace that she will wait for her policy to be accepted before making a premium payment. On April 10th, the application was accepted by the insurance company and Candace promptly called Rebecca to give her the good news.
Candace delivered the policy to Rebecca on April 15th during the meeting, Rebecca gave Candace a cheque to cover her first premium and a void cheque to cover subsequent premium payments. Candace submitted the cheques to her manager on April 21st. When did Rebecca's policy come into force?
Answer: C
Explanation:
A life insurance policy generally comes into force when the policy is delivered to the applicant and the first premium is paid. In this case, Rebecca's policy was officially delivered on April 15th, at which time she paid the initial premium. As per LLQP guidelines, the contract becomes effective upon the meeting of these two conditions: delivery of the policy and payment of the first premium.
Therefore, since Rebecca met both conditions on April 15th, that is the date her policy came into force.
NEW QUESTION # 331
Lily works for Cloud 9 Inc. She earned $120,000 in Year 1 and $125,000 in Year 2. Lily contributes 5% of her income into a defined contribution pension plan (DCPP), and this contribution is matched by the employer. Lily has unused contribution room of $15,000 and wants to know how much she can contribute to her registered retirement savings plan (RRSP) in Year 2.
Answer: C
Explanation:
Lily's RRSP contribution room is reduced by her DCPP contributions. Her total income for Year 2 was
$125,000, and she contributed 5% ($6,250) to the DCPP, matched by the employer, for a total of $12,500.
The Pension Adjustment (PA) for her DCPP contribution would be $12,500, which reduces her RRSP contribution room.
Calculation:
* RRSP limit based on previous year's income (18% of $120,000): $21,600
* PA reduction: $12,500
* Remaining RRSP contribution room for Year 2: $21,600 - $12,500 = $9,100
* Including her unused contribution room: $9,100 + $15,000 = $24,100
So, Lily can contribute $24,600 to her RRSP in Year 2.
NEW QUESTION # 332
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