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| Certification Vendor: | IFSE Institute |
|---|---|
| Exam Name: | Life License Qualification Program (LLQP) Modular Exams |
| Exam Number: | LLQP |
| Exam Price: | $12.50 USD per attempt |
| Exam Format: | Multiple-choice, Online proctored, Computer-based |
| Real Exam Qty: | 20–30 per module |
| Available Languages: | English, French |
| Exam Duration: | 75 per module |
| Certificate Validity Period: | 1 year from completion |
| Passing Score: | 60% per module |
| Recommended Training: | IFSE LLQP Official Course |
| Exam Registration: | IFSE Institute Exam Registration |
| Sample Questions: | IFSE Institute LLQP Sample Questions |
| Exam Way: | Online proctored via IFSE eTest platform; available 24/7 |
| Pre Condition: | No formal prerequisites; must complete approved LLQP course before exams |
| Official Syllabus URL: | https://www.ifse.ca/courselist/life-license-qualification-program-llqp/ |
>> Associate LLQP Level Exam <<
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NEW QUESTION # 235
(Beth, aged 73, has a RRIF with a current market value of $380,000. The account is managed by her bank, and Beth has been disappointed with its performance so far. She is therefore thinking of transferring the RRIF to her insurance company and purchasing a registered annuity with those funds.
This would be the first time Beth is making an investment outside of the bank environment. She wonders what kind of information the insurance agent would keep on file to document the transaction.
To process the application and comply with FINTRAC requirements, which of the following records would the agent need to create and keep on file?)
Answer: C
Explanation:
Since Beth's transaction involves transferringregistered funds(RRIF) directly between financial institutions, and nocash movementis involved outside regulated channels, the transaction isexemptfrom FINTRAC reporting requirements.
Exact Extract:
"Transfers between registered accounts (e.g., RRIFs, RRSPs) handled institution to institution are exempt from FINTRAC record-keeping requirements such as large cash transaction records and third-party determination forms." (Reference:Segfunds-E313-2020-12-7ED, Chapter 4.3 Compliance Requirements#53:0†Segfunds-E313-
2020-12-7ED.pdf**)
NEW QUESTION # 236
Vincent, aged 55, plans to retire 10 years from now after a 40-year career with the federal government. He will then receive a federal pension and will benefit from a retiree health plan. His wife Catherine is 15 years younger than him. Vincent also has an RRSP that he intends on using in part to fund his travel plans in retirement, and in part to leave a lump sum to Catherine for her living expenses after he dies. Vincent has planned his budget carefully and feels confident that he has thought of everything. What may Vincent's insurance agent suggest he consider to safeguard his retirement?
Answer: A
Explanation:
Comprehensive and Detailed Explanation:
Vincent's pension and health plan cover income and basic health needs. LTC insurance protects his RRSP from depletion due to care costs, ensuring funds for travel and Catherine's inheritance (Chapter 4:Insurance to Protect Savings).
Option A: Unnecessary; retiree health likely covers medications.
Option B: Correct; LTC preserves savings.
Option C: Redundant; retiree plan covers hospital stays.
Option D: Irrelevant; he's retiring, not working.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 4:Insurance to Protect Savings.
NEW QUESTION # 237
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?
Answer: A
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 # 238
Jordan, a group insurance agent, meets with Nancy, a commercial berry grower in Saskatoon, to renew her company's group insurance plan. When the plan was established four years ago, Nancy had 20 employees.
She now has over 50 employees, many of whom are unhappy with the plan. Jordan wants to rectify this situation to everyone's satisfaction but is not sure how to begin.
Which of the following options indicates the first step that Jordan should take?
Answer: B
Explanation:
When Jordan discovers that many of Nancy's employees are dissatisfied with the current group insurance plan, his first step should be toassess the employees' specific concerns. This includes understanding issues such as satisfaction with customer support and the claims turnaround time. Gathering feedback on these aspects will help Jordan identify the main areas of dissatisfaction and explore targeted solutions to improve the plan. The LLQP materials emphasize the importance of aligning group insurance plans with the needs and satisfaction of the participants, making this an essential step before considering any major changes such as switching insurers or altering the plan's structure.
NEW QUESTION # 239
(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?)
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 # 240
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