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IFSE Institute LLQP Exam Overview:

Certification Vendor:	IFSE Institute
Exam Name:	Life License Qualification Program Examination
Exam Number:	LLQP
Real Exam Qty:	Approximately 80–100 per module
Exam Format:	Computer-Based Exam, Proctored Online or In-Centre, Multiple Choice Questions (MCQ)
Available Languages:	French, English
Certificate Validity Period:	Varies by provincial regulator; typically requires ongoing continuing education for license maintenance
Related Certifications:	Accident & Sickness Insurance License Life Insurance License Segregated Funds and Annuities License
Exam Price:	CAD 100–150 per module (varies by province/provider)
Exam Duration:	120–180 per module
Passing Score:	60%–70% (varies by jurisdiction and module)
Recommended Training:	IFSE LLQP Training Program
Exam Registration:	IFSE LLQP Program Registration Ontario FSRA Licensing Information
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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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	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 3	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 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 (Q209-Q214):

NEW QUESTION # 209
Sasha is an employee at PranaTech. The company offers all employees a pension plan. PranaTech must contribute into the plan, but employee contributions are not mandatory. Sasha chooses where his funds will be invested.

A. Defined contribution pension plan.
B. Defined benefit pension plan.
C. Group registered retirement savings plan.
D. Deferred profit sharing plan.

Answer: A

NEW QUESTION # 210
(Priscilla is worried about losing her job in six months. She invests $1,000 per month in segregated equity funds but has limited cash savings.
What should her insurance agent, Arthur, advise?)

A. She should stop buying the segregated funds only if she loses her job.
B. She should sell her segregated funds immediately to provide an emergency fund.
C. She should leverage her segregated funds immediately to provide cash for an emergency fund.
D. She should stop buying the segregated funds now and build an emergency fund.

Answer: D

Explanation:
Facing potential job loss, the priority for Priscilla should bebuilding an emergency fundrather than continuing to invest. Emergency funds provide essential liquidity in the event of unexpected income loss.
Exact Extract:
"Establishing an emergency fund to cover living expenses during unforeseen circumstances is fundamental before committing to longer-term investments like segregated funds." (Reference:Segfunds-E313-2020-12-7ED, Chapter 1.1.2.5 Liquidity)

NEW QUESTION # 211
It's Friday afternoon and Olivier, an insurance agent, has just received the paper copy of his client's insurance contract. Olivier is about to leave on a three-day weekend, and he's already late for his camping reservation.
He wonders if he should delay his departure to deliver the document, or if it can wait until he gets back on Tuesday. How long does Olivier have to deliver the contract?

A. Within 15 days of receiving it.
B. Within 30 days of receiving it.
C. Within a reasonable time.
D. Within 10 days of receiving it.

Answer: C

Explanation:
Life insurance agents are generally required to deliver the insurance contract to the client within a "reasonable time" to ensure that the client is promptly informed of the policy's terms and conditions. This standard is set to prevent undue delays that might affect the client's rights and their free look period. While no specific timeframe is always mandated, it is commonly understood within the LLQP guidelines that timely delivery is essential for compliance. Therefore, Olivier can reasonably wait until after his weekend to deliver the contract on Tuesday, as this would still fall within a reasonable time.

NEW QUESTION # 212
Agatha and Peter run a successful sole proprietorship. They are 68 and 70 respectively. Peter has a huge registered investment portfolio that will result in significant tax consequences upon his death. When both of them have passed away they would like their registered investment portfolio to go to their son, Alexander, who is 48 years old. The family would like to purchase life insurance to offset the tax liability.
Which of the following plans would best suit the family?

A. A joint first-to-die plan with Peter and Alexander as the insured
B. A joint first-to-die plan with Agatha and Peter as the insured
C. A joint last-to-die plan with Agatha and Peter as the insured
D. Two separate permanent single life policies with Agatha and Peter as the insured

Answer: C

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Joint last-to-die insurance pays out on the death of the second insured, which is ideal for estate planning needs such as covering taxes on registered assets that arise after both owners pass away. The LLQP study material confirms this structure as most suitable for deferring and covering tax liabilities post-second death.
Reference: Insurance Study Guides Chinese.pdf, Estate Planning with Joint Last-to-Die Insurance

NEW QUESTION # 213
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?

A. Protect 60% of her net annual income and business overhead expenses.
B. Protect 100% of her net annual income.
C. Protect 60% of her net annual income.
D. Protect business overhead expenses.

Answer: A

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 # 214
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