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| Certification Vendor: | IFSE Institute |
|---|---|
| Exam Name: | Life License Qualification Program (LLQP) |
| Exam Number: | LLQP |
| Real Exam Qty: | 110-140 |
| Certificate Validity Period: | 1 year to apply for licence after first pass |
| Exam Price: | USD 0 |
| Exam Duration: | 75 per module |
| Related Certifications: | Accident and Sickness Insurance Licence Life Insurance Agent Licence |
| Available Languages: | English, French |
| Exam Format: | Multiple Choice, Scenario-Based |
| Passing Score: | 60% |
| Sample Questions: | IFSE Institute LLQP Sample Questions |
| Exam Way: | Online proctored and in-person testing |
| Pre Condition: | Completion of an approved LLQP certification course and possession of a CIPR number are required before taking the exam. |
| Official Syllabus URL: | https://www.fsrao.ca/licensing/life-and-accident-sickness-agent/life-licence-qualification-program-llqp |
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NEW QUESTION # 239
Julie and Jim have been married for 16 years and decide to divorce. They draw up a list of property that will be partitioned based on the provisions of family patrimony: the family home, the cars, the RRSPs, and the benefits accrued with the RRQ during the marriage. What other items should be added to Julie and Jim's list?
Answer: B
Explanation:
Comprehensive and Detailed In-Depth Explanation: Under Quebec's Civil Code, specifically within the framework of family patrimony (Articles 414-426), the partition of property upon divorce includes assets acquired during the marriage that are designated as part of the family patrimony. The family home, cars, RRSPs (Registered Retirement Savings Plans), and benefits accrued under the RRQ (Regie des rentes du Quebec, or Quebec Pension Plan) are already listed, as they are explicitly included under Article 415.
However, family patrimony also encompasses other property used for the family's benefit, such as bank accounts that hold funds accumulated during the marriage for family use. TFSAs (Tax-Free Savings Accounts) are individual savings accounts, but if they were used for family purposes or funded with marital income, they could also be considered. The Ethics and Professional Practice (Civil Law) manual emphasizes thatadvisors must ensure clients fully understand the scope of divisible assets under family patrimony rules to avoid omissions. Life insurance cash surrender values (option C) are not automatically included in family patrimony unless designated for family use, and "nothing else" (option D) overlooks additional divisible assets like bank accounts. Option B, "Bank accounts and TFSAs," correctly expands the list to include other relevant marital property, aligning with the Civil Code's broad interpretation of family patrimony.
References: Civil Code of Quebec, Articles 414-426; Ethics and Professional Practice (Civil Law) Manual, Section on Family Patrimony.
NEW QUESTION # 240
(Garry, a 55-year-old self-employed individual with no pension or RRSP savings, wants to make his money work for him over the next 10 years before retirement.
Which product would be suitable?)
Answer: C
Explanation:
Anaccumulation annuityallows Garry tosave and grow his investmentsover the next 10 years withdeferred paymentsstarting at retirement, matching his timeline and retirement goals.
Exact Extract:
"An accumulation annuity is used to accumulate savings over time. Payments commence at a later date specified by the investor (deferred payments)." (Reference:Segfunds-E313-2020-12-7ED, Chapter 3.2.1.2 Accumulation Annuity)
NEW QUESTION # 241
Wesley is a self-employed plumber. He meets with a licensed life insurance agent to explore his options regarding disability insurance. Wesley's earnings have been stable over the past few years.His business generates gross income of $120,000 annually and write-off expenses of $30,000. Wesley's average income tax rate is 30%. What income amount should be used to calculate the maximum disability benefits Wesley is entitled to?
Answer: A
Explanation:
Comprehensive and Detailed Explanation:
Disability insurance benefits are calculated based onnet incomeafter business expenses and taxes, as per the LLQP guidelines, to reflect the income actually available for living expenses (Chapter 2:Insurance to Protect Income).
Gross income: $120,000
Business expenses: $30,000
Net income before tax: $120,000 - $30,000 = $90,000
Tax rate: 30%
Tax payable: $90,000 × 0.30 = $27,000
Net income after tax: $90,000 - $27,000 = $63,000
The maximum disability benefit is typically based on this after-tax net income, often insurable up to 60-75% depending on the policy. $63,000 is the correct base amount for calculation, aligning with standard underwriting practices.
Option A ($120,000): Incorrect; uses gross income, not net.
Option B ($90,000): Incorrect; uses pre-tax net income, ignoring tax impact.
Option C ($84,000): Incorrect; no clear basis for this figure.
Option D ($63,000): Correct; reflects net income after expenses and taxes.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 2:Insurance to Protect Income.
NEW QUESTION # 242
Kyra is the owner and president of Borealis Fit, a martial arts studio with 15 employees. The centre opened five years ago and has done well. Kyra was never able to offer her employees any benefits until now. Kyra meets with Monica, an insurance agent, to implement a group insurance plan for the employees.
Which method of calculating rates will the insurer use to quote the group premiums?
Answer: A
Explanation:
Since Borealis Fit is a relatively new business with no prior experience data for group insurance, the insurer is likely to use manual rating. This method involves determining premiums based on standard rates for similar groups rather than the specific experience of the group itself. Manual rating is commonly applied when there is no claims history or insufficient data to support a credibility or experience rating. This aligns with LLQP guidelines, which outline manual rating as a default approach for groups without established claims experience.
NEW QUESTION # 243
Patricia is a laboratory technician who normally earns $4,000 a month. A few months ago, she injured her leg rollerblading and was unable to work for four months. Since she owns a disability insurance policy with a residual benefit option, she received $2,400 a month from the insurer. Now that she is recovered, her doctor has cleared her to slowly return to work. Since she cannot work her regular full-time hours, her pay has decreased to $3,000 a month.
How much will she receive from her residual benefit when she returns to work?
Answer: B
Explanation:
A residual benefit in a disability insurance policy provides partial benefits if the insured returns to work in a reduced capacity and suffers a loss of income. Patricia's income has decreased from $4,000 to $3,000, representing a 25% reduction in income ($1,000 loss out of $4,000). Since her policy provides a residual benefit, she will receive 25% of her original monthly benefit, which is 25% of $2,400, amounting to $600.
This is calculated to supplement her reduced earnings, aligning with the guidelines on residual benefits provided by LLQP.
NEW QUESTION # 244
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