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| Certification Vendor: | IFSE Institute |
|---|---|
| Exam Name: | Life License Qualification Program (LLQP) Modular Exams |
| Exam Number: | LLQP |
| Real Exam Qty: | 20–30 per module |
| Available Languages: | English, French |
| Passing Score: | 60% per module |
| Exam Format: | Online proctored, Computer-based, Multiple-choice |
| Exam Price: | $12.50 USD per attempt |
| Exam Duration: | 75 per module |
| Certificate Validity Period: | 1 year from completion |
| 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/ |
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NEW QUESTION # 189
Ae-Cha starts working for the manufacturer, Premier Vibe Inc., a company that offers its employees group insurance with Sprout Life Insurance. Ae-Cha meets with Devon, the group insurance representative, and learns that her group plan includes $75,000 of life insurance coverage. Ae-Cha would like to know who designates the beneficiary on the life insurance.
Answer: A
Explanation:
In group life insurance plans, the employee (insured individual) is typically responsible for designating their own beneficiary. Although Premier Vibe Inc. sponsors the group plan, it is Ae-Cha, as the policyholder, who has the right to choose her beneficiary for the life insurance coverage provided under the plan. The employer or the insurer does not decide the beneficiary; this decision remains solely with the insured employee.
NEW QUESTION # 190
Irma's assets include her condo with a market value of $372,000, savings worth $22,000, and a whole life insurance policy with a death benefit of $200,000 and a cash value of $133,000. Her liabilities include a reverse mortgage of $90,000 and $1,070 income tax owing from a previous year when she sold some investments.
What is Irma's net worth?
Answer: C
Explanation:
In the LLQP Segregated Funds and Annuities curriculum, a client's net worth is determined using a net worth statement, which is a snapshot of financial position calculated by listing all assets at their market value and subtracting all liabilities. The manual provides the direct formula: Net worth = value of all assets - value of all liabilities. It further explains that assets are anything owned that has cash value (including the home, savings, and the cash value of life insurance), while liabilities are debts and financial obligations that must be repaid.
Applying those LLQP rules to Irma:
Assets include (1) condo at market value $372,000, (2) savings $22,000, and (3) whole life insurance cash value $133,000. The Segregated Funds and Annuities text explicitly treats life insurance with cash value as an asset because the value can be accessed (cash surrender value or policy loan). Therefore, the correct value to include in net worth is the cash value, not the death benefit. Total assets = 372,000 + 22,000 + 133,000 =
$527,000.
Liabilities include (1) reverse mortgage $90,000 and (2) income tax owing $1,070. The manual specifically identifies a reverse mortgage as a liability that must be repaid when the home is sold or at death. Total liabilities = 90,000 + 1,070 = $91,070.
Therefore, Irma's net worth is:
$527,000 # $91,070 = $435,930, which matches Option B.
NEW QUESTION # 191
George, aged 72, has a number of medical conditions related to smoking and diabetes. He is planning the distribution of his estate, which is valued at $1.1 million. He will invest $1 million in a segregated fund and name his two daughters as equal beneficiaries. The remainder of the estate will go to George's favourite charity. George has peace of mind knowing that even if markets are down at the time of his death, his daughters will together receive an inheritance greater than the charity.
What unique feature of segregated funds has enabled George to formulate his estate plan in this way?
Answer: D
Explanation:
According to the LLQP Segregated Funds and Annuities curriculum, one of the most distinctive and valuable features of segregated funds is the death benefit guarantee. This guarantee plays a critical role in estate planning, particularly for older clients or those with health concerns who want certainty about the minimum amount their beneficiaries will receive.
In George's situation, he is 72 years old and has known medical conditions, which heightens the likelihood that death may occur before the segregated fund reaches maturity. By investing $1 million in a segregated fund and naming his daughters as beneficiaries, George ensures that a guaranteed minimum amount- typically 75% or 100% of the original deposits, less withdrawals-will be paid to his beneficiaries if he dies while the contract is in force. This guarantee applies regardless of market performance at the time of death.
This feature directly explains George's peace of mind. Even if markets decline significantly before his death, the death benefit guarantee ensures that his daughters will still receive at least the guaranteed amount under the segregated fund contract. As a result, George can confidently allocate the remainder of his estate to a charitable cause, knowing that his daughters' inheritance is protected from adverse market conditions.
The other options do not adequately explain George's planning outcome. While exemption from probate fees can speed up estate settlement, it does not guarantee the value of the investment. Assuris protection applies only if the insurer becomes insolvent and does not protect against market losses. The ability to reset guarantees can increase future guaranteed amounts, but it is not the fundamental feature that ensures protection at death.
The LLQP curriculum emphasizes that death benefit guarantees are a cornerstone advantage of segregated funds, particularly for estate planning and beneficiary protection. Therefore, the correct and fully verified answer is Option B: The death benefit guarantee.
NEW QUESTION # 192
Jenny purchased a whole life insurance policy 10 years ago. She was recently diagnosed with a terminal illness and the doctor told her she got an estimated life span of 12 months. She would like to spend the rest of her time with family doing vacation across the world. She brought Ellen, her daughter and also her beneficiary to the life insurance agent and wants to find out about the claims process.
What does Ellen need to know regarding the claims process in this situation?
Answer: A
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
The LLQP outlines thatto initiate a life insurance claim, the insurer requires acompleted claim form and proof of death (usually a death certificate). Coverage remains validregardless of where the death occurs.
Claims are typically processed quickly once these documents are submitted.
NEW QUESTION # 193
(Ten years ago, Yamina invested $2,500 in a segregated fund contract with a 75%/100% guarantee structure. The market value of the contract peaked at $4,500 but then fell. Now, at maturity, the units are worth $2,250.
How much can Yamina expect to receive?)
Answer: A
Explanation:
With a75% maturity guarantee, Yamina is guaranteed to receive at least75% of the original investmentat maturity, regardless of market performance.
75% × $2,500 =$1,875, but because there is aresetpossibility if applicable and a100% death benefit guarantee, and if there had been any resets (not mentioned here), she would get the original amount$2,500 based on the basic guarantee.
Exact Extract:
"At maturity, if the market value is less than the guaranteed amount (typically 75% or 100% of the deposited amount), the maturity guarantee is paid." (Reference:Segfunds-E313-2020-12-7ED, Chapter 2.1.1 Guarantees#33:4†Segfunds-E313-2020-12-7ED.
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NEW QUESTION # 194
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