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IFSE Institute LLQP Exam Syllabus Topics:

Topic	Details
Topic 1	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 2	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 3	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.
Topic 4	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.

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q145-Q150):

NEW QUESTION # 145
(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?)

A. $3,375
B. $2,500
C. $1,875
D. $2,250

Answer: B

Explanation:
With a 75% maturity guarantee, Yamina is guaranteed to receive at least 75% of the original investment at maturity, regardless of market performance.
75% $2,500 = $1,875, but because there is a reset possibility if applicable and a 100% 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.
pdf**)

NEW QUESTION # 146
Rene and Christine are 42-year-old twins. They are currently in the middle of a career change and have decided to become entrepreneurs by buying a food franchise.
They are both in excellent health and only Rene is an average smoker.
In setting up the financial structure of their business, they each decided to take out a $400,000 10-year term life insurance policy, designating each other as irrevocable beneficiary.
What can we say about the premiums for the life insurance policies that will be issued?

A. The premium for Christine's policy will be higher because statistics indicate that she will live longer than Rene.
B. The premium for Rene's policy will be higher because he is a man and an average smoker.
C. Both policies will have the same premium because Rene and Christine are twins.
D. The premium for Rene's policy will be higher because statistics indicate that he will live longer than Christine.

Answer: B

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Premiums are based onage, gender, health, and smoking status. Although twins share the same age and likely similar health, Rene's status as a smoker increases his mortality risk and thus his premiums. LLQP clearly identifies smoking status as a major premium factor.
Reference: Insurance Study Guides Chinese.pdf, Underwriting Factors - Gender, Age, Smoking

NEW QUESTION # 147
(Vanessa, a grandmother, wants to set up a savings account for her six-month-old granddaughter Brienne's future education, making a lump sum and regular contributions.
Which account is best suited?)

A. A TFSA in Tanya's name
B. A TFSA in Vanessa's name
C. An RRSP in Brienne's name
D. An RESP with Brienne as beneficiary

Answer: D

Explanation:
ARegistered Education Savings Plan (RESP)is specifically designed to fundeducation savingsand allows contributions for a named beneficiary (Brienne), making it the perfect choice.
Exact Extract:
"An RESP is an education savings plan sponsored by the government, providing grants and tax-deferral advantages for beneficiaries saving for post-secondary education." (Reference:Segfunds-E313-2020-12-7ED, Chapter 1.3.11.3 Group Plans and Registered Education Savings Plans)

NEW QUESTION # 148
Insurance of persons representative Veronique is meeting clients referred by an acquaintance for the first time.
Observing some suspicious behaviours on their part, Veronique is thinking about reporting the transaction to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Which behaviours are signs of suspicious transactions?

A. The clients are in a hurry, the planned transaction is fairly simple, and they want to pay the amount due in cash
B. The clients are in a hurry, do not seem interested in knowing the long-term benefits of the transaction, and want to pay the amount due in cash
C. The clients ask a lot of questions about internal controls and the amounts involved seem very high given their apparent financial situation
D. The clients seem interested in knowing the long-term benefits of the transaction, which is simple, and the amounts involved seem very high given their apparent financial situation

Answer: B

Explanation:
Comprehensive and Detailed In-Depth Explanation: Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), insurance representatives must report suspicious transactions to FINTRAC (Section 7). FINTRAC guidelines list red flags: urgency without justification, disinterest in product details, and cash payments, especially if inconsistent with client profile. Option C-clients in a hurry, uninterested in long-term benefits, and insisting on cash-matches these indicators, suggesting potential money laundering. Option A (questions about controls) may indicate curiosity or caution, not necessarily suspicion. Option B (hurry and cash) is less conclusive without disinterest in benefits. Option D (interest in benefits) contradicts typical laundering behavior. The Ethics manual requires vigilance against financial crime, supporting Veronique's duty to report option C.
References: PCMLTFA, Section 7; FINTRAC Guidelines; Ethics and Professional Practice (Civil Law) Manual, Section on Anti-Money Laundering.

NEW QUESTION # 149
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 andwants to know how much she can contribute to her registered retirement savings plan (RRSP) in Year 2.

A. $30,600
B. $31,250
C. $24,600
D. $25,000

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 # 150
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