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| Certification Vendor: | IFSE Institute |
|---|---|
| Exam Name: | Life License Qualification Program Examination |
| Exam Number: | LLQP |
| Real Exam Qty: | Approximately 80–100 per module |
| Certificate Validity Period: | Varies by provincial regulator; typically requires ongoing continuing education for license maintenance |
| Related Certifications: | Life Insurance License Accident & Sickness Insurance License Segregated Funds and Annuities License |
| Passing Score: | 60%–70% (varies by jurisdiction and module) |
| Exam Duration: | 120–180 per module |
| Available Languages: | English, French |
| Exam Format: | Proctored Online or In-Centre, Multiple Choice Questions (MCQ), Computer-Based Exam |
| Exam Price: | CAD 100–150 per module (varies by province/provider) |
| Recommended Training: | IFSE LLQP Training Program |
| Exam Registration: | Ontario FSRA Licensing Information IFSE LLQP Program Registration |
| 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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NEW QUESTION # 70
Vintage Style Inc. is a clothing company with 20 employees participating in its group retirement and group insurance plan. Premiums for the group insurance plan are calculated on previous claims. If the benefits paid are lower than anticipated, the premiums may decrease at renewal. However, if the benefits paid are higher than anticipated, the premiums payable may be subject to an increase.
Which of the following funding formulas does Vintage use in its group insurance plan?
Answer: B
Explanation:
The description of Vintage Style Inc.'s group insurance plan indicates that therefund accountingmethod is used. In refund accounting, premiums are adjusted based on the actual claims experience. If claims are lower than expected, the insurer may issue a refund or reduce future premiums. Conversely, if claims exceed expectations, premiums may increase at renewal. This funding formula is commonly used in group plans to align premium costs with the actual risk and claims experience of the group, which is consistent with the plan characteristics mentioned in the LLQP material.
NEW QUESTION # 71
(Germaine, a shareholder-manager, already has a group RRSP for her employees. She now wants to establish a second group savings plan that allows employees to withdraw money at any time without additional taxes or penalties.
Which plan fits her needs?)
Answer: C
Explanation:
Agroup TFSAallows employees to withdraw fundsat any time without triggering taxes or penalties, meeting Germaine's requirement perfectly.
Exact Extract:
"TFSAs allow contributions with after-tax dollars and withdrawals at any time without tax penalties, making them ideal for flexible saving plans." (Reference:Segfunds-E313-2020-12-7ED, Chapter 1.3.11.2 Group Plans)
NEW QUESTION # 72
Dominic suffers a heart attack on October 1 and dies a little over a month later, on November 7. At the time of his death, he owned a $150,000 critical illness (CI) insurance policy, purchased 10 years earlier. Dominic never failed to pay the $100 monthly premium. When he died, the insurer had not yet issued the benefit payment.
How will the CI benefit be treated?
Answer: A
Explanation:
Critical illness (CI) insurance pays a lump-sum benefit upon diagnosis of a covered illness, but typically requires the insured tosurvive for a specified period(often 30 days) following the diagnosis. Although Dominic suffered a heart attack, he did not die immediately. However, he passed away within the 30-day survival period following the heart attack, which is a common requirement in CI policies for benefit payment.
Since the survival requirement was not met, the benefit will not be paid. Generally, in such cases, the insurer may refund premiums if specified in the policy, but the CI benefit itself would not be payable.
NEW QUESTION # 73
Mauro works full-time for a small company that offers no benefits. He earns $40,000 a year. He has an individual disability insurance policy that would provide him with $2,000 a month, for a maximum of two years, after a waiting period of four months. This policy includes a partial and residual disability rider. Injured in an accident, Mauro is completely unable to work for nine months. After that, Mauro's doctor advises him to start working two days a week for the next three months, after which Mauro should be able to resume working full-time. What monthly benefit will Mauro receive during the period he works part-time?
Answer: B
Explanation:
Comprehensive and Detailed Explanation:
A residual disability rider pays a proportionate benefit based on income loss. Mauro's full income is $40,000
/year ($3,333/month). Working 2/5 days (40%) earns $1,333/month ($3,333 × 0.40). Loss is $2,000/month ($3,333 - $1,333). The rider typically pays 80% of the loss up to the policy max ($2,000): $2,000 × 0.80 =
$1,600 (Chapter 2:Insurance to Protect Income).
Option A: Correct; $1,600 fits residual calculation.
Option B-D: Incorrect; underestimates benefit.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 2:Insurance to Protect Income.
NEW QUESTION # 74
Ali has all his non-registered savings and his RRSP invested in cashable GICs with terms of five years or less.
His key objective is to have enough funds for retirement. He asks his insurance agent, Rivka, whether he should have any concerns about his current strategy.
What should Rivka tell him about his portfolio?
Answer: D
Explanation:
According to the LLQP Segregated Funds and Annuities and Investment & Savings curriculum, understanding investment risk is a critical part of assessing whether a client's portfolio aligns with their long- term objectives. Ali's stated goal is retirement funding, which is typically a long-term objective requiring growth that at least keeps pace with inflation. His current strategy consists entirely of cashable GICs with short- to medium-term maturities.
The primary concern with this strategy is inflation risk, which is the risk that the purchasing power of money will decline over time due to rising prices. The LLQP study guide explains that conservative investments such as cash and GICs often provide relatively low returns. While these returns may preserve capital in nominal terms, they may fail to keep pace with inflation, especially over long periods such as a retirement planning horizon. As a result, even though Ali's account balances may grow slightly, their real value may decrease.
Cashable GICs are designed to provide capital preservation and stability, not long-term growth. For retirement purposes, relying exclusively on these instruments may result in insufficient accumulation of funds to meet future income needs. The LLQP curriculum highlights that portfolios heavily weighted toward low-risk, fixed- income investments are particularly vulnerable to inflation risk when used for long-term goals.
The other answer choices are incorrect based on LLQP definitions. Industry risk applies to investments concentrated in a specific economic sector, which is not the case here. Liquidity risk refers to difficulty accessing funds; however, cashable GICs are generally considered liquid or moderately liquid, especially compared to long-term locked-in investments. Credit risk involves the possibility that an issuer will default; GICs issued by reputable financial institutions are typically low credit risk, and many are protected by deposit insurance.
Therefore, under LLQP-approved investment principles, Rivka should explain that Ali's portfolio is most exposed to inflation risk, making Option A the correct answer.
NEW QUESTION # 75
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