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| Certification Vendor: | IFSE Institute |
|---|---|
| Exam Name: | Life License Qualification Program Examination |
| Exam Number: | LLQP |
| Exam Duration: | 120–180 per module |
| Passing Score: | 60%–70% (varies by jurisdiction and module) |
| Available Languages: | French, English |
| Related Certifications: | Segregated Funds and Annuities License Accident & Sickness Insurance License Life Insurance License |
| Exam Format: | Multiple Choice Questions (MCQ), Computer-Based Exam, Proctored Online or In-Centre |
| Exam Price: | CAD 100–150 per module (varies by province/provider) |
| Real Exam Qty: | Approximately 80–100 per module |
| Certificate Validity Period: | Varies by provincial regulator; typically requires ongoing continuing education for license maintenance |
| 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 |
You no longer have to buy information for each institution for an LLQP exam, nor do you need to spend time comparing which institution's data is better. LLQP provides you with the most comprehensive learning materials. Our company employs the most qualified experts who hold a variety of information. At the same time, they use years of experience to create the most scientific LLQP Learning Engine.
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NEW QUESTION # 267
(Gregory and Vanessa married at an early age and had three children, who are now in their forties:
Eve, Rick and Max. When the couple retired five years ago, they purchased a joint life annuity. They also had a will drawn up naming the three children as equal beneficiaries of their estate. The will specifies that Eve will act as executor of the estate.
Last week, Gregory and Vanessa both died in a car accident.
Who could make a death claim as regards the annuity?)
Answer: B
Explanation:
Since Gregory and Vanessa bought ajoint life annuity without mention of a guarantee period, the annuity wouldcease payments upon the death of the second annuitant. Therefore,no death claimcan be made on the annuity.
Exact Extract:
"In a joint life annuity with no guarantee period, payments stop upon the death of the second annuitant. No death benefit is payable." (Reference:Segfunds-E313-2020-12-7ED, Chapter 3.2.2.2 Joint Life Contract#53:3†Segfunds-E313-2020-12-
7ED.pdf**)
NEW QUESTION # 268
The company Xtra is growing. Mr. Trenet, chair of the executive committee, invites his financial security advisor, Noah, to meet with them to underwrite an annuity contract. The treasurer of Xtra offers to invest
$2,500,000 of the company's retained earnings. Before voting on a resolution to designate a policyholder, the treasurer asks Noah if Xtra can be designated as the policyholder instead of Mr. Trenet. What answer should Noah give?
Answer: D
Explanation:
Comprehensive and Detailed In-Depth Explanation: Under the Civil Code of Quebec (Article 2415), a policyholder (or subscriber) is the entity that owns and pays for an insurance or annuity contract, which can be an individual or a legal person like a corporation. Xtra, as a company, can use its retained earnings (unregistered capital) to fund an annuity contract and be designated as the policyholder, making option D correct. Option A is false, as legal persons can own contracts (e.g., group insurance). Option B's requirement of a registered plan is incorrect-annuities can be funded with non-registered funds. Option C introduces a
"subrogated annuitant," a misnomer here, as the annuitant is the person receiving payments, not a decision- maker, and no such requirement exists. The LLQP and Ethics manual confirm that corporations can be policyholders for business purposes, like key person coverage or investments.
References: Civil Code of Quebec, Article 2415; LLQP Module on Annuities; Ethics and Professional Practice (Civil Law) Manual, Section on Contract Ownership.
NEW QUESTION # 269
Trisha is new to the insurance industry and wants to understand the primary responsibility of the Canadian Insurance Services Regulatory Organizations (CISRO). Which of the followingstatements about CISRO is CORRECT?
Answer: D
Explanation:
The primary responsibility of the Canadian Insurance Services Regulatory Organizations (CISRO) is to establish and maintain a cohesive regulatory framework for insurance intermediaries, ensuring consistent standards across provincial and territorial jurisdictions in Canada. CISRO does not directly interact with consumers or administer PIPEDA; rather, it collaborates with regional regulators to promote regulatory harmony for insurance professionals.
This responsibility helps uphold public trust and ensures that intermediaries comply with legal and professional standards.
NEW QUESTION # 270
(Jack is starting a new job with group medical, dental, and retirement benefits. He submits his application but is told he is not immediately eligible.
When might Jack become eligible?)
Answer: D
Explanation:
Most group benefits, including medical, dental, and retirement plans, require employees to complete a standard waiting period(e.g., 3 months) before they become eligible for enrollment.
Exact Extract:
"Group insurance plans often impose a standard waiting period before new employees become eligible for coverage." (Reference:Sickness-E312-2020-12-7ED, Chapter 2.3.3.1 Qualification Period#45:3 Sickness-E312-2020-12-
7ED.pdf**)
NEW QUESTION # 271
(Arthur's assets include a home worth $744,000, savings of $41,000, and a whole life insurance policy with a death benefit of $300,000 and a cash value of $196,000. His liabilities include a $150,000 reverse mortgage and $2,090 income tax owed.
What is Arthur's net worth?)
Answer: D
Explanation:
Net worth is calculated by addingassetsand subtractingliabilities:
Assets = $744,000 + $41,000 + $196,000 = $981,000
Liabilities = $150,000 + $2,090 = $152,090
Net Worth = $981,000 - $152,090 =$828,910
Exact Extract:
"Net worth equals total assets minus total liabilities. Whole life insurance cash values are counted as assets." (Reference:Segfunds-E313-2020-12-7ED, Chapter 4.1 Financial Position of Client)
NEW QUESTION # 272
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