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| Section | Weight | Objectives |
|---|---|---|
| Life Insurance | 25% | - Principles and purpose of life insurance - Needs analysis and underwriting - Types of life insurance products - Policy features, riders and contracts |
| Segregated Funds and Annuities | 25% | - Types of annuities - Retirement and investment planning - Taxation and estate considerations - Features and benefits of segregated funds |
| Accident and Sickness Insurance | 25% | - Extended health and dental coverage - Critical illness and long-term care - Disability insurance - Group insurance plans |
| Ethics and Professional Practice | 25% | - Provincial licensing rules - Legal and regulatory framework - Ethical responsibilities and conduct - Compliance and disclosure requirements |
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The ActualVCE is committed to helping the IFSE Institute Life License Qualification Program (LLQP) exam candidates in the certification exam preparation and success journey. To achieve this objective the ActualVCE is offering valid, updated, and verified IFSE Institute LLQP Exam Questions in three different formats. These three different IFSE Institute Life License Qualification Program (LLQP) exam dumps types are IFSE Institute PDF Questions Links to an external site.
NEW QUESTION # 89
Antonin and Magali are common-law partners in their thirties. They have two children together: a five-year- old daughter and a two-year-old son. Divorced from ex-wife Vanina, Antonin must pay her $1,500 a month in child support until their 10-year-old son reaches 25 years of age. Antonin is covered under a group life insurance policy equal to one year of his $75,000 annual salary. Magali does not currently earn any income, as she takes care of their two children full-time. Antonin is the sole owner of their residence, which will be fully paid off in 25 years.
What life insurance coverage do Antonin and Magali need in their situation?
Answer: B
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
This is a multi-need situation. The LLQP recommends layering coverage:
* A 25-year term policy for mortgage protection.
* A term-to-65 policy for income replacement.
Reference: Insurance Study Guides Chinese.pdf, Needs Analysis - Family and Legal Obligations
NEW QUESTION # 90
Fiona is the owner and annuitant of an Individual Variable Insurance Contract (IVIC) valued at $100,000.
When she applied for the contract nine years ago, she named her brother, Gerald, as irrevocable beneficiary and her niece, Ivy, as contingent beneficiary. Fiona passed away yesterday, while Gerald had already died a couple of years ago. Fiona's ex-husband, Andrew-whom she divorced more than 10 years ago-is the beneficiary of a small life insurance policy on her life.
Who can claim the proceeds of the IVIC?
Answer: C
Explanation:
Under the LLQP Segregated Funds and Annuities curriculum, beneficiary designations in insurance contracts-such as IVICs (segregated fund contracts)-follow strict contractual and legal rules. The key elements in this scenario are the irrevocable beneficiary designation, the presence of a contingent beneficiary, and the order of entitlement upon death.
Fiona named her brother Gerald as an irrevocable beneficiary. An irrevocable beneficiary has strong rights while alive, including restrictions on the policyholder's ability to make changes without consent. However, those rights end upon the beneficiary's death. Once Gerald died, his irrevocable beneficiary status ceased to exist. Importantly, irrevocable beneficiary rights do not pass to the beneficiary's estate unless the contract specifically states otherwise, which is not indicated here. Therefore, Option A is incorrect.
Fiona also named her niece Ivy as contingent beneficiary. According to LLQP principles, a contingent beneficiary is entitled to the proceeds if the primary beneficiary predeceases the contract owner. That is exactly what occurred: Gerald died before Fiona. As a result, upon Fiona's death, the contract proceeds are payable directly to Ivy. This payment bypasses Fiona's estate and is governed solely by the beneficiary designation in the IVIC.
Option C is incorrect because divorce does not create an automatic entitlement to insurance proceeds. Andrew' s status as beneficiary on a separate life insurance policy has no legal impact on the IVIC. There is no automatic financial duty that would override a valid beneficiary designation in an insurance contract.
Option D is also incorrect. The existence of a valid contingent beneficiary means the proceeds do not revert to the estate, even though Fiona did not update the designation after Gerald's death. The LLQP study guide clearly states that proceeds go to the contingent beneficiary when the primary beneficiary has predeceased the policyholder.
Therefore, in accordance with LLQP Segregated Funds and Annuities rules, the IVIC proceeds are payable to Ivy, making Option B the correct and fully verified answer.
NEW QUESTION # 91
Paulette earns a modest income working as a delivery driver for FastFlowers Inc. in Quebec. The florist company has over 80 employees, 20 of whom are delivery drivers. The employees benefit from a group short- and long-term disability plan. One morning, while delivering flowers, Paulette's truck is struck by a bus.
Paulette is taken to the hospital, where a doctor deems that she will be unable to work for at least 4 months.
Paulette contacts Jade, the human resources manager, to ask her who will pay her disability benefits.
Which of the following answers is CORRECT?
Answer: C
Explanation:
Paulette is covered under her employer's group disability insurance plan, which provides both short- and long- term disability benefits. Since her injury occurred while working, the group insurance provided by FastFlowers Inc. would be responsible for paying her disability benefits. Group insurance plans typically cover workplace injuries for employees and compensate for lost income during recovery.
Although other options like the SAAQ may provide benefits for accidents involving vehicles, Paulette's disability benefit is specifically covered under her employer's insurance because it is job-related.
NEW QUESTION # 92
Angus is involved in a motorcycle accident and due to his injuries has to spend a few nights in thehospital. He is released from the hospital with a doctor's note indicating that he is able to perform certain parts of his job, but that it would take months until he can be back to normal. He promptly calls his insurance agent Dawn to ask her if he would be entitled to his disability benefits. Dawn reads his policy and tells him that he will not receive any disability benefits.
Which disability definition is MOST LIKELY included in his policy?
Answer: B
Explanation:
The"any occupation"definition of disability is the most restrictive and generally requires that the insured be unable to perform any work for which they are reasonably qualified by education, training, or experience. If Angus's policy includes this definition, it would explain why he does not qualify for disability benefits despite being unable to perform parts of his job. Under this type of policy, unless he is unable to performanyoccupation, he would not be eligible for benefits. This is different from other definitions like "own occupation," which is less restrictive and provides benefits if the insured cannot perform their specific job duties.
NEW QUESTION # 93
Jackson, a new life insurance agent, is planning to promote a group insurance plan to small businesses in the area. After some research, he is able to locate a list of small business contact information online. The list contains office hours, phone numbers, as well as the office addresses. He prints off the list and prepares marketing material pertaining to group insurance and mails it to each of the small businesses. Jackson's business plan is to call the businesses one by one 14 days after the marketing material has been mailed. What should Jackson be aware of to comply with the usual business solicitation practice?
Answer: D
Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
TheIFSE Ethics and Professional Practice Course (Common Law)outlines compliance requirements for solicitation. Mailing marketing materials to businesses using publicly available contact information is generally permissible under the Personal Information Protection and Electronic Documents Act (PIPEDA), as it applies to personal-not business-information, making B incorrect. However, Jackson's plan to follow up with phone calls triggers theNational Do Not Call List (DNCL)rules, which apply to telemarketing to businesses and individuals unless an exemption (e.g., existing relationship) exists. The Canadian Anti-Spam Legislation (CASL) (D) governs electronic messages (e.g., emails), not phone calls or mailed materials here.
Full compliance (A) requires DNCL checks, making C correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 4: Regulatory Environment, Section on "National Do Not Call List" and "Solicitation Practices."
NEW QUESTION # 94
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