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IFSE Institute LLQP Exam Syllabus Topics:

Topic	Details
Topic 1	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 2	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 3	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.
Topic 4	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.

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Sample LLQP Questions Answers, Reliable LLQP Exam Practice

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q268-Q273):

NEW QUESTION # 268
(Jim is buying a life annuity with insurance settlement money due to a disabling accident. He declines a guarantee period to maximize monthly payments.
Which of the following must the agent be sure to note on the application?)

A. Marilyn as the joint annuitant.
B. Jim as the annuitant.
C. Jim as the beneficiary.
D. Marilyn as the beneficiary.

Answer: B

Explanation:
Since Jim is buying the annuity for himself and will receive the payments,he must be named as the annuitanton the application.
Exact Extract:
"The annuitant is the person on whose life the annuity is based and who is entitled to receive the periodic payments. In this case, it must be Jim." (Reference:Segfunds-E313-2020-12-7ED, Chapter 3.2.2 Lives Covered#45:2†Segfunds-E313-2020-12-7ED.
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NEW QUESTION # 269
Andrew and Julie are married and are currently doing some tax and estate planning. They have acquired several properties over the years, many of which are rental properties. When Andrew and Julie pass away, they would like to pass these properties on to their kids. They realize there will be a large tax disposition on the final estate after they have both passed away and would like to fund that through a permanent life insurance strategy. They would like a simple solution and cash value is not important to them.
What type of life policy should Andrew and Julie consider purchasing?

A. Joint first-to-die T100
B. Joint last-to-die Universal Life
C. Joint last-to-die T100
D. Joint last-to-die Whole Life

Answer: C

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Joint last-to-die Term 100 (T100) is a cost-effective permanent insurance with no cash value that pays upon the second death. LLQP teaches that this is ideal when the focus is on estate liquidity (taxes on real estate, investments) without cash accumulation.
Reference: Insurance Study Guides Chinese.pdf, Term 100 and Estate Liquidity Needs

NEW QUESTION # 270
Ming-Na is a McGill University graduate interested in pursuing a career as an insurance of persons representative. She wants to know which piece of legislation sets out the definition and role of insurance of persons representatives.
Which of the options below is CORRECT?

A. The Distribution Act.
B. The Act respecting prescription drug insurance.
C. The Act respecting insurance.
D. The Insurers Act.

Answer: A

Explanation:
The Act that governs the definition and role of insurance of persons representatives in Quebec is the Distribution Act. This legislation outlines the roles, qualifications, and responsibilities of professionals licensed to offer life and health insurance products. It is crucial for anyone aspiring to become an insurance representative in Quebec to familiarize themselves with this Act, as it sets out the requirements and framework for licensure, conduct, and the scope of practice in this field.

NEW QUESTION # 271
Life insurance agent Alexandra completes a life insurance application with her client, Joshua. After three months in underwriting, the application is accepted and the policy is issued on a standard rate. Alexandra goes to deliver the policy. When she gets to Joshua's, he tells her how he just got out of the hospital with a serious blood clot.
What should Alexandra do?

A. Simply deliver the policy to Joshua, as his application has already been accepted.
B. Tell Joshua that, because of the new medical information, she cannot deliver the policy and must notify the underwriter for further consideration.
C. Tell Joshua that, because of the new medical information, she cannot deliver the policy and must put an end to the entire application process.
D. Deliver the policy to Joshua, but notify the underwriter of the new medical information.

Answer: B

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
An agent mustnot delivera policy if they become aware ofmaterial changes in insurabilitybefore delivery.
Alexandra is obligated to inform the underwriter to reassess the policy's terms. LLQP guidelines stress this duty to disclosenew risk factorsprior to policy delivery to avoid misrepresentation or post-claim disputes.

NEW QUESTION # 272
Life insurance agent Alexandra completes a life insurance application with her client, Joshua. After three months in underwriting, the application is accepted and the policy is issued on a standard rate. Alexandra goes to deliver the policy. When she gets to Joshua's, he tells her how he just got out of the hospital with a serious blood clot.
What should Alexandra do?

A. Simply deliver the policy to Joshua, as his application has already been accepted.
B. Tell Joshua that, because of the new medical information, she cannot deliver the policy and must notify the underwriter for further consideration.
C. Tell Joshua that, because of the new medical information, she cannot deliver the policy and must put an end to the entire application process.
D. Deliver the policy to Joshua, but notify the underwriter of the new medical information.

Answer: B

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
An agent must not deliver a policy if they become aware of material changes in insurability before delivery. Alexandra is obligated to inform the underwriter to reassess the policy's terms. LLQP guidelines stress this duty to disclose new risk factors prior to policy delivery to avoid misrepresentation or post-claim disputes.

NEW QUESTION # 273
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