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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	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 3	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 4	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.

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q194-Q199):

NEW QUESTION # 194
Manitoba resident Patrice works for ABC Inc. where he is covered by group life insurance. He consults Louise, his insurance agent, because he wants to maintain some life insurance coverage when he retires at age
65.
How much of Patrice's group life insurance can he convert to individual life insurance coverage when he retires?

A. None, because he must leave the plan.
B. Up to $200,000 without proof of insurability.
C. Up to $200,000 with proof of insurability.
D. The amount of his group life insurance coverage by providing proof of insurability.

Answer: B

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
According to the LLQP curriculum, when an insured leaves employment, they are typically entitled to convert their group life insurance policy into an individual policy without medical evidence, up to a specified limit- commonly $200,000. This is a standard feature to ensure continued coverage post-employment. The conversion must generally occur within 31 days of termination.
Reference: Insurance Study Guides Chinese.pdf, Group Life Insurance - Conversion Privilege

NEW QUESTION # 195
Natalie and Ted, who are both 40, meet with an insurance agent to discuss their life insurance needs. They have four major concerns. Their first concern is that Natalie is the primary income earner: if something happened to her, Ted would not be able to provide their two young children with the life they are accustomed to. Their second concern is that if something were to happen to Ted, Natalie would have to pay for childcare.
The third issue is that they want to make sure the mortgage on their primary residence is paid off in the event something happened to either of them. Lastly, Natalie is concerned about the tax liability on the family cottage when it gets passed on to the kids. The family cottage is fully paid. The agent notes that most of the couple's concerns could be addressed with term life insurance products.
Which of their concerns can only be addressed with a permanent life insurance product?

A. Replacing Natalie's income.
B. Paying off the mortgage.
C. Paying for childcare.
D. Covering the tax liability on the family cottage.

Answer: D

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Term insurance is designed for temporary needs (income, mortgage, childcare).
However, covering tax liabilities that will arise at death (e.g., deemed disposition of a cottage) requires permanent coverage to ensure the benefit is available whenever death occurs. The LLQP outlines this clearly in estate planning modules.
Reference: Insurance Study Guides Chinese.pdf, Estate Planning - Permanent Insurance Needs

NEW QUESTION # 196
Janice meets with Patrick, an insurance agent, to review her investment needs. Patrick suggests that she invest in segregated funds. Janice is not familiar with these types of funds.
What information can Patrick provide to Janice to help her understand the advantages of segregated funds?

A. They are fully protected by Assuris.
B. They can be withdrawn anytime.
C. They require medical underwriting.
D. They guarantee protection from creditors.

Answer: D

Explanation:
One of the significant advantages of segregated funds is creditor protection, which is particularly beneficial for business owners and professionals who may face potential claims from creditors. Under LLQP principles, segregated funds are insurance contracts, and when beneficiaries such as spouses or children are named, the investment may be protected from creditors in the event of bankruptcy or legal action. This makes segregated funds distinct from other investment types, which do not inherently offer creditor protection unless specific trusts or structures are in place.
Option A is incorrect as Assuris provides limited coverage rather than full protection, Option B ispartially true but not unique to segregated funds, and Option D is incorrect as segregated funds typically do not require medical underwriting.

NEW QUESTION # 197
Svetlana is a 45-year-old single mother with two children: Georgi 17; and Ingrid 13. The children's father, Vladimir, has a serious gambling problem and only visits them sporadically. Vladimir's younger brother Sergei, on the other hand, is a dependable and helpful uncle who helps Svetlana regularly with the children.
Svetlana meets with Robert, an insurance agent to review her life insurance needs because she wants to make sure that her children are taken care of if she were to die prematurely. Robert suggests that she purchase a
$200,000 policy. Who should she name as a beneficiary?

A. Georgi and Ingrid but name Sergei as a trustee.
B. Vladimir
C. Georgi and Ingrid but name Vladimir as a trustee.
D. Sergei

Answer: A

Explanation:
Since Svetlana's children are minors, naming them directly as beneficiaries would require appointing a trustee to manage the funds until they reach the age of majority. Given that Vladimir is unreliable,Sergei-who is dependable and supportive-is the most suitable choice to act as trustee. Naming him as trustee ensures that the funds are managed responsibly for the benefit of Georgi and Ingrid until they can access them.Therefore, Option Bis the most appropriate choice.

NEW QUESTION # 198
Gary owns a $500,000 T-20 life insurance policy with an accidental death rider of $250,000. His estate is named as beneficiary. Gary dies when his car falls into a lake. The autopsy shows that he had a heart attack, which caused his death and led to the accident.
What death benefit amount will the life insurance company pay Gary's estate?

A. $750,000, because the accident was caused by the heart attack.
B. $750,000, because Gary's death meets the definition of accident in the contract.
C. $500,000, because accidental death cannot be added to term coverage.
D. $500,000, because the death is due to the heart attack and not the car accident.

Answer: D

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
The LLQP defines accidental death as resulting solely from accidental means, not from a medical condition. Since the heart attack was the proximate cause of death (not the accident itself), the accidental death rider does not apply. Only the base $500,000 will be paid.

NEW QUESTION # 199
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