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| Certification Vendor: | IFSE Institute |
|---|---|
| Exam Name: | Life License Qualification Program (LLQP) Modular Exams |
| Exam Number: | LLQP |
| Exam Price: | $12.50 USD per attempt |
| Exam Duration: | 75 per module |
| Real Exam Qty: | 20–30 per module |
| Exam Format: | Online proctored, Computer-based, Multiple-choice |
| Certificate Validity Period: | 1 year from completion |
| Passing Score: | 60% per module |
| Available Languages: | French, English |
| Recommended Training: | IFSE LLQP Official Course |
| Exam Registration: | IFSE Institute Exam Registration |
| Sample Questions: | IFSE Institute LLQP Sample Questions |
| Exam Way: | Online proctored via IFSE eTest platform; available 24/7 |
| Pre Condition: | No formal prerequisites; must complete approved LLQP course before exams |
| Official Syllabus URL: | https://www.ifse.ca/courselist/life-license-qualification-program-llqp/ |
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NEW QUESTION # 89
Leonard and Ashley, a couple in their early 30s, meet with Howard, an insurance agent, to review their investment needs. Leonard earns $60,000 a year as a research physicist, and Ashley earns $25,000 as an actress. They each have $3,000 in their respective chequing accounts. Leonard also has $40,000 invested in his group registered retirement savings plan (RRSP). Ashley has a Subaru WRX worth $20,000 with a car loan of $10,000. Leonard does not own a car, but he has an outstanding student loan of $30,000.
What is the couple's net worth?
Answer: A
Explanation:
To calculate net worth, we sum the couple's assets and subtract their liabilities. The calculation is as follows:
Assets:
* Leonard's chequing account: $3,000
* Ashley's chequing account: $3,000
* Leonard's group RRSP: $40,000
* Ashley's car (Subaru WRX): $20,000
Total Assets:$66,000
Liabilities:
* Ashley's car loan: $10,000
* Leonard's student loan: $30,000
Total Liabilities:$40,000
Net Worth Calculation:$66,000 (Assets) - $40,000 (Liabilities) = $26,000 The couple's net worth is therefore $26,000, which aligns with LLQP methodologies for net worth calculations by considering all assets minus liabilities.
NEW QUESTION # 90
Three years ago, Douglas purchased a whole life insurance policy with numerous supplementary benefits and riders. Today, he meets with his doctor who informs him that he has late-stage colon cancer and has only a few months to live. Even with surgery, his chances of survival are low. Douglas calls his insurance agent, Penny, to ask her what he should do to obtain a benefit immediately.
Answer: C
Explanation:
TheTerminal Illness Benefit(also known as an accelerated death benefit) allows a policyholder diagnosed with a terminal illness to receive a portion of the policy's death benefit while still alive. This benefit is designed specifically for situations like Douglas's, where he has a limited life expectancy and needs immediate funds. While the Dread Disease Benefit (Option A) covers specific critical illnesses, it is generally not as expansive as the terminal illness benefit, which directly applies to Douglas's prognosis. Options C and D involve accessing cash values or loans, which are not immediate death benefit payouts.
NEW QUESTION # 91
(At 60 years of age, Pierre recently retired for health reasons: he suffers from leukemia and is only expected to live three or four more years, according to his oncologist. A friend advised Pierre to purchase an annuity with his RRSP, as he has no immediate family to leave money to and wants a guaranteed monthly payout.
What type of annuity would be best suited for Pierre?)
Answer: C
Explanation:
Given Pierre'sshort life expectancy, aterm annuity(paying for a specific period) would ensure he receives guaranteed payments for a fixed number of years, aligning with his situation and providing steady cash flow.
Exact Extract:
"A term annuity pays a fixed income for a set number of years. It is appropriate for clients expecting a limited lifespan and wishing to maximize payouts during their lifetime." (Reference:Segfunds-E313-2020-12-7ED, Chapter 3.2.3 Duration of the Annuity#49:2†Segfunds-E313-2020-
12-7ED.pdf**)
NEW QUESTION # 92
(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: B
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 # 93
Sebastian is a 44-year-old sales representative employed at Premier Aqua. He wants to take a year off to travel and relax. He has worked for the company for 25 years and accumulated $230,000 in a deferred profit sharing plan (DPSP). He would like to know if he can use some of the funds in his DPSP to fund his sabbatical.
Answer: D
Explanation:
As with most Deferred Profit Sharing Plan (DPSP) funds, Sebastian's accumulated balance is generally locked-in, which means it cannot be withdrawn in cash while still under the plan. Instead, he may transfer it to a Locked-In Retirement Account (LIRA) upon leaving his employment or retiring, ensuring the funds remain tax-deferred. LLQP guidelines state that DPSP funds are generally subject to locking-in provisions, which restrict withdrawals and are specifically aimed at providing retirement income.
Thus, contrary to options A and B, Sebastian cannot withdraw the DPSP funds for discretionary purposes, such as funding his sabbatical, because of these restrictions. Option C is incorrect, as transferring to a Life Income Fund (LIF) would only be appropriate once the funds are in a LIRA, typically when Sebastian is closer to retirement age and ready to begin income withdrawals.
NEW QUESTION # 94
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