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IFSE Institute LLQP Exam Syllabus Topics:

Topic	Details
Topic 1	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 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	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	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.

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q296-Q301):

NEW QUESTION # 296
Zaid married Baheya five years ago in Montreal. A year later, Zaid purchased two individual term-life insurance policies, one on his life and the second on Baheya's life, each with a death benefit of $250,000. The marriage didn't last long, and the couple divorced shortly thereafter. Baheya went on to marry Omar, and the new couple had a baby together, named Darwish.
Last week, Baheya died in a car accident. While settling her estate, Omar discovered that no beneficiary was designated on Baheya's life insurance policy.
To whom will Baheya's death benefit be paid?

A. Darwish
B. Omar
C. Zaid
D. Baheya's succession

Answer: D

Explanation:
In the absence of a designated beneficiary, the proceeds of a life insurance policy are generally paid to the estate (succession) of the deceased, in this case, Baheya. Quebec law stipulates that without a specific beneficiary, the policy death benefit becomes part of the deceased's estate and is distributed according to her will or intestate succession laws. Since Baheya did not name a beneficiary, the death benefit will be managed within her estate rather than automatically passing to Zaid, Omar, or their child.

NEW QUESTION # 297
Ashley meets with her life insurance agent for a needs analysis. She wants her two kids, currently nine and seven, to be well provided for in the event of her untimely death. Ashley is also concerned about the tax liability that her RRSPs will create for her children. Her need for life insurance is determined to be $800,000 to support the children and $50,000 for the tax liability.
Ashley decides to purchase a term life insurance policy to provide for her young children if need be, and a permanent policy for the tax liability.
How should Ashley set up the beneficiary designations?

A. Name the children, with a trustee, as the beneficiaries of both policies.
B. Name her estate as the beneficiary of the term policy and the children, with a trustee, as the beneficiaries of the permanent policy.
C. Name her estate as the beneficiary of both policies.
D. Name her estate as the beneficiary of the permanent policy and the children, with a trustee, as the beneficiaries of the term policy.

Answer: B

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
For young children, atrusteemust be named to manage proceeds. For tax obligations, naming theestate simplifies settling liabilities such as RRSP taxes. LLQP outlines this structure as appropriate in combined term-permanent planning for dependents and estate tax planning.
Reference: Insurance Study Guides Chinese.pdf, Beneficiary Designations - Minors and Estate Tax Use

NEW QUESTION # 298
Sidney is a professional hockey player that recently purchased a large house and wants to have life insurance coverage to cover the cost. He meets with his life insurance agent, Dave, to determine his need and complete an application. After completing a needs analysis, it is determined he should have $25,000,000 worth of life insurance. Dave makes an application to A-Z Life Insurance Co. for $25,000,000 of permanent life insurance.
The insurance company tells Dave that they have a maximum retention amount of $20,000,000 per policy.
What will happen in Sidney's case?

A. He will have to apply for $20,000,000 worth of coverage.
B. He will have to apply for $20,000,000 worth of coverage with A-Z Life Insurance Co. and $5,000,000 with a reinsurance company.
C. He will have to apply for $25,000,000 worth of coverage with A-Z Life Insurance Co. and they will find a reinsurance company to cover the $5,000,000.
D. He will have to apply for two different policies with A-Z Life Insurance Co.: Each less than
$20,000,000 but totaling $25,000,000

Answer: C

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
When a life insurer'sretention limitis below the desired coverage, they arrange forreinsurance. The LLQP explains that the insurer can apply for full coverage andautomatically allocate the excess to reinsurers without the client applying separately. This maintains simplicity for the applicant.

NEW QUESTION # 299
Angela works in a biomedical research lab where she has been assigned to discover possible antidotes to the anthrax virus. While the discovery process of testing possible antidotes would expose her to the deadly virus, she is excited about the assignment.
Knowing that anthrax can be contracted through infected food, air or contact with skin, what risk management strategy would Angela employ by wearing protective gear over her mouth and skin?

A. Risk transfer.
B. Risk avoidance.
C. Risk retention.
D. Risk reduction.

Answer: D

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Angela is using protective gear to minimize exposure to a known hazard. This is a textbook example of risk reduction, which involves implementing safety measures to lower the probability or impact of a loss. LLQP classifies risk strategies into avoidance, retention, transfer, and reduction-each with distinct characteristics.
Wearing gear does not eliminate the risk but reduces it significantly.
Reference: Insurance Study Guides Chinese.pdf, Risk Management - Types of Risk Strategies

NEW QUESTION # 300
Everett is an insurance of persons representative who works exclusively for Moon Life Insurance. He wants to leave the company and become an independent representative. He knows that before he branches out on his own, he needs to ensure he has sufficient liability insurance.
Which of the following statements about his professional liability insurance is CORRECT?

A. Professional liability insurance covers fraud or misappropriation.
B. If a contract has a deductible, it may not exceed $20,000.
C. This insurance covers gross faults committed by an insurance representative.
D. His liability insurance must have coverage of not less than $1,500,000 per claim.

Answer: B

Explanation:
For an insurance representative such as Everett who intends to transition to an independent role,maintaining adequate professional liability insurance is crucial. According to LLQP guidelines, the requirements for liability insurance coverage mandate that if the policy includes a deductible, it cannot exceed $20,000 per claim. This limit helps ensure that insurance representatives can reasonably cover the deductible amount without facing significant financial hardship in case of a claim.
Regarding the other answer choices:
* A liability insurance policy is typically required to have a minimum coverage of $1,000,000 per claim, not $1,500,000.
* Professional liability insurance does not cover gross negligence, fraud, or intentional misconduct such as fraud or misappropriation. It is designed to cover errors, omissions, and negligence within the scope of professional duties, provided they are not intentional or fraudulent acts.
Therefore, option B accurately reflects LLQP stipulations regarding the deductible limit on professional liability insurance for insurance representatives.

NEW QUESTION # 301
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