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| Certification Vendor: | IFSE Institute |
|---|---|
| Exam Name: | Life License Qualification Program (LLQP) |
| Exam Number: | LLQP |
| Exam Format: | Scenario-Based, Multiple Choice |
| Available Languages: | English, French |
| Passing Score: | 60% |
| Related Certifications: | Accident and Sickness Insurance Licence Life Insurance Agent Licence |
| Certificate Validity Period: | 1 year to apply for licence after first pass |
| Exam Duration: | 75 per module |
| Real Exam Qty: | 110-140 |
| Exam Price: | USD 0 |
| Sample Questions: | IFSE Institute LLQP Sample Questions |
| Exam Way: | Online proctored and in-person testing |
| Pre Condition: | Completion of an approved LLQP certification course and possession of a CIPR number are required before taking the exam. |
| Official Syllabus URL: | https://www.fsrao.ca/licensing/life-and-accident-sickness-agent/life-licence-qualification-program-llqp |
When it comes to negotiating your salary with reputed tech firms, you could feel entirely helpless if you're a fresh graduate or don't have enough experience. You will have no trouble landing a well-paid job in a reputed company if you have IFSE Institute LLQP Certification on your resume. Success in the test is also a stepping stone to climbing the career ladder. If you are determined enough, you can get top positions in your firm with the IFSE Institute LLQP certification.
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NEW QUESTION # 91
Monique meets with Tyra, an insurance agent, to review her insurance needs. Tyra explains the different types of policies and asks Monique for more information on her sources of income and expenses to properly evaluate her needs.
Which document should Tyra review to better understand Monique's sources of income?
Answer: D
Explanation:
Acash flow statementprovides a detailed view of an individual's sources of income and expenses over a certain period, making it the best document for Tyra to review in order to understand Monique's financial position. This statement outlines both inflows (such as wages, rental income, or dividends) and outflows (such as rent, mortgage payments, and living expenses), allowing Tyra to gauge Monique's ability to handle insurance costs and identify any potential gaps in coverage.
NEW QUESTION # 92
Vasu, an insurance agent, meets with Francine, his new client. Francine wants to purchase a disability insurance policy. Vasu helps her complete the application form. In the process, he collects all the required medical and lifestyle information on his client and wonders what he must do with the information he collected.
Which of the following options is CORRECT?
Answer: B
Explanation:
As per LLQP guidelines and privacy regulations in Canada, an insurance agent like Vasu is required to submit all medical and lifestyle-related information to the insurer as part of the application process. Additionally, the agent is permitted to retain a copy of this information in his client file for record-keeping and future reference purposes. It is essential for compliance and potential follow-ups related to policy servicing or claims. Privacy laws do not permit Vasu to share this information with unauthorized parties, such as his supervisor or the client, beyond what is required for processing the application, unless consent has been explicitly provided.
NEW QUESTION # 93
(Ten years ago, Yamina invested $2,500 in a segregated fund contract with a 75%/100% guarantee structure. The market value of the contract peaked at $4,500 but then fell. Now, at maturity, the units are worth $2,250.
How much can Yamina expect to receive?)
Answer: A
Explanation:
With a 75% maturity guarantee, Yamina is guaranteed to receive at least 75% of the original investment at maturity, regardless of market performance.
75% $2,500 = $1,875, but because there is a reset possibility if applicable and a 100% death benefit guarantee, and if there had been any resets (not mentioned here), she would get the original amount $2,500 based on the basic guarantee.
Exact Extract:
"At maturity, if the market value is less than the guaranteed amount (typically 75% or 100% of the deposited amount), the maturity guarantee is paid." (Reference: Segfunds-E313-2020-12-7ED, Chapter 2.1.1 Guarantees#33:4 Segfunds-E313-2020-12-7ED.
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NEW QUESTION # 94
Mercedes is a single mother to her 5-year-old son Arthur. Arthur's father Richard is not in his son's life because he is a recovering drug dealer who spent the last 4 years in and out of prison. Mercedes has full custody of Arthur and cannot count on help from her family because they live in another province.
Wanting to ensure his well-being, in the event of her death, Mercedes purchases a $100,000 life insurance policy and names Arthur the sole beneficiary of the policy.
If she died without a will who would receive the death benefit?
Answer: C
Explanation:
Since Arthur is the named beneficiary on Mercedes' life insurance policy, the death benefit will be payable to him directly. Under LLQP provisions, life insurance proceeds designated to a minor beneficiary are generally paid into a trust or managed by a legal guardian until the minor reaches the age of majority.
In this case, because Mercedes died intestate (without a will), Arthur would still receive the proceeds of the life insurance policy as the sole named beneficiary. However, since he is a minor, the Director of Youth Protection or a legal guardian may be appointed to manage the funds until Arthur becomes of age.
NEW QUESTION # 95
Brian is a machinist. For the past seven years, he's worked for a company that offers a group benefits plan.
Under that plan, the premiums for long-term disability coverage are entirely paid by the employees. Last year, an injury forced Brian to stop working for eight months. After a four-month waiting period, during which he collected Employment Insurance (EI) benefits, Brian received long-term disability (LTD) benefits from the group plan's insurer. Brian is now preparing his income tax return and wonders about the tax implications of the different benefits he received while on disability. What statement accurately describes the tax treatment of Brian's EI and LTD benefits?
Answer: C
Explanation:
Comprehensive and Detailed Explanation:
EI benefits are taxable as income under Canadian law. LTD benefits are tax-free if the employee pays 100% of the premiums, as in Brian's case (Chapter 8:Group Plan Specifics).
Option A: Incorrect; LTD is tax-free here.
Option B: Correct; EI taxable, LTD tax-free.
Option C: Incorrect; EI is taxable.
Option D: Incorrect; EI is taxable.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 8:Group Plan Specifics.
NEW QUESTION # 96
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P.S. Free & New LLQP dumps are available on Google Drive shared by PDFBraindumps: https://drive.google.com/open?id=1wHLJ7zrkjbVHaSM9B6EZBiOHNZkVSGuF