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| Certification Vendor: | IFSE Institute |
|---|---|
| Exam Name: | Life License Qualification Program (LLQP) |
| Exam Number: | LLQP |
| Real Exam Qty: | 110-140 |
| Available Languages: | English, French |
| Exam Price: | USD 0 |
| Exam Format: | Multiple Choice, Scenario-Based |
| Passing Score: | 60% |
| Related Certifications: | Accident and Sickness Insurance Licence Life Insurance Agent Licence |
| Exam Duration: | 75 per module |
| Certificate Validity Period: | 1 year to apply for licence after first pass |
| 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 |
>> IFSE Institute LLQP Latest Exam Materials <<
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NEW QUESTION # 254
Dennis, aged 56, is an actuary. He owns both a disability insurance policy and a renewable term life insurance policy. His life insurance policy includes a supplementary benefit: the waiver of premium for total disability benefit. Following a motorcycle accident, Dennis suffers a traumatic brain injury. His disability benefits begin after the waiting period. While receiving those benefits, his term life insurance policy comes up for renewal.
How will the supplementary benefit included in that policy help Dennis?
Answer: D
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
TheWaiver of Premiumrider ensures that while the insured remains disabled, the life insurancepolicy premiums are paideven beyond renewals(subject to policy terms). This prevents policy lapse and maintains coverage. LLQP confirms that the waiver continues during verified disability status regardless of term renewals.
Reference: Insurance Study Guides Chinese.pdf, Waiver of Premium Rider - Ongoing Coverage
NEW QUESTION # 255
Alex is meeting with his financial advisor, Shannon, to discuss potential life insurance options. Alex's need for insurance will increase gradually over time due to growth on his investment properties. He would like the mortgages and taxable gains paid off if he were to pass away. Shannon recommends a permanent policy, as Alex's need is long-term, and could extend beyondany period of time a term policy would cover. Alex also wants to add an extra coverage onto this policy as he wants to be provided with additional growth over time he needs.
Which rider would work for Alex?
Answer: D
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
APaid-up Additions (PUA) riderallows the insured to purchase additional insurance using policy dividends or lump-sum payments without medical underwriting. These additions are fully paid-up and accumulate cash value, offering additional long-term coverage and financial growth. The LLQP guide confirms PUAs are ideal for policyholders expecting insurance needs to increase or who want coverage that increases with inflation.
Reference: Insurance Study Guides Chinese.pdf, Life Insurance Riders - Paid-Up Additions
NEW QUESTION # 256
Pete is the owner of Blenheim News Tribune Inc, a company responsible for producing the local newspaper.
He has owned the family-run business for 30 years, and he currently employs 10 people. Peter wants to offer a group benefits plan to his staff, so he meets with Daphne, a licensed insurance agent to go over some options.
He would be willing to cover 75% of each employee's required premium and ask that each employee be responsible for their remaining 25%.
Based on the information provided, which statement is true regarding Blenheim News Tribune Inc's group insurance premiums?
Answer: D
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
The LLQP states that employer-paid premiums for group insurance are fully deductible business expenses.
Even if employees contribute a portion (like 25%), the employer's portion remains tax-deductible. The employee portion is not deductible to the employee.
Reference: Insurance Study Guides Chinese.pdf, Group Insurance - Tax Treatment of Premiums
NEW QUESTION # 257
Irwin recently retired after thirty years of service with a trucking company. He has a lump sum of money in a LIRA from a prior employer that he wishes to use to purchase an annuity to cover the costs of his personal health insurance once his group coverage runs out in four months' time, when he turns 65. Although he appreciates the reduced risk an annuity provides, he would like to see the payments increase gradually over time, because he is sure the rates on his private health coverage will steadily rise in the years to come.
What type of annuity would best meet Irwin's needs?
Answer: D
Explanation:
According to the LLQP Segregated Funds and Annuities curriculum, selecting an appropriate annuity requires matching the source of funds, risk tolerance, and income objectives. In Irwin's case, several key facts clearly guide the recommendation.
First, Irwin's funds are held in a LIRA, which is a registered, locked-in retirement account. Under LLQP and pension legislation principles, funds from a LIRA must be used to purchase a registered annuity (or transferred to another registered retirement income vehicle). This immediately eliminates any non-registered annuity option, making Option B incorrect.
Second, Irwin wants stable, low-risk income, which is a core feature of traditional life annuities. Although variable annuities can offer income that fluctuates based on investment performance, they do not provide predictable increases and expose the annuitant to market risk. Since Irwin specifically appreciates the reduced risk of an annuity, a variable income annuity is not suitable. This rules out Option A.
Irwin's most important objective is that his annuity payments increase gradually over time to help offset rising private health insurance costs. The LLQP study guide explains that an indexed income annuity is designed precisely for this purpose. Indexed annuities provide income that increases each year by a fixed percentage or in line with an inflation index. While initial payments are lower than a level annuity, the increasing payments help preserve purchasing power over time, which is especially important for retirees facing rising expenses such as health care.
A registered level income annuity (Option D) would provide constant payments that do not increase, leaving Irwin vulnerable to rising costs in later years.
Therefore, considering that the funds are registered, Irwin values income security, and he specifically wants payments that grow over time, the LLQP-approved solution is a registered indexed income annuity.
Accordingly, the correct and fully verified answer is Option C.
NEW QUESTION # 258
Francis owns a $250,000 insurance policy with an accidental death and dismemberment (AD&D) rider.
Francis calls his insurance agent Andrew to inform him that he permanently lost the use of his right hand. He explains to Andrew that his brother shot him when he broke into his brother's house to recover a gold watch that was rightfully his. Francis wants to know how much he will receive from his AD&D rider.
Answer: C
Explanation:
Accidental Death and Dismemberment (AD&D) riders typically exclude coverage if the injury ordeath occurs while engaging in criminal activities or illegal acts. Since Francis was injured while breaking into his brother' s house, his actions are considered illegal, and this would void any claim under the AD&D rider. As a result, Francis will not receive any benefitdue to the circumstances surrounding the injury.
NEW QUESTION # 259
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