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| Certification Vendor: | IFSE Institute |
|---|---|
| Exam Name: | Life License Qualification Program (LLQP) |
| Exam Number: | LLQP |
| Real Exam Qty: | 110-140 |
| Related Certifications: | Accident and Sickness Insurance Licence Life Insurance Agent Licence |
| Exam Price: | USD 0 |
| Exam Format: | Scenario-Based, Multiple Choice |
| Exam Duration: | 75 per module |
| Available Languages: | French, English |
| Passing Score: | 60% |
| 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 |
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NEW QUESTION # 212
Marc, age 35, is a self-employed electrician. His annual income is approximately $60,000. His spouse Veronique works part-time and earns an annual income of $15,000. Marc and Veronique are parents of two young children. Their monthly financial obligations with regard to rent, car, clothing, and food amount to
$3,000. What accident and sickness insurance protection do Marc and Veronique primarily need?
Answer: A
Explanation:
Comprehensive and Detailed Explanation:
Marc earns $60,000/year ($5,000/month), and Veronique earns $15,000/year ($1,250/month), totaling $6,250
/month. Their expenses are $3,000/month. As the primary earner, Marc's disability poses the greatest risk (Chapter 6:Client Profile).
If Marc is disabled: Veronique's $1,250 + $0 = $1,250, short $1,750 of $3,000.
If Veronique is disabled: Marc's $5,000 covers $3,000.
$3,000/month for Marc (60% of his income) plus Veronique's $1,250 totals $4,250, exceeding $3,000.
Option A: Correct; $3,000/month for Marc ensures expenses are met.
Option B: Incorrect; Veronique's income is supplementary, not primary.
Option C: Excessive; $4,000/month over-insures Marc.
Option D: Incorrect; LTC is for care costs, not income replacement.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 2:Insurance to Protect Income, Chapter 6:
Client Profile.
NEW QUESTION # 213
Aaliyah is a 37-year-old account manager at a large pharmaceutical company. She earns $300,000 a year plus bonuses. She meets with Theo, an insurance agent, to review her life insurance needs. Theo deduces that Aaliyah needs a $250,000 universal life (UL) insurance policy. Aaliyah agrees but states that she wants to keep her premiums low. Which of the following UL death benefit options would BEST suit her needs?
Answer: D
Explanation:
ALevel death benefitoption provides a fixed death benefit and is generally the least expensive premium option in Universal Life (UL) insurance. Since Aaliyah wants to keep her premiums low, this option best aligns with her needs. Other options like the death benefit plus account value or cumulative premiums increase the cost, as they provide a growing death benefit based on the policy's cash value or premiums paid.
Therefore,Option Awill help Aaliyah maintain lower premiums
NEW QUESTION # 214
Irma's assets include her condo with a market value of $372,000, savings worth $22,000, and a whole life insurance policy with a death benefit of $200,000 and a cash value of $133,000. Her liabilities include a reverse mortgage of $90,000 and $1,070 income tax owing from a previous year when she sold some investments.
What is Irma's net worth?
Answer: D
Explanation:
In the LLQP Segregated Funds and Annuities curriculum, a client's net worth is determined using a net worth statement, which is a snapshot of financial position calculated by listing all assets at their market value and subtracting all liabilities. The manual provides the direct formula: Net worth = value of all assets - value of all liabilities. It further explains that assets are anything owned that has cash value (including the home, savings, and the cash value of life insurance), while liabilities are debts and financial obligations that must be repaid.
Applying those LLQP rules to Irma:
Assets include (1) condo at market value $372,000, (2) savings $22,000, and (3) whole life insurance cash value $133,000. The Segregated Funds and Annuities text explicitly treats life insurance with cash value as an asset because the value can be accessed (cash surrender value or policy loan). Therefore, the correct value to include in net worth is the cash value, not the death benefit. Total assets = 372,000 + 22,000 + 133,000 =
$527,000.
Liabilities include (1) reverse mortgage $90,000 and (2) income tax owing $1,070. The manual specifically identifies a reverse mortgage as a liability that must be repaid when the home is sold or at death. Total liabilities = 90,000 + 1,070 = $91,070.
Therefore, Irma's net worth is:
$527,000 # $91,070 = $435,930, which matches Option B.
NEW QUESTION # 215
Mordecai's life insurance lapsed four years after the policy was issued because he failed to make premium payments. The insurer reinstated the policy several months later when he made the required payments and provided the medical and financial information the insurer required. Twelve months later, Mordecai commits suicide and his beneficiaries ask Larry, his insurance agent, whether the claim will be paid. What should Larry tell the beneficiaries?
Answer: C
Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
TheIFSE Ethics and Professional Practice Course (Common Law)explains that life insurance policies typically include a suicide clause, which denies the death benefit if the insured commits suicide within a specified period-usually two years-from the policy's issue date or reinstatement date. When a policy lapses and is reinstated, the suicide exclusion period restarts from the reinstatement date, not the original issue date.
In this case, Mordecai's policy lapsed after four years, was reinstated, and he committed suicide 12 months (less than two years) later. The incontestability clause (which prevents insurers from denying claims based on misstatements after two years) does not override the suicide exclusion, making A incorrect. Public order (B) is irrelevant, and there's no evidence of a preexisting condition (D) affecting the suicide clause. Thus, Larry should inform the beneficiaries that the claim will be rejected due to the suicide exclusion restarting upon reinstatement, making C correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 2: Insurance Contracts, Section on
"Suicide Clause" and "Reinstatement."
NEW QUESTION # 216
Melanie is a psychologist. She has her own practice and two employees. In her free time, she loves to dance but also enjoys skydiving, which she does three or four times a year. She meets with Sophie, an insurance agent, because she would like to purchase disability insurance. What should Sophie tell her?
Answer: B
Explanation:
Comprehensive and Detailed Explanation:
Skydiving is a high-risk activity, making Melanie a non-standard risk. Insurers typically apply a premium rating or exclusion for such activities, not denial (Chapter 7:Insurance Recommendation, Contract, and Service Needs).
Option A: Incorrect; not uninsurable, just modified.
Option B: Incorrect; benefit isn't reduced, coverage is adjusted.
Option C: Correct; modification likely.
Option D: Incorrect; frequency still warrants adjustment.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 7:Insurance Recommendation, Contract, and Service Needs.
NEW QUESTION # 217
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