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| Certification Vendor: | IFSE Institute |
|---|---|
| Exam Name: | Life License Qualification Program Examination |
| Exam Number: | LLQP |
| Certificate Validity Period: | Varies by provincial regulator; typically requires ongoing continuing education for license maintenance |
| Real Exam Qty: | Approximately 80–100 per module |
| Related Certifications: | Segregated Funds and Annuities License Accident & Sickness Insurance License Life Insurance License |
| Passing Score: | 60%–70% (varies by jurisdiction and module) |
| Exam Price: | CAD 100–150 per module (varies by province/provider) |
| Exam Format: | Computer-Based Exam, Proctored Online or In-Centre, Multiple Choice Questions (MCQ) |
| Exam Duration: | 120–180 per module |
| Available Languages: | French, English |
| Recommended Training: | IFSE LLQP Training Program |
| Exam Registration: | Ontario FSRA Licensing Information IFSE LLQP Program Registration |
| Sample Questions: | IFSE Institute LLQP Sample Questions |
| Exam Way: | Computer-based proctored exam delivered online or at authorized testing centres depending on province |
| Pre Condition: | No formal prerequisite, but completion of LLQP course modules is required before examination eligibility in most provinces |
| Official Syllabus URL: | https://www.ifse.ca |
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NEW QUESTION # 95
Paulette earns a modest income working as a delivery driver for FastFlowers Inc. in Quebec. The florist company has over 80 employees, 20 of whom are delivery drivers. The employees benefit from a group short- and long-term disability plan. One morning, while delivering flowers, Paulette's truck is struck by a bus.
Paulette is taken to the hospital where a doctor deems that she will beunable to work for at least 4 months.
Paulette contacts Jade, the human resources manager, to ask her who will pay her disability benefits.
Which of the following answers is CORRECT?
Answer: A
Explanation:
As Paulette is injured during work and is covered by her employer's group disability plan, her disability benefits would be paid out under this group insurance policy. Group disability insurance provides both short- and long-term coverage, as outlined in her employer's benefits plan. This plan typically covers income replacement for non-workplace injuries or illnesses. However, since this was an on-the-job accident, it may be covered by the CNESST, but group insurance often still serves as the primary provider in situations where a workplace injury results in short-term disability exceeding standard workplace injury benefits. The SAAQ would only cover injuries directly related to road accidents within its jurisdiction. Employment insurance (EI) provides general income replacement but is secondary to employer-provided group disability benefits.
NEW QUESTION # 96
Mauro works full-time for a small company that offers no benefits. He earns $40,000 a year. He has an individual disability insurance policy that would provide him with $2,000 a month, for a maximum of two years, after a waiting period of four months. This policy includes a partial and residual disability rider. Injured in an accident, Mauro is completely unable to work for nine months. After that, Mauro's doctor advises him to start working two days a week for the next three months, after which Mauro should be able to resume working full-time. What monthly benefit will Mauro receive during the period he works part-time?
Answer: B
Explanation:
Comprehensive and Detailed Explanation:
A residual disability rider pays a proportionate benefit based on income loss. Mauro's full income is $40,000
/year ($3,333/month). Working 2/5 days (40%) earns $1,333/month ($3,333 × 0.40). Loss is $2,000/month ($3,333 - $1,333). The rider typically pays 80% of the loss up to the policy max ($2,000): $2,000 × 0.80 =
$1,600 (Chapter 2:Insurance to Protect Income).
Option A: Correct; $1,600 fits residual calculation.
Option B-D: Incorrect; underestimates benefit.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 2:Insurance to Protect Income.
NEW QUESTION # 97
Anita is a 50-year-old woman who is thinking of purchasing a $150,000 permanent life insurance policy to pay for the capital gains tax that will be payable on her country home upon her death. She had purchased the home twelve years ago and wants to bequeath the property to her niece when she dies.
Which of the following features about a permanent insurance policy is TRUE?
Answer: B
Explanation:
Permanent life insurance policies generally offerlevel premiumsfor the duration of the contract, meaning that Anita's premium payments will not increase as she ages. While coverage can be structured to extend beyond age 100, many permanent policies maintain level premiums for the policyholder's lifetime. Unlike term insurance, Anita can also cancel the policy at any time. However, insurability changes do not typically affect existing permanent policies, which don't require updates to health information once the policy is in force.
Therefore,Option Bis correct.
NEW QUESTION # 98
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: B
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, whichdirectly applies to Douglas's prognosis. Options C and D involve accessing cash values or loans, which are not immediate death benefit payouts.
NEW QUESTION # 99
Germaine, a shareholder-manager of a large firm, set up a group RRSP for her business several years ago. As the company has been very successful, she now wants to set up a second group savings plan for her employees. She would like this new plan to allow employees to withdraw money at any time without incurring additional income tax or other penalties.
Which one of the following plans would best fit Germaine's requirements?
Answer: D
Explanation:
According to the LLQP Segregated Funds and Annuities and Group Savings curriculum, the defining feature in Germaine's requirement is the ability for employees to withdraw funds at any time without triggering income tax or penalties. Among the available group savings plans, only a group Tax-Free Savings Account (TFSA) meets this condition.
A group TFSA operates under the same tax rules as an individual TFSA. Contributions are made with after- tax dollars, meaning they are not deductible. However, the LLQP study materials emphasize that the major advantage of a TFSA is that investment growth and withdrawals are completely tax-free, regardless of timing or purpose. Employees can withdraw funds at any time, for any reason, without paying income tax or facing penalties, making this plan extremely flexible.
This feature aligns perfectly with Germaine's objective. Since she already has a group RRSP in place to support long-term retirement savings, adding a group TFSA provides employees with a complementary savings vehicle for short- and medium-term goals, emergency savings, or discretionary spending-without tax consequences upon withdrawal.
The other options do not meet Germaine's stated requirement. A Defined Benefit Pension Plan (DBPP) is highly restrictive, locked-in, and designed strictly for retirement income, with withdrawals taxed and generally unavailable before retirement. A Pooled Registered Pension Plan (PRPP) also involves locked-in funds and taxable withdrawals, making it unsuitable. A Deferred Profit Sharing Plan (DPSP) allows employer contributions and tax-deferred growth, but withdrawals are fully taxable as income when taken, which directly contradicts Germaine's objective.
The LLQP curriculum highlights that group TFSAs are increasingly used by employers as a flexible and attractive benefit, particularly for higher-income employees or those who value liquidity and tax-free access to funds.
Therefore, based on LLQP-approved group savings plan characteristics, the plan that best fits Germaine's requirements is Option B: A group TFSA.
NEW QUESTION # 100
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