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| Certification Vendor: | IFSE Institute |
|---|---|
| Exam Name: | Life License Qualification Program (LLQP) |
| Exam Number: | LLQP |
| Available Languages: | English, French |
| Certificate Validity Period: | 1 year to apply for licence after first pass |
| Real Exam Qty: | 110-140 |
| Passing Score: | 60% |
| Exam Duration: | 75 per module |
| Related Certifications: | Accident and Sickness Insurance Licence Life Insurance Agent Licence |
| Exam Price: | USD 0 |
| Exam Format: | Multiple Choice, Scenario-Based |
| 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 |
Holding a certification in a certain field definitely shows that one have a good command of the LLQP knowledge and professional skills in the related field. However, it is universally accepted that the majority of the candidates for the LLQP exam are those who do not have enough spare time and are not able to study in the most efficient way. You can just feel rest assured that our LLQP Exam Questions can help you pass the exam in a short time. With our LLQP study guide for 20 to 30 hours, you can pass the exam confidently.
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NEW QUESTION # 102
Melissa owns a disability insurance policy from Clarity Life. She makes her premium payment on the second day of each month, but this month, she misses the payment deadline. A week passes before she realizes her oversight. She makes a frantic call to Jonathan, a Clarity Life customer service representative. Jonathan explains about notices of termination. Which of the following responses is CORRECT?
Answer: C
Explanation:
Disability insurance policies generally include a grace period of at least 30 days from the premium due date, during which the policyholder can make a late payment without losing coverage. This grace period ensures that minor payment delays do not immediately result in policy cancellation. Therefore, Melissa's policy would remain active and would only be subject to cancellation if she fails to pay within 30 days of the missed premium deadline.
Notices of termination are issued only after the grace period has lapsed, giving the policyholder additional time to remedy any missed payments.
NEW QUESTION # 103
On June 5, Karl completed an application for critical illness coverage and paid an annual premiumof $1,250.
On June 25, the underwriter approved the policy under standard conditions and sent it to the agent, who received it on July 7. The agent contacted the client on August 8 and the date for delivery was set at August
10. On August 12, Karl learns that he will lose his job at the end of the month. As such, he decides to cancel the policy, returning it to the insurer on August 15. What is the rule governing Karl's right to have his premium refunded?
Answer: A
Explanation:
Comprehensive and Detailed Explanation:
The 10-day "free look" period starts upon delivery (August 10); Karl returned it August 15 (within 5 days), entitling him to a refund (Chapter 7:Insurance Recommendation, Contract, and Service Needs).
Option A: Correct; within 10 days.
Option B-D: Incorrect; refund tied to delivery, not approval or application.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 7:Insurance Recommendation, Contract, and Service Needs.
NEW QUESTION # 104
(Kara's uncle recently passed away, leaving her an inheritance. Since Kara does not hold any investment account and is not sure what to do with this unexpected influx of money, her cousin referred her to his own financial advisor.
What information should the advisor first seek to obtain from Kara to begin developing an investment strategy that meets her needs?)
Answer: D
Explanation:
To create an appropriate investment strategy, the advisor must understand Kara'sliquidity needs- how easily and quickly she might need to access her money without significant loss. Liquidity considerations are fundamental when setting up an investment plan, especially for someone without prior investments and an uncertain timeline for using the funds.
Exact Extract:
"Liquidity refers to the ability to access funds readily and should always be assessed in determining appropriate investment recommendations." (Reference:Segfunds-E313-2020-12-7ED, Chapter 1.1.2.5 Liquidity)
NEW QUESTION # 105
Miguel applied for a disability insurance policy nearly three months ago. He recently received notice from his agent that his application was approved, with an exclusion applicable to his lower back due to a prior injury.
The agent brought the exclusion amendment with the policy at the delivery appointment. Miguel signed and accepted it. He gave the agent a copy of a void cheque to set up direct billing for the premiums, but asked that they wait three days to draw the first premium, to coincide with his payday. The insurer drew the premium three days later, as requested. When did Miguel's policy take effect?
Answer: D
Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
Under Canadian insurance law, a policy typically takes effect when there is a meeting of the minds (offer and acceptance) and the contract is finalized, often marked by the policyholder's acceptance of the terms and conditions. TheIFSE Ethics and Professional Practice Course (Common Law)notes that for individual insurance policies, coverage begins when the policy is delivered and accepted by the insured, provided the first premium is paid or arranged. In Miguel's case, he signed and accepted the policy and amendment at the delivery appointment, and the premium payment was arranged (via void cheque) with a mutually agreed delay of three days. The policy does not take effect at application (A) unless specified, nor at notice of approval (B) alone, nor solely when the premium is drawn (D). Acceptance at signing (C) aligns with contract formation principles, making it the correct answer.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 2: Insurance Contracts, Section on
"Effective Date of Coverage."
NEW QUESTION # 106
(Gregory and Vanessa married at an early age and had three children, who are now in their forties:
Eve, Rick and Max. When the couple retired five years ago, they purchased a joint life annuity. They also had a will drawn up naming the three children as equal beneficiaries of their estate. The will specifies that Eve will act as executor of the estate.
Last week, Gregory and Vanessa both died in a car accident.
Who could make a death claim as regards the annuity?)
Answer: D
Explanation:
Since Gregory and Vanessa bought ajoint life annuity without mention of a guarantee period, the annuity wouldcease payments upon the death of the second annuitant. Therefore,no death claimcan be made on the annuity.
Exact Extract:
"In a joint life annuity with no guarantee period, payments stop upon the death of the second annuitant. No death benefit is payable." (Reference:Segfunds-E313-2020-12-7ED, Chapter 3.2.2.2 Joint Life Contract#53:3 Segfunds-E313-2020-12-
7ED.pdf**)
NEW QUESTION # 107
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