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IFSE Institute LLQP Exam Overview:

Certification Vendor:	IFSE Institute
Exam Name:	Life License Qualification Program Examination
Exam Number:	LLQP
Exam Format:	Computer-Based Exam, Proctored Online or In-Centre, Multiple Choice Questions (MCQ)
Real Exam Qty:	Approximately 80–100 per module
Passing Score:	60%–70% (varies by jurisdiction and module)
Exam Price:	CAD 100–150 per module (varies by province/provider)
Exam Duration:	120–180 per module
Available Languages:	English, French
Related Certifications:	Accident & Sickness Insurance License Segregated Funds and Annuities License Life Insurance License
Certificate Validity Period:	Varies by provincial regulator; typically requires ongoing continuing education for license maintenance
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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2026 IFSE Institute LLQP: Life License Qualification Program (LLQP) Authoritative Latest Exam Practice

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IFSE Institute LLQP Exam Syllabus Topics:

Topic	Details
Topic 1	Ethics and Professional Practice: This part of the exam focuses on the legal and ethical responsibilities of life insurance professionals. It outlines the legal framework for life insurance in common law provinces and territories and stresses the importance of maintaining professionalism.
Topic 2	Segregated Funds and Annuities: Targeted at investment advisors and financial planners, this section evaluates their understanding of saving and investment strategies, which are essential for retirement and financial planning.
Topic 3	Accident and Sickness Insurance: Aimed at insurance professionals offering individual and group health insurance, this section emphasizes the importance of financial protection in the case of serious illness or injury.
Topic 4	Life Insurance: This section assesses the expertise of insurance professionals, including financial advisors and life insurance agents, in understanding the financial impact of death. It explains how life insurance helps address those financial needs and introduces various life insurance products, along with their features and benefits.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q47-Q52):

NEW QUESTION # 47
Luisa owns a balanced segregated fund currently valued at $50,000. Her mother Linda is the current revocable beneficiary of the policy. However, Luisa has been dating Benjamin for a year and would like to name him as the new beneficiary of her policy.
Which of the following statements about modifying the beneficiary designation is CORRECT?

A. Luisa can modify the designation anytime.
B. Luisa can call the insurer's head office to notify them of the change.
C. Since Linda is Luisa's named beneficiary, she would need to consent to the change.
D. The change will take effect on the date that the insurer receives the change of beneficiary form.

Answer: D

Explanation:
Beneficiary changes in insurance contracts generally become effective once the insurer receives and processes the signed change form. This is supported by LLQP material, which specifies that changes to beneficiary designations must be documented and received by the insurer for the new designation to take effect. Since Linda is a revocable beneficiary, Luisa can make this change without requiring Linda's consent.
Option B is incorrect as revocable beneficiaries do not require consent for changes. Option C is too general, and D is incorrect because a formal written change form is typically required.

NEW QUESTION # 48
Maryse, an insurance of persons representative, meets with Anita, an actress, to complete a life insurance proposal. Maryse asks her for proof of age and identity. Anita does not like giving out her personal information and asks Maryse if she really needs to ask for these documents. Under what legislation is Maryse able to ask for these documents?

A. i) Charter of Rights and Freedoms and ii) Respecting the distribution of financial products and services (Distribution Act)
B. iii) Act respecting the protection of personal information in the private sector (APPIPS) and iv) Proceeds of Crime (Money Laundering) and Terrorist Financing Act
C. iv) Proceeds of Crime (Money Laundering) and Terrorist Financing Act and v) The Insurers Act respecting insurance and the Regulation under the Act respecting insurance
D. ii) Respecting the distribution of financial products and services (Distribution Act) and iii) Act respecting the protection of personal information in the private sector (APPIPS)

Answer: C

Explanation:
Comprehensive and Detailed In-Depth Explanation: Maryse's request for proof of age and identity is tied to legal obligations beyond standard insurance practice. The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA, Section 9) mandates financial professionals, including insurance representatives, to verify client identity to prevent money laundering, requiring documents like a birth certificate or driver's license. The Insurers Act (Section 93) and its Regulation complement this by requiring insurers (and their representatives) to confirm insurability and identity for underwriting accuracy, such as age affecting premiums. Option D correctly identifies these laws. Option A's Charter (Sections 1-4) protects rights but doesn't mandate ID collection. Option B's Distribution Act (Section 16) and APPIPS (Section 10) govern advisor conduct and privacy but don't specifically require ID for proposals. OptionC's APPIPS pairing with PCMLTFA is incomplete without insurer-specific rules. The Ethics manual supports compliance with anti-money laundering and insurer requirements.
References: PCMLTFA, Section 9; Insurers Act, Section 93; Ethics and Professional Practice (Civil Law) Manual, Section on Client Identification.

NEW QUESTION # 49
Samya and Gary, who are both insurance representatives, are having lunch together. Gary has been very successful for several years and proposes a scheme to Samya to get insurance proposals signed for a fictional company they would create together. He believes that this system would make them millionaires in about ten years. Gary advises Samya to keep their conversation a secret. If Samya agrees to Gary's proposal, what sanctions could she face?

A. Pursuant to the Criminal Code, sanctions could go as far as imprisonment
B. A sanction from the CSF's discipline committee that could be a fine, suspension, or both
C. Pursuant to the Distribution Act, penal proceedings with the Court of Quebec could result in a fine of up to $1,000,000
D. Since liability insurance protects the consumer, the clients' losses will be covered and thesanctions will be reduced based on real harm

Answer: A

Explanation:
Comprehensive and Detailed In-Depth Explanation: Gary's scheme involves creating a fictional company to fraudulently sell insurance, constituting fraud under the Criminal Code of Canada (Section 380), punishable by up to 14 years imprisonment if Samya participates. Option C reflects this severe legal consequence. Option A (CSF sanctions) applies to ethical breaches within professional conduct, like fines or suspension, but fraud exceeds this scope. Option B (Distribution Act penalties) includes fines up to $175,000 (Section 458), not
$1,000,000, and is less severe than criminal charges. Option D (liability insurance) is irrelevant, as it doesn't mitigate criminal liability. The Ethics manual and LLQP prohibit fraudulent acts, emphasizing criminal repercussions for such schemes.
References: Criminal Code, Section 380; Distribution Act, Section 458; Ethics and Professional Practice (Civil Law) Manual, Section on Fraud and Misconduct.

NEW QUESTION # 50
Pierre-Marc, aged 32, is a dentist with a rich clientele. His income is substantial. Five years ago, he purchased an "any occupation" disability insurance policy. Today he meets with Joseph, his life insurance agent, to determine whether this type of coverage is still adequate. What should Joseph tell him?

A. This type of coverage is no longer adequate. Pierre-Marc should purchase "own occupation" coverage, which would allow him to collect benefits even if he can work in another profession and chooses to do so.
B. This type of coverage is adequate because it is more flexible. Pierre-Marc will be entitled to disability benefits even if he can work in another profession and chooses to do so.
C. This type of coverage is no longer adequate. Pierre-Marc should purchase an accidental death and dismemberment rider, which would allow him to collect a lump-sum benefit if he injures his hands.
D. This type of coverage is adequate. Pierre-Marc will be entitled to disability benefits even if he can work in another profession, provided he chooses not to do so.

Answer: A

Explanation:
Comprehensive and Detailed Explanation:
"Any occupation" disability insurance pays benefits only if the insured cannot work inanyjob for which they are reasonably suited by education, training, or experience. For a dentist like Pierre-Marc, whose substantial income relies on specialized skills, this is restrictive. "Own occupation" coverage pays if he cannot perform his specific job (dentistry), even if he can work elsewhere (Chapter 2:Insurance to Protect Income).
Option A: Incorrect; "any occupation" is less flexible, not more, and doesn't pay if he can work elsewhere, regardless of choice.
Option B: Incorrect; benefits stop if he can work elsewhere, whether he chooses to or not.
Option C: Incorrect; an AD&D rider addresses specific losses, not income replacement adequacy.
Option D: Correct; "own occupation" suits his high-income, specialized profession, ensuring benefits if he can't practice dentistry, even if he takes another job.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 2:Insurance to Protect Income.

NEW QUESTION # 51
Insurance of persons advisor Somalia is careful to comply with the standards and regulations when she meets with potential clients. Under no circumstances would she want them to feel aggrieved or not respected. She makes sure to know their rights. Which legislation does Somalia not have to worry about?

A. The Insurers Act and the Regulation under the Act respecting insurance
B. An Act respecting the distribution of financial products and services (Distribution Act)
C. An Act respecting the protection of personal information in the private sector (APPIPS)
D. The Quebec Charter of Human Rights and Freedoms

Answer: A

Explanation:
Comprehensive and Detailed In-Depth Explanation: Somalia, as an insurance of persons advisor in Quebec, must adhere to multiple legislative frameworks governing her professional conduct and client interactions.
The Distribution Act (option A) regulates her licensing, duties, and client dealings as a financial professional (Sections 1-12), making it directly applicable. The APPIPS (option B) governs how she handles clients' personal information, a critical aspect of her role (Sections 1-10), so she must comply. The Quebec Charter of Human Rights and Freedoms (option C) protects clients' rights to dignity and respect, influencing her ethical obligations (Sections 1-4). However, The Insurers Act and its Regulation (option D) primarily govern insurance companies' operations, solvency, and product offerings, not the day-to-day conduct of individual advisors like Somalia (Sections 1-20). While indirectly relevant through her insurer affiliations, it does not impose direct obligations on her client-facing duties. The Ethics and Professional Practice manual stresses advisors' responsibility to prioritize client-focused legislation, supporting option D as the least applicable.
References: Distribution Act, Sections 1-12; APPIPS, Sections 1-10; Quebec Charter, Sections 1-4; Insurers Act, Sections 1-20; Ethics and Professional Practice (Civil Law) Manual, Section on Legislative Compliance.

NEW QUESTION # 52
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