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IFSE Institute LLQP Exam Syllabus Topics:

TopicDetails
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
  • 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.
Topic 3
  • 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 4
  • 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.

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q313-Q318):

NEW QUESTION # 313
(Jack is starting a new job with group medical, dental, and retirement benefits. He submits his application but is told he is not immediately eligible.
When might Jack become eligible?)

Answer: B

Explanation:
Most group benefits, including medical, dental, and retirement plans, require employees to complete a standard waiting period(e.g., 3 months) before they become eligible for enrollment.
Exact Extract:
"Group insurance plans often impose a standard waiting period before new employees become eligible for coverage." (Reference:Sickness-E312-2020-12-7ED, Chapter 2.3.3.1 Qualification Period#45:3†Sickness-E312-2020-12-
7ED.pdf**)


NEW QUESTION # 314
Dakota is the owner of Fresh Drapes, a home decoration company. She opened her business five years ago when she quit her day job, took out loans, and put all her life savings into opening herstore. Her business is doing well, so she meets with Tanya, an insurance agent, to start investing for her retirement. After completing a thorough needs analysis, Tanya suggests that Dakota purchase segregated funds and name her husband as the beneficiary of the funds.
Which of the following offers the GREATEST benefit to Dakota by investing in segregated funds over other types of investments?

Answer: A

Explanation:
Creditor protection is a significant advantage of segregated funds over other investment types, especially for business owners like Dakota, who may face potential liability or creditor claims. According to LLQP guidelines, segregated funds, when properly structured with a designated beneficiary, can protect invested assets from creditors in the event of bankruptcy or other financial difficulties. This protection is often a critical benefit for small business owners seeking to shield personal assets.
While options A, B, and C offer benefits of segregated funds, they are not as directly valuable to Dakota's situation as creditor protection, which offers security specific to her needs as a business owner.


NEW QUESTION # 315
(Philip is applying for a segregated fund contract and must choose a sales charge. He does not foresee needing withdrawals and wants minimal management expenses and no initial reductions or penalties.
Which form of sales charge would best suit Philip?)

Answer: C

Explanation:
With afront-end sales charge, the investor pays a fee upfront, butno feesare deducted from ongoing investments or redemptions, andmanagement expensesare generally lower compared to deferred options.
This matches Philip's desire for no reductions or surprises after investing.
Exact Extract:
"Front-end sales charges are paid at the time of purchase. As a result, no further charges apply when units are sold, and investors benefit from a full investment of funds thereafter." (Reference:Segfunds-E313-2020-12-7ED, Chapter 2.3.2.1 Front-End Sales Charge)


NEW QUESTION # 316
(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 # 317
(Ted purchased an IVIC 10 years ago. His original deposit was $10,000. The current market value is
$15,500 at maturity.
What will the new maturity guarantee be?)

Answer: C

Explanation:
Upon maturity,the new guarantee becomes the current market value, andthe new maturity date is based on contract terms, often depending on the ageof the client or a specific reset term.
Exact Extract:
"When a segregated fund contract matures, the new guarantee is based on the current market value, and a new maturity date is set according to the client's age or the insurer's terms." (Reference:Segfunds-E313-2020-12-7ED, Chapter 2.1.2 Growth Secured by Reset#45:0†Segfunds-E313-
2020-12-7ED.pdf**)


NEW QUESTION # 318
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