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IFSE Institute LLQP Exam Syllabus Topics:

Topic
Details

Topic 1

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 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

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.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q232-Q237):

NEW QUESTION # 232
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?

A. The policy cannot be cancelled by Anita.
B. The coverage ends when Anita turns 100.
C. Anita must contact the insurer if there is a change in the insurability.
D. The premiums will remain level for the duration of the contract.

Answer: D

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 # 233
(Priscilla is worried about losing her job in six months. She invests $1,000 per month in segregated equity funds but has limited cash savings.
What should her insurance agent, Arthur, advise?)

A. She should sell her segregated funds immediately to provide an emergency fund.
B. She should stop buying the segregated funds only if she loses her job.
C. She should leverage her segregated funds immediately to provide cash for an emergency fund.
D. She should stop buying the segregated funds now and build an emergency fund.

Answer: D

Explanation:
Facing potential job loss, the priority for Priscilla should bebuilding an emergency fundrather than continuing to invest. Emergency funds provide essential liquidity in the event of unexpected income loss.
Exact Extract:
"Establishing an emergency fund to cover living expenses during unforeseen circumstances is fundamental before committing to longer-term investments like segregated funds." (Reference:Segfunds-E313-2020-12-7ED, Chapter 1.1.2.5 Liquidity)

NEW QUESTION # 234
(Jerry, aged 63, is getting ready to retire. His pension statement shows contributions, investment choices, and performance data.
From among the following types of pension plans, which one was Jerry a member of?)

A. Defined benefit pension plan.
B. Deferred profit-sharing plan.
C. Group life income fund.
D. Defined contribution pension plan.

Answer: D

Explanation:
The key feature of adefined contribution (DC) pension planis the focus on contributions and investment performance, rather than a guaranteed retirement benefit. Contribution amounts and investment options are fundamental characteristics of DC plans.
Exact Extract:
"In a Defined Contribution Pension Plan (DCPP), members' benefits depend on the contributions made and the investment returns earned." (Reference:Segfunds-E313-2020-12-7ED, Chapter 1.3.11 Group Plans)

NEW QUESTION # 235
Donald is married and has two children, ages 3 and 5, one of whom is severely disabled and will never be able to live independently. He is considering buying $500,000 of life insurance to guarantee care for his disabled child for his lifetime. He also wishes to insure his 20-year mortgage of $250,000 to ensure that his family can remain in their home in the event of his death.
What life insurance policy would you recommend to Donald?

A. A T-20 life insurance policy of $750,000
B. A participating whole life insurance policy of $250,000 with a T-20 insurance rider of $500,000
C. A non-participating whole life insurance policy of $500,000 with a T-20 insurance rider of $250,000
D. A participating whole life insurance policy of $750,000

Answer: C

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Donald's need is two-fold:
* Permanent needfor his disabled child's care
Reference: Insurance Study Guides Chinese.pdf, Policy Design - Combining Permanent and Term Riders

NEW QUESTION # 236
Patrick, an insurance of persons representative, gives a talk about his work to high school students. He tells them about his previous day's activities. Which activity is considered ethical misconduct?

A. Accepting a promotional pen of low value from a second insurer
B. Being reimbursed for certain direct costs in relation to his participation in training given by an insurer
C. Giving out a business card with his degrees on it
D. Depositing $3,000 from a client for the payment of premiums into his business account

Answer: D

Explanation:
Comprehensive and Detailed In-Depth Explanation: Ethical misconduct for insurance representatives is governed by the Distribution Act (Sections 16-18) and the Chambre de la securite financiere (CSF) Code of Ethics. Option B-depositing client funds into a personal business account-violates the requirement to use a separate trust account for client premiums (Distribution Act, Section 52), constituting misappropriation and breaching fiduciary duty. Option A (business card) is permissible marketing. Option C (reimbursement for training costs) is acceptable if disclosed and reasonable. Option D (low-value pen) aligns with CSF rules on minor gifts. The Ethics and Professional Practice manual prohibits commingling client funds with personal accounts, making B the clear misconduct.
References: Distribution Act, Section 52; CSF Code of Ethics; Ethics and Professional Practice (Civil Law) Manual, Section on Handling Client Funds.

NEW QUESTION # 237
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