100% Pass Quiz 2025 Useful IFSE Institute Reliable LLQP Exam Sample

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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	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	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 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.

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Quiz LLQP - Life License Qualification Program (LLQP) Latest Reliable Exam Sample

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q272-Q277):

NEW QUESTION # 272
The company Xtra is growing. Mr. Trenet, chair of the executive committee, invites his financial security advisor, Noah, to meet with them to underwrite an annuity contract. The treasurer of Xtra offers to invest
$2,500,000 of the company's retained earnings. Before voting on a resolution to designate a policyholder, the treasurer asks Noah if Xtra can be designated as the policyholder instead of Mr. Trenet. What answer should Noah give?

A. Only an individual can be a policyholder; therefore, Noah can recommend that Mr. Trenet be the policyholder
B. If the capital is not registered, Xtra can be the policyholder
C. For Xtra to become the subscriber of the contract, the investment amount must come from aregistered plan, such as a retirement fund
D. Because Xtra is a legal person, Xtra can be the policyholder; Mr. Trenet must be the subrogated annuitant to approve decisions on behalf of Xtra

Answer: B

Explanation:
Comprehensive and Detailed In-Depth Explanation: Under the Civil Code of Quebec (Article 2415), a policyholder (or subscriber) is the entity that owns and pays for an insurance or annuity contract, which can be an individual or a legal person like a corporation. Xtra, as a company, can use its retained earnings (unregistered capital) to fund an annuity contract and be designated as the policyholder, making option D correct. Option A is false, as legal persons can own contracts (e.g., group insurance). Option B's requirement of a registered plan is incorrect-annuities can be funded with non-registered funds. Option C introduces a
"subrogated annuitant," a misnomer here, as the annuitant is the person receiving payments, not a decision- maker, and no such requirement exists. The LLQP and Ethics manual confirm that corporations can be policyholders for business purposes, like key person coverage or investments.
References: Civil Code of Quebec, Article 2415; LLQP Module on Annuities; Ethics and Professional Practice (Civil Law) Manual, Section on Contract Ownership.

NEW QUESTION # 273
(Ten years ago, Yamina invested $2,500 in a segregated fund contract with a 75%/100% guarantee structure. The market value of the contract peaked at $4,500 but then fell. Now, at maturity, the units are worth $2,250.
How much can Yamina expect to receive?)

A. $2,250
B. $1,875
C. $2,500
D. $3,375

Answer: C

Explanation:
With a75% maturity guarantee, Yamina is guaranteed to receive at least75% of the original investmentat maturity, regardless of market performance.
75% × $2,500 =$1,875, but because there is aresetpossibility if applicable and a100% death benefit guarantee, and if there had been any resets (not mentioned here), she would get the original amount$2,500 based on the basic guarantee.
Exact Extract:
"At maturity, if the market value is less than the guaranteed amount (typically 75% or 100% of the deposited amount), the maturity guarantee is paid." (Reference:Segfunds-E313-2020-12-7ED, Chapter 2.1.1 Guarantees#33:4 Segfunds-E313-2020-12-7ED.
pdf**)

NEW QUESTION # 274
Angus is involved in a motorcycle accident and due to his injuries has to spend a few nights in thehospital. He is released from the hospital with a doctor's note indicating that he is able to perform certain parts of his job, but that it would take months until he can be back to normal. He promptly calls his insurance agent Dawn to ask her if he would be entitled to his disability benefits. Dawn reads his policy and tells him that he will not receive any disability benefits.
Which disability definition is MOST LIKELY included in his policy?

A. Regular occupation
B. Any occupation
C. Own occupation
D. Total disability (according to the CPP)

Answer: B

Explanation:
The"any occupation"definition of disability is the most restrictive and generally requires that the insured be unable to perform any work for which they are reasonably qualified by education, training, or experience. If Angus's policy includes this definition, it would explain why he does not qualify for disability benefits despite being unable to perform parts of his job. Under this type of policy, unless he is unable to performanyoccupation, he would not be eligible for benefits. This is different from other definitions like "own occupation," which is less restrictive and provides benefits if the insured cannot perform their specific job duties.

NEW QUESTION # 275
Rene and Christine are 42-year-old twins. They are currently in the middle of a career change and have decided to become entrepreneurs by buying a food franchise.
They are both in excellent health and only Rene is an average smoker.
In setting up the financial structure of their business, they each decided to take out a $400,000 10-year term life insurance policy, designating each other as irrevocable beneficiary.
What can we say about the premiums for the life insurance policies that will be issued?

A. The premium for Rene's policy will be higher because statistics indicate that he will live longer than Christine.
B. The premium for Christine's policy will be higher because statistics indicate that she will live longer than Rene.
C. The premium for Rene's policy will be higher because he is a man and an average smoker.
D. Both policies will have the same premium because Rene and Christine are twins.

Answer: C

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Premiums are based onage, gender, health, and smoking status. Although twins share the same age and likely similar health, Rene's status as a smoker increases his mortality risk and thus his premiums. LLQP clearly identifies smoking status as a major premium factor.
Reference: Insurance Study Guides Chinese.pdf, Underwriting Factors - Gender, Age, Smoking

NEW QUESTION # 276
Ten years ago, Albert purchased a life insurance policy and designated his brother Stephen as the sole beneficiary. Albert is single and Stephen is his only family. Albert is a frequent traveler and enjoys doing exotic sports in South Africa. During his trip in South Africa in July 2019, there was a heavy earthquake in the region and a lot of the buildings fell apart. It was reported that Albert could be drinking in one of the restaurants when the disaster happened. His body was not located at that time. The South African government declared the incident as a national disaster. After the incident, Stephen got a letter from the life insurance company indicating Albert's life insurance was in grace period and a payment was required or it will lapse on August 15, 2019. Two weeks have passedsince the mail arrived and the grace period is over. The policy is now lapsed because Stephen was occupied with Albert's disappearance. On October 1, 2019, Albert's body is finally located in one of the building ashes. The coroner's report indicated he died when the building collapsed. What should Stephen do to handle the life insurance matter?

A. Stephen should make a death claim because Albert died on the day when the earthquake occurred.
B. Stephen would not be able to make a claim because the coroner's report came out after the policy lapsed.
C. Stephen could bring the policy back in force by telling the insurance company what happened and start paying the premium again.
D. Stephen would not be able to make a claim because the policy already lapsed.

Answer: A

Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
TheIFSE Ethics and Professional Practice Course (Common Law)states that a life insurance policy's coverage remains in effect during the grace period (typically 30 days) if the insured dies before it lapses. Albert died in July 2019 during the earthquake, within the grace period (ending August 15, 2019). The delay in finding his body or issuing the coroner's report doesn't negate the claim, as death occurred while the policy was active.
Lapse after death (B, C) doesn't apply, and reinstatement (D) is unnecessary since the claim is valid based on the death date. Stephen should file a claim, making A correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 2: Insurance Contracts, Section on
"Grace Period and Claims."

NEW QUESTION # 277
......

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100% Pass Quiz 2025 Useful IFSE Institute Reliable LLQP Exam Sample

IFSE Institute LLQP Exam Syllabus Topics:

Quiz LLQP - Life License Qualification Program (LLQP) Latest Reliable Exam Sample

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q272-Q277):

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