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IFSE Institute LLQP Exam Syllabus Topics:

Topic	Details
Topic 1	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 2	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 3	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 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.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q35-Q40):

NEW QUESTION # 35
Candace, an insurance agent, met with her client Rebecca on March 15th to complete a life insurance application form. Rebecca applied for a T-10 $200,000 life insurance policy, she told Candace that she will wait for her policy to be accepted before making a premium payment. On April 10th, the application was accepted by the insurance company and Candace promptly called Rebecca to give her the good news.
Candace delivered the policy to Rebecca on April 15th during the meeting, Rebecca gave Candace a cheque to cover her first premium and a void cheque to cover subsequent premium payments. Candace submitted the cheques to her manager on April 21st. When did Rebecca's policy come into force?

A. April 21st
B. March 15th
C. April 15th
D. April 10th

Answer: C

Explanation:
A life insurance policy generally comes into force when the policy is delivered to the applicant and the first premium is paid. In this case, Rebecca's policy was officially delivered on April 15th, at which time she paid the initial premium. As per LLQP guidelines, the contract becomes effective upon the meeting of these two conditions: delivery of the policy and payment of the first premium.
Therefore, since Rebecca met both conditions on April 15th, that is the date her policy came into force.

NEW QUESTION # 36
Karine receives $200,000 from her mother's estate and decides to purchase an annuity. Her insurance agent Serge goes over her options with her, and she chooses the annuity that best suits her needs. Serge proceeds with the transaction.
Which of the following statements about the transaction is TRUE?

A. Serge has 3 business days to forward the payment to the insurer.
B. Karine may make a cash deposit.
C. If Karine writes a cheque, it should be made payable to Serge.
D. Serge should provide a receipt for all deposits he receives as cash, cheque, or bank draft.

Answer: D

Explanation:
As per LLQP regulations, insurance agents like Serge are required to provide receipts for any deposits they receive, regardless of the payment method, to ensure transparency and proper documentation of client transactions. This applies to cash, cheques, or bank drafts, offering proof of the transaction to Karine and helping maintain accurate records.
Option A is incorrect as it lacks specific relevance to the transaction process. Option B is incorrect, as agents generally need to remit funds to the insurer as promptly as possible, with timing requirements varying by jurisdiction but typically within days. Option D is incorrect because cheques should be made payable to the insurer, not the agent, to prevent misappropriation of funds.

NEW QUESTION # 37
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?

A. Professional management
B. Diversification
C. Maturity and death benefit guarantees of 100%
D. Creditor protection

Answer: D

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 # 38
Monique meets with Tyra, an insurance agent, to review her insurance needs. Tyra explains the different types of policies and asks Monique for more information on her sources of income and expenses to properly evaluate her needs.
Which document should Tyra review to better understand Monique's sources of income?

A. Cash flow statement.
B. Non-registered investment account statement.
C. Net worth statement.
D. Registered investment account statement.

Answer: A

Explanation:
Acash flow statementprovides a detailed view of an individual's sources of income and expenses over a certain period, making it the best document for Tyra to review in order to understand Monique's financial position. This statement outlines both inflows (such as wages, rental income, or dividends) and outflows (such as rent, mortgage payments, and living expenses), allowing Tyra to gauge Monique's ability to handle insurance costs and identify any potential gaps in coverage.

NEW QUESTION # 39
Ae-Cha starts working for the manufacturer, Premier Vibe Inc., a company that offers its employees group insurance with Sprout Life Insurance. Ae-Cha meets with Devon, the group insurance representative, and learns that her group plan includes $75,000 of life insurance coverage. Ae-Cha would like to know who designates the beneficiary on the life insurance.

A. Premier Vibe Inc.
B. Ae-Cha
C. Sprout Life
D. Devon

Answer: B

Explanation:
In group life insurance plans, the employee (insured individual) is typically responsible for designating their own beneficiary. Although Premier Vibe Inc. sponsors the group plan, it is Ae-Cha, as the policyholder, who has the right to choose her beneficiary for the life insurance coverage provided under the plan. The employer or the insurer does not decide the beneficiary; this decision remains solely with the insured employee.

NEW QUESTION # 40
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LLQP Test Online & Practice LLQP Mock

Practice LLQP Mock, LLQP Exam Dumps Provider

IFSE Institute LLQP Exam Syllabus Topics:

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q35-Q40):

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