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Exam LLQP Online | LLQP Reliable Exam Simulations
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The Life License Qualification Program (LLQP) LLQP certification is a unique way to level up your knowledge and skills. With the Life License Qualification Program (LLQP) LLQP credential, you become eligible to get high-paying jobs in the constantly advancing tech sector. Success in the IFSE Institute LLQP examination also boosts your skills to land promotions within your current organization. Are you looking for a simple and quick way to crack the IFSE Institute LLQP examination? If you are, then rely on LLQP Exam Dumps.
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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.
IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q150-Q155):
NEW QUESTION # 150
Hana, a 25-year-old personal assistant, recently got a job where the employer offers all employees access to a defined contribution pension plan (DCPP). Hana meets with the group insurance agent, Tom, because she must choose her investments and she doesn't know what she should choose. She is not very knowledgeable about investments, but since the money will only be used at retirement, she wants to invest in a fund that combines stocks and bonds and that is easy to understand.
Which fund should Tom suggest?
- A. Dividend Fund
- B. Bond Fund
- C. Balanced Fund
- D. Target date Fund
Answer: C
Explanation:
Since Hana is not highly knowledgeable about investments and prefers a simple approach that includes both stocks and bonds, a Balanced Fund would be appropriate. Balanced funds are designed to provide a mix of stocks and bonds, which offers both growth potential and incomestability. This aligns well with Hana's objectives for a diversified and easy-to-understand investment suitable for retirement. LLQP materials note that balanced funds offer simplicity and diversification, making them suitable for investors who seek moderate risk and diversification without the need for detailed investment knowledge.
Bond funds, dividend funds, and target date funds each have unique advantages, but they do not offer the same balanced exposure to both stocks and bonds that Hana seeks. Bond funds focus primarily on fixed- income assets, dividend funds on equity income, and target date funds adjust over time rather than maintain a fixed allocation of stocks and bonds throughout the investment period.
NEW QUESTION # 151
Gino, an insurance of persons representative, is cleaning his office and going through old files. He comes across a file from a former client, Nathan, who owned a 20-year term insurance policy that was cancelled 3 years ago. Nathan now has a different representative and Gino no longer has any contact with him. Gino would like to know if he can destroy Nathan's file.
Which of the following options is CORRECT?
- A. No, because he must wait until the file has been closed for at least 7 years.
- B. Yes, because Nathan cancelled his policy 3 years ago.
- C. No, because he must wait until the file has been closed for at least 5 years.
- D. Yes, because Nathan transferred his affairs to another representative.
Answer: C
Explanation:
Insurance records must generally be retained for a minimum period to comply with provincial regulatory requirements, which is often five years from the date of termination. This helps ensure compliance with record-keeping mandates and allows for any legal, financial, or administrative review if needed. Gino is obligated to retain Nathan's file until it has been closed for at least five years, despite the change in representation or policy status.
NEW QUESTION # 152
Julie and Jim have been married for 16 years and decide to divorce. They draw up a list of property that will be partitioned based on the provisions of family patrimony: the family home, the cars, the RRSPs, and the benefits accrued with the RRQ during the marriage. What other items should be added to Julie and Jim's list?
- A. TFSAs
- B. Nothing else
- C. Bank accounts and TFSAs
- D. Life insurance policy cash surrender values
Answer: C
Explanation:
Comprehensive and Detailed In-Depth Explanation: Under Quebec's Civil Code, specifically within the framework of family patrimony (Articles 414-426), the partition of property upon divorce includes assets acquired during the marriage that are designated as part of the family patrimony. The family home, cars, RRSPs (Registered Retirement Savings Plans), and benefits accrued under the RRQ (Regie des rentes du Quebec, or Quebec Pension Plan) are already listed, as they are explicitly included under Article 415.
However, family patrimony also encompasses other property used for the family's benefit, such as bank accounts that hold funds accumulated during the marriage for family use. TFSAs (Tax-Free Savings Accounts) are individual savings accounts, but if they were used for family purposes or funded with marital income, they could also be considered. The Ethics and Professional Practice (Civil Law) manual emphasizes thatadvisors must ensure clients fully understand the scope of divisible assets under family patrimony rules to avoid omissions. Life insurance cash surrender values (option C) are not automatically included in family patrimony unless designated for family use, and "nothing else" (option D) overlooks additional divisible assets like bank accounts. Option B, "Bank accounts and TFSAs," correctly expands the list to include other relevant marital property, aligning with the Civil Code's broad interpretation of family patrimony.
References: Civil Code of Quebec, Articles 414-426; Ethics and Professional Practice (Civil Law) Manual, Section on Family Patrimony.
NEW QUESTION # 153
Francis owns a $250,000 insurance policy with an accidental death and dismemberment (AD&D) rider.
Francis calls his insurance agent Andrew to inform him that he permanently lost the use of his right hand. He explains to Andrew that his brother shot him when he broke into his brother's house to recover a gold watch that was rightfully his. Francis wants to know how much he will receive from his AD&D rider.
- A. Francis will receive a benefit of $187,500.
- B. Francis will receive a benefit of $250,000.
- C. Francis will not receive any benefit.
- D. Francis will receive a benefit of $165,000.
Answer: C
Explanation:
Accidental Death and Dismemberment (AD&D) riders typically exclude coverage if the injury ordeath occurs while engaging in criminal activities or illegal acts. Since Francis was injured while breaking into his brother' s house, his actions are considered illegal, and this would void any claim under the AD&D rider. As a result, Francis will not receive any benefitdue to the circumstances surrounding the injury.
NEW QUESTION # 154
Thien is 56 years old and has recently been diagnosed by his doctor with a heart condition for which there is no known treatment, and which has dramatically reduced his life expectancy. Thien has decided to take early retirement. Fortunately, after 30 years of service working as a credit officer at a local bank, he has accumulated a large sum in his pension plan. Thien's wife supports his decision to retire early. She is 49 and in good health, and plans to continue working and earning a lucrative income at her current position as a divorce lawyer at a prestigious law firm, at least until she reaches 65 years of age.
What type of annuity would BEST suit Thien's needs?
- A. Impaired life annuity.
- B. Joint life annuity.
- C. Life annuity.
- D. Life annuity with a 15-year guarantee.
Answer: A
Explanation:
An impaired life annuity would be the best option for Thien given his health condition and reduced life expectancy. Impaired life annuities offer higher payouts compared to standard life annuities because they take into account the reduced life expectancy due to a serious health condition. This type of annuity provides an opportunity for individuals with significant health issues to receive increased income during their retirement years. According to LLQP resources, impaired annuities are designed specifically to address the needs of clients with severe health concerns by offering enhanced benefits that align with their specific life expectancy.
Options A, B, and C are standard annuity options that would not take Thien's specific health impairment into account and therefore would not maximize his retirement income as effectively as an impaired life annuity.
NEW QUESTION # 155
......
As the tech industry continues to evolve and adapt to new technologies, professionals who hold the Life License Qualification Program (LLQP) (LLQP) certification are better equipped to navigate these changes and stay ahead of the curve, increasing their value to employers and clients. In today's fast-paced and ever-changing IFSE Institute sector, having the IFSE Institute LLQP Certification has become a necessary requirement for individuals looking to advance their careers and stay competitive in the job market.
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