Newest Latest LLQP Exam Pattern | Amazing Pass Rate For LLQP: Life License Qualification Program (LLQP) | Perfect LLQP Pass Rate

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IFSE Institute LLQP Exam Syllabus Topics:

Topic	Details
Topic 1	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 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	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 4	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.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q163-Q168):

NEW QUESTION # 163
Justin decides to lease the personal vehicle of his friend Simon, who owns a window installation company.
They agree on Justin having exclusive use of the vehicle in exchange for some renovations on Simon's house.
What type of contract is this?

A. A contract by mutual agreement, synallagmatic, onerous, and commutative
B. A contract of adhesion, synallagmatic, gratuitous, and of successive performance
C. A synallagmatic, commutative, onerous, and instantaneous performance contract
D. A contract by mutual agreement, unilateral, onerous, and a consumer contract

Answer: A

Explanation:
Comprehensive and Detailed In-Depth Explanation: This scenario involves a barter arrangement where Justin leases Simon's vehicle in exchange for renovations, requiring classification under Quebec's Civil Code contract principles (Articles 1378-1424). A "contract by mutual agreement" (or consensual contract) is formed through the mutual consent of both parties, as Justin and Simon negotiate terms directly (Article
1385). It is "synallagmatic" because both parties have reciprocal obligations-Justin provides renovations, and Simon provides the vehicle (Article 1381). It is"onerous" since each party incurs a cost and receives a benefit, distinguishing it from a gratuitous contract (Article 1380). Finally, it is "commutative" because the value of the renovations and vehicle use is presumed equivalent at the outset, with no uncertainty as in aleatory contracts (Article 1382). Option A is incorrect because a "contract of adhesion" involves pre-set terms with no negotiation, and this is not gratuitous. Option C fails as it is not unilateral (only one party obligated) or a consumer contract (a commercial or standard-form transaction). Option D's "instantaneous performance" is incorrect, as the lease and renovations suggest ongoing obligations. The Ethics and Professional Practice manual underscores advisors' duty to accurately interpret contract types for clients.
References: Civil Code of Quebec, Articles 1378-1424; Ethics and Professional Practice (Civil Law) Manual, Section on Contract Law Principles.

NEW QUESTION # 164
Maryse, an insurance of persons representative, meets with Anita, an actress, to complete a life insurance proposal. Maryse asks her for proof of age and identity. Anita does not like giving out her personal information and asks Maryse if she really needs to ask for these documents. Under what legislation is Maryse able to ask for these documents?

A. i) Charter of Rights and Freedoms and ii) Respecting the distribution of financial products and services (Distribution Act)
B. iv) Proceeds of Crime (Money Laundering) and Terrorist Financing Act and v) The Insurers Act respecting insurance and the Regulation under the Act respecting insurance
C. ii) Respecting the distribution of financial products and services (Distribution Act) and iii) Act respecting the protection of personal information in the private sector (APPIPS)
D. iii) Act respecting the protection of personal information in the private sector (APPIPS) and iv) Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Answer: B

Explanation:
Comprehensive and Detailed In-Depth Explanation: Maryse's request for proof of age and identity is tied to legal obligations beyond standard insurance practice. The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA, Section 9) mandates financial professionals, including insurance representatives, to verify client identity to prevent money laundering, requiring documents like a copyright or copyright. The Insurers Act (Section 93) and its Regulation complement this by requiring insurers (and their representatives) to confirm insurability and identity for underwriting accuracy, such as age affecting premiums. Option D correctly identifies these laws. Option A's Charter (Sections 1-4) protects rights but doesn't mandate ID collection. Option B's Distribution Act (Section 16) and APPIPS (Section 10) govern advisor conduct and privacy but don't specifically require ID for proposals. OptionC's APPIPS pairing with PCMLTFA is incomplete without insurer-specific rules. The Ethics manual supports compliance with anti-money laundering and insurer requirements.
References: PCMLTFA, Section 9; Insurers Act, Section 93; Ethics and Professional Practice (Civil Law) Manual, Section on Client Identification.

NEW QUESTION # 165
Rowan works for a construction company that employs 40 employees. The company is newly established, and the owners have yet to implement a group insurance policy. Rowan falls off the side of a building and breaks his collar bone. The doctor informs him that he will be unable to work for five months.
Who will pay him disability benefits while he is recuperating?

A. His employer.
B. Canada Pension Plan.
C. Workers' Compensation.
D. Employment Insurance.

Answer: C

Explanation:
In this scenario, Rowan, an employee of a construction company, suffers an injury while on the job. Since the injury occurred in the workplace, he would be eligible for benefits under Workers' Compensation. Workers' Compensation is designed to cover employees who suffer work-related injuries or illnesses, providing them with benefits that include coverage for medical expenses and income replacement during their period of disability.
As the accident happened while Rowan was performing work duties, Workers' Compensation will likely cover his wage loss for the duration he is unable to work due to the injury. Employment Insurance (EI) would not be applicable here, as EI sickness benefits are intended for non-work-related illnesses or injuries. The Canada Pension Plan (CPP) also would not apply, as it provideslong-term disability benefits primarily for severe and prolonged disabilities that prevent individuals from working in any capacity. Therefore, option D is the correct answer, as Workers' Compensation is specifically designed for cases like Rowan's.

NEW QUESTION # 166
(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?)

A. $15,500, and the new maturity date will depend on Ted's age.
B. $12,000, with the new maturity date set 10 years from now.
C. $10,000, with the new maturity date set 10 years from now.
D. $11,625, and the new maturity date will depend on Ted's age.

Answer: A

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 # 167
Angela works in a biomedical research lab where she has been assigned to discover possible antidotes to the anthrax virus. While the discovery process of testing possible antidotes would expose her to the deadly virus, she is excited about the assignment.
Knowing that anthrax can be contracted through infected food, air or contact with skin, what risk management strategy would Angela employ by wearing protective gear over her mouth and skin?

A. Risk reduction.
B. Risk transfer.
C. Risk retention.
D. Risk avoidance.

Answer: A

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Angela is using protective gear to minimize exposure to a known hazard. This is a textbook example of risk reduction, which involves implementing safety measures to lower the probability or impact of a loss. LLQP classifies risk strategies into avoidance, retention, transfer, and reduction-each with distinct characteristics.
Wearing gear does not eliminate the risk but reduces it significantly.
Reference: Insurance Study Guides Chinese.pdf, Risk Management - Types of Risk Strategies

NEW QUESTION # 168
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NEWEST LATEST LLQP EXAM PATTERN | AMAZING PASS RATE FOR LLQP: LIFE LICENSE QUALIFICATION PROGRAM (LLQP) | PERFECT LLQP PASS RATE

Newest Latest LLQP Exam Pattern | Amazing Pass Rate For LLQP: Life License Qualification Program (LLQP) | Perfect LLQP Pass Rate