PASS GUARANTEED 2025 IFSE INSTITUTE TRUSTABLE LLQP: LATEST LIFE LICENSE QUALIFICATION PROGRAM (LLQP) EXAM PAPERS

Pass Guaranteed 2025 IFSE Institute Trustable LLQP: Latest Life License Qualification Program (LLQP) Exam Papers

Pass Guaranteed 2025 IFSE Institute Trustable LLQP: Latest Life License Qualification Program (LLQP) Exam Papers

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Quiz 2025 IFSE Institute LLQP: Life License Qualification Program (LLQP) Latest Latest Exam Papers

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q16-Q21):

NEW QUESTION # 16
Cory is a recent college graduate who has just been hired by a marketing firm in an entry-level position. His employer group benefits only cover a short-term disability to a maximum of 119 days. He meets with an insurance agent to talk about disability coverage. To fully cover his salary, he would require a $3,000 monthly benefit. In reviewing options, he thinks that his ideal coverage of a 30-day waiting period and a "to age 65" benefit period comes at a cost that exceeds his budget. What recommendation should the insurance agent make to Cory regarding coverage?

  • A. Extend the waiting period to reduce the monthly premium.
  • B. Reduce the monthly benefit to reduce the monthly premium.
  • C. Wait until his income has increased and he can afford the premium.
  • D. Shorten the benefit period to reduce the monthly premium.

Answer: A

Explanation:
Comprehensive and Detailed Explanation:
Extending the waiting period (e.g., to 120 days) aligns with his 119-day STD coverage, reducing premiums while maintaining $3,000/month to age 65 (Chapter 7:Insurance Recommendation, Contract, and Service Needs).
Option A: Correct; cost-effective.
Option B: Incorrect; weakens coverage.
Option C: Incorrect; reduces protection.
Option D: Incorrect; delays coverage.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 7:Insurance Recommendation, Contract, and Service Needs.


NEW QUESTION # 17
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 # 18
Melissa, a La Tranquillite representative, is meeting with a client who tells her about something that happened to one of her friends. While she was taking part in an outdoor weekend at Mont-Tremblant Park, a forest fire broke out and one of the participants was never found. The client isabout to take out life insurance with Melissa. She asks Melissa what would happen to her insurance capital in such a situation. What can Melissa tell the client?

  • A. It would be impossible to pay the insurance face amount if the victim's body is not found
  • B. The contract premiums would be reimbursed to the beneficiary because the contract would be null and void
  • C. The insurer would pay the insurance face amount within 30 days of the claim
  • D. The beneficiary could receive the insurance face amount after a certain number of years and after receiving the judgment for the declaration of death

Answer: D

Explanation:
Comprehensive and Detailed In-Depth Explanation: In life insurance, a death benefit requires proof of death, typically a copyright. Under Quebec law (Civil Code, Article 92), if a person disappears and death cannot be immediately confirmed (e.g., no body found), a court can issue a declaratory judgment of death after a waiting period-usually 7 years, or sooner with evidence of peril (e.g., forest fire). The LLQP notes that insurers delay payment until this legal determination, as premature payment risks fraud. Option D correctly states that the beneficiary could receive the face amount after this process. Option A (30-day payment) assumes immediate proof, which isn't available here. Option B (premium refund) is incorrect, as the contract remains valid, not void. Option C (impossible payment) overstates the issue-payment is possible post-judgment. The Ethics manual mandates advisors to clarify claim processes, especially in uncertain scenarios.
References: Civil Code of Quebec, Article 92; LLQP Module on Claims; Ethics and Professional Practice (Civil Law) Manual, Section on Death Benefits.


NEW QUESTION # 19
Valerie, age 42, recently left her job after 15 years of service. She participated in a defined contribution pension plan and had accumulated benefits amounting to $88,000, eligible for transfer into a registered contract. What must Valerie do with this money?

  • A. Transfer this sum into a LIRA and convert the accumulated value into a life annuity or LIF no later than December 31 of the year she turns 71
  • B. Transfer this sum into a LIRA and convert the accumulated value into a life annuity or RRIF no later than December 31 of the year she turns 71
  • C. Transfer this sum into a RRIF and start withdrawing annuity payments no later than the end of the following calendar year
  • D. Transfer this sum into an RRSP and convert the accumulated value into a life annuity or RRIF no later than December 31 of the year she turns 71

Answer: A

Explanation:
Comprehensive and Detailed In-Depth Explanation: Pension funds from a defined contribution plan, upon leaving employment, must follow Quebec's Supplemental Pension Plans Act (SPPA) and federal tax rules.
The $88,000 is "locked-in," meaning it cannot be cashed out and must be transferred to a Locked-In Retirement Account (LIRA) to preserve its pension status (SPPA,Section 98). A LIRA restricts access until retirement, when it must be converted into a life annuity or Life Income Fund (LIF) by December 31 of the year the holder turns 71 (Income Tax Act, Section 146). Option D correctly identifies the LIRA and LIF
/annuity options. Option A (RRSP) applies to non-locked-in funds, not pension benefits. Option B's "RRIF" is incorrect, as locked-in funds use a LIF in Quebec. Option C (immediate RRIF withdrawal) violates locking- in rules and age requirements. The Ethics manual requires advisors to clarify locked-in fund rules for clients.
References: Supplemental Pension Plans Act, Section 98; Income Tax Act, Section 146; Ethics and Professional Practice (Civil Law) Manual, Section on Retirement Planning.


NEW QUESTION # 20
Leonard and Ashley, a couple in their early 30s, meet with Howard, an insurance agent, to review their investment needs. Leonard earns $60,000 a year as a research physicist, and Ashley earns $25,000 as an actress. They each have $3,000 in their respective chequing accounts. Leonard also has $40,000 invested in his group registered retirement savings plan (RRSP). Ashley has a Subaru WRX worth $20,000 with a car loan of $10,000. Leonard does not own a car, but he has an outstanding student loan of $30,000.
What is the couple's net worth?

  • A. $23,000
  • B. $111,000
  • C. $26,000
  • D. $56,000

Answer: C

Explanation:
To calculate net worth, we sum the couple's assets and subtract their liabilities. The calculation is as follows:
Assets:
* Leonard's chequing account: $3,000
* Ashley's chequing account: $3,000
* Leonard's group RRSP: $40,000
* Ashley's car (Subaru WRX): $20,000
Total Assets:$66,000
Liabilities:
* Ashley's car loan: $10,000
* Leonard's student loan: $30,000
Total Liabilities:$40,000
Net Worth Calculation:$66,000 (Assets) - $40,000 (Liabilities) = $26,000 The couple's net worth is therefore $26,000, which aligns with LLQP methodologies for net worth calculations by considering all assets minus liabilities.


NEW QUESTION # 21
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