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Popular LLQP Exams, LLQP Certification Exam Infor

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LLQP Certification Exam Infor - New LLQP Test Cram

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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

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

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 (Q128-Q133):

NEW QUESTION # 128
(Vanessa, a grandmother, wants to set up a savings account for her six-month-old granddaughter Brienne's future education, making a lump sum and regular contributions.
Which account is best suited?)

A. A TFSA in Vanessa's name
B. An RRSP in Brienne's name
C. An RESP with Brienne as beneficiary
D. A TFSA in Tanya's name

Answer: C

Explanation:
ARegistered Education Savings Plan (RESP)is specifically designed to fundeducation savingsand allows contributions for a named beneficiary (Brienne), making it the perfect choice.
Exact Extract:
"An RESP is an education savings plan sponsored by the government, providing grants and tax-deferral advantages for beneficiaries saving for post-secondary education." (Reference:Segfunds-E313-2020-12-7ED, Chapter 1.3.11.3 Group Plans and Registered Education Savings Plans)

NEW QUESTION # 129
Luc is married and the father of two teenagers. His annual salary is $60,000. His wife Marie works part-time with an annual salary of $24,000. The family's monthly expenses are $3,500. Luc and Marie are not members of any group benefit plan. What is the minimum monthly amount of disability insurance coverage that Luc needs to cover his risk of disability?

A. $5,000
B. $3,500
C. $1,500

Answer: B

Explanation:
Comprehensive and Detailed Explanation:
Luc earns $60,000/year ($5,000/month), Marie earns $24,000/year ($2,000/month), totaling $7,000/month.
Expenses are $3,500/month. If Luc is disabled, Marie's $2,000 leaves a $1,500 shortfall. However, Luc needs
$3,500/month to fully replace expenses, assuming Marie's income isn't relied upon (Chapter 2:Insurance to Protect Income).
Option A: Insufficient; $1,500 + $2,000 = $3,500 but assumes Marie's income.
Option B: Correct; $3,500 ensures full coverage.
Option C: Excessive; over-insures.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 2:Insurance to Protect Income.

NEW QUESTION # 130
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. Bond Fund
B. Balanced Fund
C. Dividend Fund
D. Target date Fund

Answer: B

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 # 131
Elizabeth has a universal life policy and has been diligent in funding it over the last several years. As a part of this, the investment account within the policy has done quite well. Elizabeth met with her financial advisor as she would like a refresher on the benefits of the accumulating fund, as it has been a while since they last discussed this; flexibility with and access to cash flow are important to her as she would like to use this as part of her retirement planning in the future.
What benefits of the accumulating account apply to Elizabeth's situation?

A. 1, 3 and 4
B. 1 and 2
C. 1, 2 and 3
D. 3 and 4

Answer: C

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Universal Life policies offer flexible features including:
* Withdrawalsfrom accumulated funds.
* Premium offsetsusing account value.
Reference: Insurance Study Guides Chinese.pdf, Universal Life Features and Cash Access

NEW QUESTION # 132
Remi owns a registered annuity contract that pays him a $2,500 monthly benefit. He purchased the contract five years ago from money he accumulated in his registered pension plan. At the time, he named his wife Annette as the revocable beneficiary of the contract. Today, he calls Louisa, his insurance agent, to designate his sister as beneficiary of the contract instead. Louisa tells him that there are restrictions on the contract and that he cannot change the beneficiary designation.
Why is Remi unable to make the change?

A. He would first have to obtain his wife's consent to change it.
B. The contract was funded by a registered pension plan.
C. He is already receiving payments from the contract.
D. He did not complete the change of beneficiary form.

Answer: B

Explanation:
Since Remi's annuity was purchased with funds from his registered pension plan, it is likely subject to locking-in provisions, which restrict changes to the beneficiary designation once annuitized. LLQP guidelines state that pensions converted into registered annuities are generally subject to locking-in rules, which often prevent changes to beneficiary designations unless in cases of spousal consent or specific contractual allowances.
Option B is incorrect, as spousal consent is not relevant when the designation is already restricted. Options A and C are also incorrect, as they do not address the locking-in nature tied to the pension plan.

NEW QUESTION # 133
......

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