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Latest LLQP Version - 100% Latest Questions Pool

Using the LLQP Study Materials, you will find that you can grasp the knowledge what you need in the exam in a short time. Because users only need to spend little hours on the LLQP study materials, our learning materials will help users to learn all the difficulties of the test site, to help users pass the qualifying examination and obtain the qualification certificate. If you think that time is important to you, try our learning materials and it will save you a lot of time.

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

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 3

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 4

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.

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Latest LLQP Version Offer You The Best Key Concepts to pass Life License Qualification Program (LLQP) exam

While the IFSE Institute LLQP practice questions pdf can help you learn all the relevant answers for the Life License Qualification Program (LLQP), ActualTorrent also provides an online Sitecore Practice Test engine to enhance your confidence and skills. This practice test engine is an effective tool for both learning and practicing IFSE Institute LLQP Exam.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q143-Q148):

NEW QUESTION # 143
(Ten years ago, Yamina invested $2,500 in a segregated fund contract with a 75%/100% guarantee structure. The market value of the contract peaked at $4,500 but then fell. Now, at maturity, the units are worth $2,250.
How much can Yamina expect to receive?)

A. $1,875
B. $2,500
C. $3,375
D. $2,250

Answer: B

Explanation:
With a75% maturity guarantee, Yamina is guaranteed to receive at least75% of the original investmentat maturity, regardless of market performance.
75% × $2,500 =$1,875, but because there is aresetpossibility if applicable and a100% death benefit guarantee, and if there had been any resets (not mentioned here), she would get the original amount$2,500 based on the basic guarantee.
Exact Extract:
"At maturity, if the market value is less than the guaranteed amount (typically 75% or 100% of the deposited amount), the maturity guarantee is paid." (Reference:Segfunds-E313-2020-12-7ED, Chapter 2.1.1 Guarantees#33:4†Segfunds-E313-2020-12-7ED.
pdf**)

NEW QUESTION # 144
Kalei owns a $250,000 life insurance policy with an accumulated cash surrender value of $75,000. She meets with her insurance agent Pamela to inform her that she quit her job last week. She wants to start an online business and needs $40,000 to fund the inventory and cover her living expenses for a few months. She heard that it was possible to obtain a loan using her policy at a 5% interest rate. Which of the following statements about collateral assignment is CORRECT?

A. Upon Kalei's death, the insurance company will only reimburse the bank the entire $40,000 that she borrowed.
B. The bank is the new policyholder and beneficiary of the policy.
C. Kalei must name the bank as an irrevocable beneficiary of the policy until the debt is paid off.
D. Kalei is prohibited from doing anything with her policy that could affect the value of the security.

Answer: D

Explanation:
When a life insurance policy is used as collateral for a loan, the policyholder retains ownership but must avoid actions that could reduce the value of the policy as collateral, such as reducing the cash value or cancelling the policy. This restriction ensures that the lender's security interest in the policy remains protected until the debt is repaid.
In collateral assignments, the policyholder does not transfer ownership to the lender, nor is there a requirement to designate the lender as an irrevocable beneficiary. The assignment simply grants the lender a right to claim the policy proceeds to cover the loan amount if the policyholder defaults or passes away.

NEW QUESTION # 145
France is a daycare owner who has an employer group benefits plan in place for her employees. During her annual renewal meeting with her insurance agent, she is told that the plan's rates are increasing by a surprisingly large percentage. Her agent explains that although most of her staff are young females in their
20s, the claims experience is higher than the industry norm. What amendment to the group plan could France' s agent suggest to help control the cost?

A. Reduce the benefit offering to make submitting a claim less appealing.
B. Only cover a class of employees who submit infrequent claims.
C. Only offer benefits to employees-not their dependants.
D. Add deductibles and co-insurance factors to the plan.

Answer: D

Explanation:
Comprehensive and Detailed Explanation:
Adding deductibles and co-insurance shifts costs to employees, reducing claims and premiums (Chapter 8:
Group Plan Specifics).
Option A: Limits coverage scope, not claims.
Option B: Discriminatory; impractical.
Option C: Correct; effective cost control.
Option D: Reduces value, not optimal.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 8:Group Plan Specifics.

NEW QUESTION # 146
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 RRIF and start withdrawing annuity payments no later than the end of the following calendar year
B. 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
C. 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
D. 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

Answer: B

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 # 147
Benjamin is a financial security advisor working for the Larson Group. He is following a mandatory compliance training session given by Andrew, the compliance manager. Andrew explains the importance of following the Chambre de la securite financiere code of ethics, and Benjamin would like to know to whom the code of ethics applies.
What is Andrew's CORRECT response?

A. Damage insurance agents and accident and sickness insurance representatives.
B. Financial security advisors and their administrative assistants.
C. Financial planners and financial security advisors.
D. Claims adjusters and group insurance plan advisors.

Answer: C

Explanation:
The Chambre de la securite financiere code of ethics applies specifically to financial security advisors and financial planners in Quebec. This code outlines the professional conduct required of those working within the financial services industry who advise clients on security products. Administrative assistants, claims adjusters, and damage insurance agents do not fall under the purview of the CSF code of ethics as they are regulated under different professional codes or by different oversight organizations.

NEW QUESTION # 148
......

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