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IFSE Institute LLQP Exam Syllabus Topics:

Topic	Details
Topic 1	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 2	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 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	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.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q103-Q108):

NEW QUESTION # 103
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. Reduce the monthly benefit to reduce the monthly premium.
B. Wait until his income has increased and he can afford the premium.
C. Shorten the benefit period to reduce the monthly premium.
D. Extend the waiting period to reduce the monthly premium.

Answer: D

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 # 104
After completing a thorough needs analysis, Dimitri, an insurance agent with Health Assure, recommends that his client Chandler purchase a deferred annuity contract and contribute monthly to a balanced segregated fund to build up savings that Chandler can use as retirement income. Dimitri explains to Chandler that the type of annuity contract he is recommending has two distinct phases.
What are those two phases?

A. Accumulation and investment.
B. Capitalization and payment.
C. Accumulation and capitalization.
D. Immediate and deferred.

Answer: A

Explanation:
Deferred annuities have two main phases: the accumulation phase and the investment phase. During the accumulation phase, the client makes contributions to the annuity, which are then invested to grow over time.
Once the accumulation phase ends, the funds can be converted into an income stream during retirement.
Dimitri's recommendation aligns with the structure of a deferred annuity, where Chandler contributes over time (accumulation) before receiving regular payments (investment), often providing a reliable retirement income. The LLQP training material details how deferred annuities offer tax-deferred growth during the accumulation phase, which then transitions into regular income in retirement.

NEW QUESTION # 105
Kaamil meets with Omar, his insurance agent, to purchase a whole life insurance policy. Kaamil wants to name his wife Ofra as the irrevocable beneficiary of the policy. Before proceeding, which of the following considerations should Omar CORRECTLY ask his client to reflect on?

A. Kaamil will need to obtain Ofra's consent if he would like to revoke her as a beneficiary.
B. Ofra will be able to withdraw funds from Kaamil's cash surrender value.
C. Kaamil can surrender the policy without obtaining Ofra's consent.
D. Ofra will be able to make a cash withdrawal without Kaamil's consent.

Answer: A

Explanation:
When an irrevocable beneficiary is designated, the policyholder must obtain the beneficiary's consent for any changes that affect the beneficiary's rights, such as revoking their status or making policy alterations. By naming Ofra as an irrevocable beneficiary, Kaamil would be restricted from unilaterally changing this designation or withdrawing policy funds without her agreement. This requirement protects the irrevocable beneficiary's interests, ensuring they retain certain rights in the policy.

NEW QUESTION # 106
Sidney is a professional hockey player that recently purchased a large house and wants to have life insurance coverage to cover the cost. He meets with his life insurance agent, Dave, to determine his need and complete an application. After completing a needs analysis, it is determined he should have $25,000,000 worth of life insurance. Dave makes an application to A-Z Life Insurance Co. for $25,000,000 of permanent life insurance.
The insurance company tells Dave that they have a maximum retention amount of $20,000,000 per policy.
What will happen in Sidney's case?

A. He will have to apply for $20,000,000 worth of coverage with A-Z Life Insurance Co. and $5,000,000 with a reinsurance company.
B. He will have to apply for two different policies with A-Z Life Insurance Co.: Each less than
$20,000,000 but totaling $25,000,000
C. He will have to apply for $20,000,000 worth of coverage.
D. He will have to apply for $25,000,000 worth of coverage with A-Z Life Insurance Co. and they will find a reinsurance company to cover the $5,000,000.

Answer: D

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
When a life insurer'sretention limitis below the desired coverage, they arrange forreinsurance. The LLQP explains that the insurer can apply for full coverage andautomatically allocate the excess to reinsurers without the client applying separately. This maintains simplicity for the applicant.

NEW QUESTION # 107
A few months ago, Urmish filed a complaint to the Autorite des marches financiers (AMF) about the services he received from his insurance agent, Jaba. The complaint was heard by the discipline committee, and Jaba was found guilty and ordered to pay a $10,000 fine. Jaba is upset and does not agree with the verdict. She would like to appeal the verdict.
Which of the following statements is CORRECT?

A. A decision made by the discipline committee may be appealed to the Chambre de la securite financiere (CSF).
B. A decision made by the discipline committee cannot be appealed.
C. A decision made by the discipline committee may be appealed to the Court of Quebec.
D. A decision made by the discipline committee may be appealed to the AMF.

Answer: C

NEW QUESTION # 108
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