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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	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	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 (Q17-Q22):

NEW QUESTION # 17
Marietta receives a summons from the syndic of the CSF regarding an investigation into her associate. The summons was delivered to her office on May 2 and she took notice of it on May 4. The summons requires her to receive the syndic representative at her office on May 19 at 8:30 a.m. Marietta has already planned for and reserved a week off for a vacation abroad from May 15 to 22. She immediately emails the syndic representative to inform him that she will be out of the country and cannot be present on the 19th. She proposes meeting on the 14th or the 23rd ofthe same month. Pursuant to the Code of Ethics of the Chambre de la securite financiere, which duties or obligations has Marietta breached?

A. She has breached her obligations toward other representatives, firms, independent partnerships, insurers, and financial companies
B. She has not breached the Code of Ethics
C. She has breached her duties toward the client
D. She has breached her duties toward the profession

Answer: B

Explanation:
Comprehensive and Detailed In-Depth Explanation: The CSF Code of Ethics (Section 7) requires cooperation with the syndic during investigations, including attending scheduled meetings. However, Marietta's prior vacation and prompt communication proposing alternative dates demonstrate reasonable effort to comply, not defiance. Option A is correct-she has not breached the Code, as flexibility is allowed if justified and communicated. Option B (other professionals) is irrelevant, as no duty to them is implicated. Option C (client) doesn't apply, as no client is involved. Option D (profession) could arise if she ignored the summons, but her proactive response avoids this. The Ethics manual supports cooperation with regulators while acknowledging practical constraints.
References: CSF Code of Ethics, Section 7; Ethics and Professional Practice (Civil Law) Manual, Section on Regulatory Cooperation.

NEW QUESTION # 18
Marsha and Alexis are equal partners in an advertising firm. They meet with Jose, an insurance agent, and Horacio, their lawyer, because they would like to protect themselves if one of them becomes disabled and unable to work for an extended period of time. At the end of their meeting, they agree to purchase $500,000 disability insurance policies on each other by each of them paying premiums.
What type of agreement do Marsha and Alexis have?

A. Entity purchase agreement
B. Key person insurance
C. Cross-purchase agreement
D. Business loan protection disability insurance

Answer: C

Explanation:
In across-purchase agreement, business partners purchase disability or life insurance policies on each other.
If one partner becomes disabled, the other partner uses the proceeds from the insurance to buy out the disabled partner's share in the business. Marsha and Alexis have agreed to purchase disability insurance policies on each other, with each paying the premium on the policy for their partner. This structure aligns with the cross-purchase format, where each partner independently holds the policy on the other, as described in LLQP materials on business continuation planning. The other options, such as an entity purchase agreement, involve the business purchasing the policy, which is not the case here.

NEW QUESTION # 19
Kerry is 52 years old and he is purchasing additional coverage on his individual disability income insurance policy using a future purchase option. His income has increased about 35% since he took out the policy four years ago. What is Kerry guaranteed to receive as a result of the rider?

A. An automatic 35% increase in benefit.
B. An increased benefit based on Kerry's income at the time of disability.
C. An increased benefit according to the policy when Kerry provides proof of income.
D. An increased benefit according to the policy when medical insurability is proven.

Answer: C

Explanation:
Comprehensive and Detailed Explanation:
A future purchase option allows benefit increases without medical underwriting, contingent on financial underwriting (proof of income increase) (Chapter 7:Insurance Recommendation, Contract, and Service Needs).
Option A: Incorrect; not automatic, requires proof.
Option B: Incorrect; no medical proof needed.
Option C: Correct; tied to income proof.
Option D: Incorrect; set at purchase, not disability.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 7:Insurance Recommendation, Contract, and Service Needs.

NEW QUESTION # 20
Larry, an insurance agent, meets with Ethan, a freelance photographer, to review his insurance needs. Larry tells Ethan that he wants to collect all pertinent financial information to prepare a net worth statement for Ethan.
Why does Larry want to prepare Ethan's net worth statement?

A. To have enough information to identify where Ethan spends his money.
B. To determine Ethan's various sources of income.
C. To determine if Ethan has enough resources to cover medical expenses if he had a medical emergency.
D. To determine how much Ethan can spend on accident and sickness insurance premiums.

Answer: C

Explanation:
Anet worth statementassesses an individual's total financial assets and liabilities, providing insight into their overall financial health. For Ethan, as a freelance photographer, understanding his net worth is essential to determine whether he has sufficient resources to manage unexpected expenses, such as medical costs from a potential emergency. This assessment helps Larry gauge Ethan's ability to withstand financial shocks, which is crucial when planning for accident and sickness insurance coverage. While cash flow statements provide details on income and expenses, net worth statements are specifically used to evaluate financial resources available for emergencies.

NEW QUESTION # 21
Sebastian is a 44-year-old sales representative employed at Premier Aqua. He wants to take a year off to travel and relax. He has worked for the company for 25 years and accumulated $230,000 in a deferred profit sharing plan (DPSP). He would like to know if he can use some of the funds in his DPSP to fund his sabbatical.

A. No, the funds can only be transferred to a locked-in retirement account (LIRA).
B. Yes, he can withdraw the funds if he wants to.
C. No, the funds can only be transferred to a life income fund (LIF).
D. Yes, he can withdraw the funds if he gets permission from his employer.

Answer: A

Explanation:
As with most Deferred Profit Sharing Plan (DPSP) funds, Sebastian's accumulated balance is generally locked-in, which means it cannot be withdrawn in cash while still under the plan. Instead, he may transfer it to a Locked-In Retirement Account (LIRA) upon leaving his employment or retiring, ensuring the funds remain tax-deferred. LLQP guidelines state that DPSP funds are generally subject to locking-in provisions, which restrict withdrawals and are specifically aimed at providing retirement income.
Thus, contrary to options A and B, Sebastian cannot withdraw the DPSP funds for discretionary purposes, such as funding his sabbatical, because of these restrictions. Option C is incorrect, as transferring to a Life Income Fund (LIF) would only be appropriate once the funds are in a LIRA, typically when Sebastian is closer to retirement age and ready to begin income withdrawals.

NEW QUESTION # 22
......

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RELIABLE LLQP ACTUAL TEST DUMPS PDF HAS 100% PASS RATE - TESTPASSED

Reliable LLQP Actual Test Dumps PDF has 100% pass rate - TestPassed