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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

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

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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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q254-Q259):

NEW QUESTION # 254
Trisha is new to the insurance industry and wants to understand the primary responsibility of the Canadian Insurance Services Regulatory Organizations (CISRO). Which of the followingstatements about CISRO is CORRECT?

A. To help protect the integrity of the Canadian financial system.
B. To administer the enforcement of the federal Personal Information Protection and Electronic Documents Act (PIPEDA).
C. To administer the regulatory system, applicable to insurance intermediaries.
D. To provide clients with assistance to their enquiries and complaints pertaining to Canadian life and health insurance products and services.

Answer: C

Explanation:
The primary responsibility of the Canadian Insurance Services Regulatory Organizations (CISRO) is to establish and maintain a cohesive regulatory framework for insurance intermediaries, ensuring consistent standards across provincial and territorial jurisdictions in Canada. CISRO does not directly interact with consumers or administer PIPEDA; rather, it collaborates with regional regulators to promote regulatory harmony for insurance professionals.
This responsibility helps uphold public trust and ensures that intermediaries comply with legal and professional standards.

NEW QUESTION # 255
Juliette owns a medium-sized business with approximately 100 employees. Three years ago, she set up a small group benefits plan. Her employees, however, are unhappy with the coverages offered under the plan.
Moreover, for tax purposes, the group plan shares the cost of disability premiums with the employees-an expense they do not welcome. What should Juliette's agent tell her?

A. The existing group plan is the most cost-effective and tax-free way to provide these benefits.
B. Her existing group plan is the best solution, because a group of that size would not be able to take advantage of other "grouped" alternatives.
C. She should instead opt for an EHT, which affords more flexibility with no tax implications for her employees.
D. She should instead opt for a PHSP, which provides more flexible and tax-free disability benefits.

Answer: D

Explanation:
Comprehensive and Detailed Explanation:
A Private Health Services Plan (PHSP) offers flexible, tax-free benefits (employer-paid premiums are deductible, benefits non-taxable), addressing employee dissatisfaction and tax concerns (Chapter 8:Group Plan Specifics).
Option A: Incorrect; EHT (Employer Health Tax) isn't insurance.
Option B: Correct; PHSP fits needs.
Option C-D: Incorrect; group plan isn't optimal or tax-free for employees.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 8:Group Plan Specifics.

NEW QUESTION # 256
(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. $2,250
C. $3,375
D. $2,500

Answer: D

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 # 257
Danny purchases a $1,000,000 whole life insurance policy. He names his three daughters, Donna-Joe, Stephanie, and Michelle, as revocable beneficiaries with each receiving one-third of the death benefit.
If Michelle predeceases Danny, and Danny did not have a chance to modify his beneficiary designation, how will Danny's death benefit be paid out?

A. Donna-Joe and Stephanie will each receive $333,333, and Danny's estate will receive $333,333.
B. Donna-Joe and Stephanie will each receive $333,333, and Michelle's estate will receive $333,333.
C. Donna-Joe and Stephanie will each receive $500,000.
D. Danny's estate will receive the entire $1,000,000 death benefit.

Answer: C

Explanation:
When a beneficiary is designated as "revocable" and predeceases the policyholder, their share of the benefit typically reverts to the surviving beneficiaries rather than the deceased beneficiary's estate. In this case, since Michelle has predeceased Danny, her portion of the benefit is divided equally between Donna-Joe and Stephanie, the remaining beneficiaries. Therefore, each of them would receive 50% of the total death benefit, which is $500,000. If the beneficiaries had been designated as "irrevocable" or if there were specific contingent beneficiaries, different rules might apply.

NEW QUESTION # 258
Ashley meets with her life insurance agent for a needs analysis. She wants her two kids, currently nine and seven, to be well provided for in the event of her untimely death. Ashley is also concerned about the tax liability that her RRSPs will create for her children. Her need for life insurance is determined to be $800,000 to support the children and $50,000 for the tax liability.
Ashley decides to purchase a term life insurance policy to provide for her young children if need be, and a permanent policy for the tax liability.
How should Ashley set up the beneficiary designations?

A. Name the children, with a trustee, as the beneficiaries of both policies.
B. Name her estate as the beneficiary of the term policy and the children, with a trustee, as the beneficiaries of the permanent policy.
C. Name her estate as the beneficiary of both policies.
D. Name her estate as the beneficiary of the permanent policy and the children, with a trustee, as the beneficiaries of the term policy.

Answer: B

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
For young children, atrusteemust be named to manage proceeds. For tax obligations, naming theestate simplifies settling liabilities such as RRSP taxes. LLQP outlines this structure as appropriate in combined term-permanent planning for dependents and estate tax planning.
Reference: Insurance Study Guides Chinese.pdf, Beneficiary Designations - Minors and Estate Tax Use

NEW QUESTION # 259
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