ASSOCIATE LLQP LEVEL EXAM & EXAM LLQP TIPS

Associate LLQP Level Exam & Exam LLQP Tips

Associate LLQP Level Exam & Exam LLQP Tips

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IFSE Institute LLQP Exam Syllabus Topics:

TopicDetails
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
  • 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
  • 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.

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Exam IFSE Institute LLQP Tips & Valid LLQP Exam Questions

To pass the certification exam, you need to select right LLQP study guide and grasp the overall knowledge points of the real exam. The test questions from our LLQP dumps collection cover almost content of the exam requirement and the real exam. Trying to download the free demo in our website and check the accuracy of LLQP Test Answers and questions. Getting certification will be easy for you with our materials.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q182-Q187):

NEW QUESTION # 182
Mercedes is a single mother to her 5-year-old son Arthur. Arthur's father Richard is not in his son's life because he is a recovering drug dealer who spent the last 4 years in and out of prison. Mercedes has full custody of Arthur and cannot count on help from her family because they live in another province.
Wanting to ensure his well-being, in the event of her death, Mercedes purchases a $100,000 life insurance policy and names Arthur the sole beneficiary of the policy.
If she died without a will who would receive the death benefit?

  • A. Mercedes's estate
  • B. Director of youth protection
  • C. Richard
  • D. Arthur

Answer: D

Explanation:
Since Arthur is the named beneficiary on Mercedes' life insurance policy, the death benefit will be payable to him directly. Under LLQP provisions, life insurance proceeds designated to a minor beneficiary are generally paid into a trust or managed by a legal guardian until the minor reaches the age of majority.
In this case, because Mercedes died intestate (without a will), Arthur would still receive the proceeds of the life insurance policy as the sole named beneficiary. However, since he is a minor, the Director of Youth Protection or a legal guardian may be appointed to manage the funds until Arthur becomes of age.


NEW QUESTION # 183
Insurance of persons advisor Somalia is careful to comply with the standards and regulations when she meets with potential clients. Under no circumstances would she want them to feel aggrieved or not respected. She makes sure to know their rights. Which legislation does Somalia not have to worry about?

  • A. An Act respecting the protection of personal information in the private sector (APPIPS)
  • B. An Act respecting the distribution of financial products and services (Distribution Act)
  • C. The Insurers Act and the Regulation under the Act respecting insurance
  • D. The Quebec Charter of Human Rights and Freedoms

Answer: C

Explanation:
Comprehensive and Detailed In-Depth Explanation: Somalia, as an insurance of persons advisor in Quebec, must adhere to multiple legislative frameworks governing her professional conduct and client interactions.
The Distribution Act (option A) regulates her licensing, duties, and client dealings as a financial professional (Sections 1-12), making it directly applicable. The APPIPS (option B) governs how she handles clients' personal information, a critical aspect of her role (Sections 1-10), so she must comply. The Quebec Charter of Human Rights and Freedoms (option C) protects clients' rights to dignity and respect, influencing her ethical obligations (Sections 1-4). However, The Insurers Act and its Regulation (option D) primarily govern insurance companies' operations, solvency, and product offerings, not the day-to-day conduct of individual advisors like Somalia (Sections 1-20). While indirectly relevant through her insurer affiliations, it does not impose direct obligations on her client-facing duties. The Ethics and Professional Practice manual stresses advisors' responsibility to prioritize client-focused legislation, supporting option D as the least applicable.
References: Distribution Act, Sections 1-12; APPIPS, Sections 1-10; Quebec Charter, Sections 1-4; Insurers Act, Sections 1-20; Ethics and Professional Practice (Civil Law) Manual, Section on Legislative Compliance.


NEW QUESTION # 184
Group insurance and group annuity representative Zaheb recently sold a group insurance contract to Alumo Inc., a company that employs about 50 plant employees. This is the first time the company offers such a plan.
The employees are asking the company questions about how the prescription drug plan works. They are especially surprised to see that the plan covers very few of the brand name drugs often prescribed by their physicians. What should Zaheb do?

  • A. Let Alumo answer its employees' questions about the prescription drug plan because it is best placed to understand their concerns.
  • B. Notify the insurer because it alone is able to explain the prescription drug plan rules to the employees.
  • C. Recommend that the employees consult the Medical Information Bureau's (MIB) official website, which explains how prescription drug plans work.
  • D. Put an employee information program in place to explain the rules of the prescription drug plan.

Answer: D

Explanation:
Comprehensive and Detailed Explanation:
Zaheb, as the agent, should educate employees via an information program to clarify coverage (e.g., generic vs. brand name drugs) (Chapter 8:Group Plan Specifics).
Option A: Incorrect; Alumo lacks expertise.
Option B: Incorrect; MIB doesn't explain plans.
Option C: Correct; agent's role.
Option D: Incorrect; insurer delegates to agent.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 8:Group Plan Specifics.


NEW QUESTION # 185
Harris is the father of Aden, Charlie, and Edmond. They are turning 29, 26, and 24 this year respectively.
Harris purchased a life insurance policy with Aden as the life insured, Charlie as the successor owner, and Edmond as co-owner of the policy. He also named his wife, Becky, as the irrevocable beneficiary. Years have passed and the life insurance accumulated sufficient cash value. Harris is working out of town most of the time and none of the family members can get hold of him. One day, Harris encounters a car accident in another country and becomesunconscious. Becky and the children decide to cancel the policy and remit the cash value to Harris's hospital. Which party can execute the intended transaction?

  • A. Edmond and Becky.
  • B. Charlie and Becky.
  • C. Charlie and Aden.
  • D. Edmond and Aden.

Answer: A

Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
TheIFSE Ethics and Professional Practice Course (Common Law)explains that the policy owner has the right to surrender a policy for its cash value, but an irrevocable beneficiary's consent is required for changes affecting their interest (e.g., cancellation). Here, Edmond is the co-owner (with Harris, who is incapacitated), giving him authority to act. Becky, as irrevocable beneficiary, must consent to the surrender. Charlie is a successor owner, effective only upon Harris's death, and Aden is the insured, not an owner. Thus, only Edmond (co-owner) and Becky (irrevocable beneficiary) can execute the transaction, making B correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 2: Insurance Contracts, Section on
"Policy Ownership" and "Irrevocable Beneficiaries."


NEW QUESTION # 186
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. Shorten the benefit period to reduce the monthly premium.
  • C. Extend the waiting period to reduce the monthly premium.
  • D. Wait until his income has increased and he can afford the premium.

Answer: C

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 # 187
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