2025 IFSE INSTITUTE TRUSTABLE LLQP: LIFE LICENSE QUALIFICATION PROGRAM (LLQP) VALID BRAINDUMPS

2025 IFSE Institute Trustable LLQP: Life License Qualification Program (LLQP) Valid Braindumps

2025 IFSE Institute Trustable LLQP: Life License Qualification Program (LLQP) Valid Braindumps

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IFSE Institute LLQP Exam Syllabus Topics:

TopicDetails
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
  • 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 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 (Q106-Q111):

NEW QUESTION # 106
Goran and Tanja married two years ago. Last year, they purchased and moved into a three-bedroom house in the suburbs. The current balance on their mortgage is $655,000. They meet with Ljubomir, an insurance agent, to purchase a joint term life insurance policy to cover the mortgage. When Ljubomir asks about their existing coverage, Goran shares that he has none. Tanja explains that she owns a universal life (UL) policy with a level death benefit of $50,000 and a cash surrender value (CSV) of $5,000, purchased 6 years ago from another agent. Tanja would like to surrender her UL policy and use the $5,000 CSV to pay for a trip to Europe. What additional information about Tanja's UL policy does Ljubomir need to collect?

  • A. The investment vehicle of the policy's CSV.
  • B. The dividends and paid-up additions.
  • C. The premiums upon renewal.
  • D. The adjusted cost basis (ACB) and surrender charges of the policy's CSV.

Answer: D

Explanation:
When considering surrendering a universal life (UL) policy, it is essential to understand the tax implications and any costs associated with surrender. Theadjusted cost basis (ACB)helps determine the taxable portion of the policy's cash surrender value (CSV) because any amount received above the ACB may be subject to tax.
Additionally,surrender chargescould reduce the CSV received upon surrender. Therefore, Ljubomir needs to collect both the ACB and any surrender charges applicable to Tanja's policy. These factors will help Tanja make an informed decision regarding the net amount she would receive from surrendering the policy and the potential tax liability.


NEW QUESTION # 107
Germain is a life insurance agent. This morning, he receives a call from Jason, whose wife, Rosalie owned a
$50,000 life insurance policy that she purchased from Germain seven years ago. Jason explains that Rosalie had a heart attack and died last week. Germain promises to help as much as he can.

  • A. He can assure Jason that he will settle the death benefit as quickly as possible.
  • B. He can assure Jason that the payment will be made within 5 days after receipt of the claim.
  • C. He can inform Jason that the death benefit will be paid within 30 days of Rosalie's death.
  • D. He can provide the claim form to Jason and help him fill it out.

Answer: D

Explanation:
As a life insurance agent, Germain's role is to assist the beneficiary in filing the claim but not to guarantee specific timelines for payment. Agents can help by providing the necessary claim forms, explaining the process, and offering guidance on filling out the forms accurately. The timeline for payment is determined by the insurer once they have received and reviewed the required documentation. Assuring specific payment timelines, as implied in options B, C, and D, is beyond Germain's authority and would be inaccurate.
Therefore,Option Ais the best response for Germain to assist Jason appropriately.


NEW QUESTION # 108
Edna is a 62-year-old widow living in Quebec. She meets with Yolanda, her insurance agent. Ednaworked part-time her whole life as a seamstress and has no savings. Her husband Donald had been working as a greeter at the local box store until his death 2 months ago at the age of 67. Since his passing, Edna has been struggling financially. She would like to know which of the following organizations will immediately pay her a benefit?

  • A. copyright Pension Plan (CPP) survivor benefits.
  • B. She will not receive any benefit.
  • C. Old Age Security (OAS) allowance for surviving spouse.
  • D. Workers' Compensation.

Answer: A

Explanation:
Since Edna was married to Donald, she is eligible to receiveCanada Pension Plan (CPP) survivor benefits, which provide a monthly benefit to surviving spouses. Old Age Security (OAS) survivor allowance may not apply directly here as it is conditional and may not provide immediate benefits like the CPP does in this situation. Workers' Compensation does not apply as it pertains to workplace injuries, and since Donald was not injured on the job, it does not cover Edna's situation.Therefore,Option Cis correct.


NEW QUESTION # 109
Omar and Martha are common-law spouses employed by a company that has a group life and disability insurance plan. Omar has named Martha his beneficiary while Martha has named Omar as her beneficiary.
Omar and Martha got drunk one Saturday night, stole a car, and decided to rob a convenience store. As they drove away from the store, Omar hit a light post. He becamepermanently disabled while Martha died at the scene. What will happen when Omar submits claim forms for disability and death benefits?

  • A. The insurer will not pay the death benefit to Omar but will pay him a disability benefit.
  • B. The insurer will pay the death benefit to Omar and will pay him a disability benefit.
  • C. The insurer will pay the death benefit to Omar but will not pay him a disability benefit.
  • D. The insurer will not pay the death benefit to Omar and will not pay him a disability benefit.

Answer: D

Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
Under Canadian common law and insurance principles, claims can be denied if the insured's death or disability results from illegal activities. TheIFSE Ethics and Professional Practice Course (Common Law) notes that exclusions in group insurance policies often include losses due to criminal acts. Here, Omar and Martha were engaged in theft and robbery-illegal activities-when the accident occurred. Martha's death and Omar's disability directly resulted from this criminal behavior. As a result, the insurer can deny both the death benefit (payable to Omar as Martha's beneficiary) and Omar's disability benefit under the policy's exclusions. Paying either benefit (A, C, D) contradicts the principle that insurance does not cover losses from illegal acts. Thus, B is correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 3: Group Insurance, Section on
"Exclusions and Limitations."


NEW QUESTION # 110
(Helmut, a Canadian resident for 10 years, invests $25,000 in a segregated fund within an RRSP. The agent processes the transaction without asking for proof of identity.
According to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), what is the conclusion about the agent's action?)

  • A. He has not violated the identification requirements because the amount is less than $100,000.
  • B. He has not violated the identification requirements because the amount was deposited in a registered account.
  • C. He has violated the identification requirements because the amount of the transaction is more than
    $10,000.
  • D. He has violated the identification requirements because the agent previously completed just one transaction for Helmut.

Answer: D

Explanation:
Since the agent hadonly completed one prior transactionfor Helmut,Helmut was still considered a new clientfor identity verification purposes, and identification was mandatory. Failure to verify identity violates PCMLTFA regulations.
Exact Extract:
"Where there is no ongoing business relationship or where previous transactions were limited, the representative must identify the client again. Failure to do so for investments over $10,000 breaches PCMLTFA requirements." (Reference:Segfunds-E313-2020-12-7ED, Chapter 4.3 Compliance Requirements)


NEW QUESTION # 111
......

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