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Free PDF Quiz LLQP - Updated Life License Qualification Program (LLQP) Latest Exam Cram

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IFSE Institute LLQP Exam Syllabus Topics:

Topic
Details

Topic 1

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 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

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.

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q249-Q254):

NEW QUESTION # 249
Paul is a self-employed props person in the film industry. A year ago, he purchased disability insurance with an accidental death and dismemberment (AD&D) rider. During a film shoot, the wood floor of the film set catches fire due to his negligence and he loses sight in one eye. Hisdoctor prescribes complete rest for five months. How will the insurer compensate Paul under the circumstances?

A. Paul will receive a lump-sum benefit because of the loss of sight in one eye and monthly benefits for the duration of his disability.
B. Paul will only receive a lump-sum benefit for the loss of his eye; he is not disabled as he only needs rest.
C. Paul will receive monthly benefits due to the loss of sight in one eye because he is automatically considered disabled under his policy.
D. Paul will receive no benefits because the accident was caused by his negligence and an exclusion applies.

Answer: A

Explanation:
Comprehensive and Detailed Explanation:
AD&D pays a lump sum for loss of sight in one eye (a scheduled loss), and disability insurance pays monthly benefits if Paul can't work (five months' rest) (Chapter 2:Insurance to Protect Income). Negligence isn't a standard exclusion unless specified.
Option A: Correct; both benefits apply.
Option B: Incorrect; monthly benefits aren't automatic.
Option C: Incorrect; rest qualifies as disability.
Option D: Incorrect; negligence isn't an exclusion.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 2:Insurance to Protect Income.

NEW QUESTION # 250
Edward and Shirley initiated a whole life insurance application for their daughter Christine when she was 15 years of age. As Christine was a student with limited income at the time, the agent set Edward and Shirley jointly as owning and paying the premiums of this policy. Edward was designated beneficiary. Who is the policyholder?

A. Christine, as she is the life insured.
B. Edward and Shirley, as they are designated owners of the policy.
C. Edward and Shirley, as they are paying the premiums.
D. Edward, as he is the designated beneficiary.

Answer: B

Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
In insurance terminology, the policyholder (or policy owner) is the person or entity that owns the insurance contract and has the legal rights to make decisions about it, such as changing beneficiaries or cancelling the policy. TheIFSE Ethics and Professional Practice Course (Common Law)clearly distinguishes between the life insured (the person whose life is covered), the beneficiary (who receives the death benefit), and the policy owner. In this case, Edward and Shirley are explicitly designated as the joint owners of the policy, not merely premium payers. Christine, as the insured, has no ownership rights unless specified, and Edward's status as beneficiary does not confer ownership. Paying premiums does not automatically make someone the policyholder unless they are also the designated owner. Therefore, option D is correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 2: Insurance Contracts, Section on
"Policy Ownership and Roles."

NEW QUESTION # 251
Alana, Meaghan, and Beatrice are equal shareholders of Advanced Tech Inc. They each own 100 shares of the company. Each share is currently worth $5,000. They recently signed a cross-purchase buy-sell agreement that is funded by life insurance. What will happen under this agreement if Alanadies today?

A. There would now be 200 outstanding shares of the company.
B. Each share would now be worth $7,500.
C. Meaghan and Beatrice would each still own 100 shares of the company.
D. Alana's estate would receive a total of $500,000.

Answer: D

Explanation:
In a cross-purchase buy-sell agreement funded by life insurance, each shareholder purchases a life insurance policy on the lives of the other shareholders. Upon the death of a shareholder, the surviving shareholders use the proceeds from the insurance to buy out the deceased shareholder's shares at the agreed value. Since each share is valued at $5,000, Alana's 100 shares would be worth:
100 shares×5,000=500,000100 ext{ shares} imes 5,000 = 500,000100 shares×5,000=500,000 Thus, Meaghan and Beatrice would collectively purchase Alana's shares from her estate, providing her estate with a total of$500,000. Each surviving shareholder will then own an additional 50 shares, resulting in each now holding 150 shares of Advanced Tech Inc. This option aligns with the principles of cross-purchase agreements discussed in the LLQP.

NEW QUESTION # 252
Ming-Na is a McGill University graduate interested in pursuing a career as an insurance of persons representative. She wants to know which piece of legislation sets out the definition and role of insurance of persons representatives.
Which of the options below is CORRECT?

A. The Distribution Act.
B. The Act respecting insurance.
C. The Insurers Act.
D. The Act respecting prescription drug insurance.

Answer: A

Explanation:
The Act that governs the definition and role of insurance of persons representatives in Quebec is the Distribution Act. This legislation outlines the roles, qualifications, and responsibilities of professionals licensed to offer life and health insurance products. It is crucial for anyone aspiring to become an insurance representative in Quebec to familiarize themselves with this Act, as it sets out the requirements and framework for licensure, conduct, and the scope of practice in this field.

NEW QUESTION # 253
Francis owns a $250,000 insurance policy with an accidental death and dismemberment (AD&D) rider.
Francis calls his insurance agent Andrew to inform him that he permanently lost the use of his right hand. He explains to Andrew that his brother shot him when he broke into his brother's house to recover a gold watch that was rightfully his. Francis wants to know how much he will receive from his AD&D rider.

A. Francis will receive a benefit of $187,500.
B. Francis will receive a benefit of $250,000.
C. Francis will not receive any benefit.
D. Francis will receive a benefit of $165,000.

Answer: C

Explanation:
Accidental Death and Dismemberment (AD&D) riders typically exclude coverage if the injury ordeath occurs while engaging in criminal activities or illegal acts. Since Francis was injured while breaking into his brother' s house, his actions are considered illegal, and this would void any claim under the AD&D rider. As a result, Francis will not receive any benefitdue to the circumstances surrounding the injury.

NEW QUESTION # 254
......

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Eli King Eli King

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