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[General] Quiz 2026 IFSE Institute LLQP: First-grade Reliable Life License Qualification P

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【General】 Quiz 2026 IFSE Institute LLQP: First-grade Reliable Life License Qualification P

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New LLQP Test Cost - LLQP Updated DumpsPDFBraindumps also has a IFSE Institute Practice Test engine that can be used to simulate the genuine Life License Qualification Program (LLQP) (LLQP) exam. This online practice test engine allows you to answer questions in a simulated environment, giving you a better understanding of the exam's structure and format. With the help of this tool, you may better prepare for the Life License Qualification Program (LLQP) (LLQP) test.
IFSE Institute LLQP Exam Syllabus Topics:
TopicDetails
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
  • 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 3
  • 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 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.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q45-Q50):NEW QUESTION # 45
Li Jun, 50, applies for a $250,000 critical illness (CI) insurance policy with his insurance agent Ming. On the application, Li Jun states that he must take pills daily to manage his hypertension. Aside from this, his health is good. Given his age and hypertension issue, he is worried that the insurer may refuse his application.
What does Ming CORRECTLY advise him?
  • A. The policy will likely be issued with a premium rating.
  • B. The policy will likely be issued with a lower benefit.
  • C. The policy will likely be denied.
  • D. The policy will likely be issued with an exclusion.
Answer: A
Explanation:
Since Li Jun manages hypertension, a common condition that increases the risk profile, insurers frequently apply apremium rating, meaning higher premiums, due to the elevated health risk. Exclusions are less typical for well-managed chronic conditions, and refusal is unlikely for a single, manageable health issue.
Given his overall good health otherwise, the insurer is likely to issue the policy with an increased premium to account for the added risk, as per the LLQP guidelines on underwriting for critical illness insurance.

NEW QUESTION # 46
(Anthony, 26, wants to invest $500 but be able to cash it in anytime without fees and wants capital protection.
What investment should the insurance agent recommend?)
  • A. An IVIC consisting of a growth fund with a 100% maturity guarantee.
  • B. A market-linked guaranteed investment certificate.
  • C. A redeemable guaranteed investment certificate.
  • D. An IVIC consisting of a bond fund with a deferred sales charge.
Answer: C
Explanation:
Aredeemable GICofferscapital protectionandeasy liquidity(ability to cash out without penalties), making it the best fit for Anthony's priorities.
Exact Extract:
"Redeemable GICs allow investors to cash in before maturity without significant penalties, while preserving the invested capital." (Reference:Segfunds-E313-2020-12-7ED, Chapter 1.3.6 Guaranteed Investment Certificates (GICs))

NEW QUESTION # 47
The primary and secondary beneficiaries of Rachel and Chad's joint first-to-die permanent life insurance policy are each other and their adult children, respectively. Within a year of Rachel and Chad's divorce, Rachel unexpectedly passes away. The policy beneficiaries remained as originally designated. Whose claim will be paid by the insurer?
  • A. Chad, as he was designated primary beneficiary.
  • B. Rachel's parents, as Rachel and Chad were divorced.
  • C. Chad and the couple's adult children jointly, as they were all designated as beneficiaries.
  • D. The couple's adult children, as they submitted a claim before Chad.
Answer: A
Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
In a joint first-to-die policy, the death benefit is paid to the surviving insured (primary beneficiary)upon the first death, unless altered. TheIFSE Ethics and Professional Practice Course (Common Law)states that beneficiary designations remain valid unless changed, and divorce does not automatically revoke them in most Canadian common law jurisdictions (unlike some family law contexts). Here, Chad is the primary beneficiary, and the adult children are secondary (contingent) beneficiaries, payable only if Chad predeceased Rachel. Since Rachel died first and the designation wasn't updated post-divorce, Chad receives the benefit.
Joint payment (A) or children claiming first (B) contradicts the primary/secondary structure, and Rachel's parents (D) have no standing. Thus, C is correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 2: Insurance Contracts, Section on
"Beneficiary Designations."

NEW QUESTION # 48
(Philippe, age 50, has been a widower for six months. He inherited the money in his wife's pension fund, which he transferred to a LIRA. He also received a $150,000 life insurance benefit. Philippe works for a private firm as an IT analyst and earns $80,000 a year. He would like to retire at age 60.
What income sources will be available to Philippe if he retires at age 60?)
  • A. OAS, the GIC and the RRSP.
  • B. The LIRA, the GIS and the RRSP.
  • C. CPP/QPP, the GIC and the RRSP.
  • D. The LIRA, the GIC and the RRSP.
Answer: D
Explanation:
Philippe will have access to hisLIRA, theGIChe invested in, and anyRRSPsor similar savings. CPP/QPP and OAS are not typically available until later (after 60 or 65), and GIS is for low-income individuals, which Philippe is not.
Exact Extract:
"A LIRA can be converted to a Life Income Fund (LIF) starting at age 55, allowing withdrawals. RRSPs can also be accessed by converting to RRIFs. GICs are fully redeemable based on terms. Eligibility for GIS and OAS typically starts at 65 years." (ReferenceifeInsur-E311-2022-10-9ED, Chapter 1 Retirement Income Options)

NEW QUESTION # 49
(Business owner Timothy is reviewing information that his life insurance agent provided for him to establish a group savings plan for his employees. Timothy then meets the agent for some advice. He wants to avoid having to deal with pension credit adjustments.
Which of the following types of plans would meet this requirement?)
  • A. Group TFSAs and DCPPs.
  • B. GRRSPs and DPSPs.
  • C. GRRSPs and group TFSAs.
  • D. Group TFSAs and DPSPs.
Answer: C
Explanation:
Timothy wants toavoid pension adjustments, which occur with formal pension plans.Group RRSPsand Group TFSAsare not pension plans, so they do not generate a pension credit (adjustment), unlike DPSPs or DCPPs.
Exact Extract:
"GRRSPs and TFSAs are not registered pension plans and thus do not result in pension adjustments against the employee's RRSP contribution room." (Reference:Segfunds-E313-2020-12-7ED, Chapter 1.3.11 Group Plans#49:3 Segfunds-E313-2020-12-7ED.
pdf**)

NEW QUESTION # 50
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