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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	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	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.

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q65-Q70):

NEW QUESTION # 65
Alex is meeting with his financial advisor, Shannon, to discuss potential life insurance options. Alex's need for insurance will increase gradually over time due to growth on his investment properties. He would like the mortgages and taxable gains paid off if he were to pass away. Shannon recommends a permanent policy, as Alex's need is long-term, and could extend beyondany period of time a term policy would cover. Alex also wants to add an extra coverage onto this policy as he wants to be provided with additional growth over time he needs.
Which rider would work for Alex?

A. Term insurance rider
B. Guaranteed insurability benefit rider
C. Accidental death rider
D. Paid-up additions rider with restriction

Answer: D

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
APaid-up Additions (PUA) riderallows the insured to purchase additional insurance using policy dividends or lump-sum payments without medical underwriting. These additions are fully paid-up and accumulate cash value, offering additional long-term coverage and financial growth. The LLQP guide confirms PUAs are ideal for policyholders expecting insurance needs to increase or who want coverage that increases with inflation.
Reference: Insurance Study Guides Chinese.pdf, Life Insurance Riders - Paid-Up Additions

NEW QUESTION # 66
Candace, an insurance agent, met with her client Rebecca on March 15th to complete a life insurance application form. Rebecca applied for a T-10 $200,000 life insurance policy, she told Candace that she will wait for her policy to be accepted before making a premium payment. On April 10th, the application was accepted by the insurance company and Candace promptly called Rebecca to give her the good news.
Candace delivered the policy to Rebecca on April 15th during the meeting, Rebecca gave Candace a cheque to cover her first premium and a void cheque to cover subsequent premium payments. Candace submitted the cheques to her manager on April 21st. When did Rebecca's policy come into force?

A. April 21st
B. April 15th
C. April 10th
D. March 15th

Answer: B

Explanation:
A life insurance policy generally comes into force when the policy is delivered to the applicant and the first premium is paid. In this case, Rebecca's policy was officially delivered on April 15th, at which time she paid the initial premium. As per LLQP guidelines, the contract becomes effective upon the meeting of these two conditions: delivery of the policy and payment of the first premium.
Therefore, since Rebecca met both conditions on April 15th, that is the date her policy came into force.

NEW QUESTION # 67
Dorothy, age 36, is an architect. She runs her own office with the help of two assistants. She owns her own condo, has an active social life, and travels regularly for pleasure. She has a net annual income of approximately $125,000, once all the business, rent, salary, and car expenses have been paid. Dorothy is well aware of the significant financial problems that she would face for any absences from the office due to illness or disability. What are Dorothy's main protection needs in this respect?

A. Protect 60% of her net annual income.
B. Protect 60% of her net annual income and business overhead expenses.
C. Protect 100% of her net annual income.
D. Protect business overhead expenses.

Answer: B

Explanation:
Comprehensive and Detailed Explanation:
As a self-employed architect, Dorothy needs disability income protection (60% of $125,000 = $75,000/year or
$6,250/month) for personal expenses and business overhead expense (BOE) insurance to cover fixed costs (e.
g., assistants' salaries, rent) during disability (Chapter 5:Insurance to Protect Businesses).
Option A: Incomplete; ignores business costs.
Option B: Unrealistic; insurers cap at 60-75%.
Option C: Incomplete; misses personal income.
Option D: Correct; covers both personal and business needs.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 2:Insurance to Protect Income, Chapter 5:
Insurance to Protect Businesses.

NEW QUESTION # 68
Concilius has had a whole life (permanent) insurance policy for the past eight years. He decides he no longer wants this policy and stops paying the premiums. The cash value keeps the policy in effect for 28 months, after which it lapses. However, 46 months later, Concilius regrets his decision and applies to reinstate his policy. He is prepared to prove that he still meets the insurability conditions and to pay the overdue premiums plus interest, the cash value used, and the interest. Under what conditions will Concilius' policy be reinstated?

A. With an increase in the price of the premium
B. With a reduction in the insured amount
C. With the same initial conditions
D. With the addition of a new premium based on his current age

Answer: C

Explanation:
Comprehensive and Detailed In-Depth Explanation: Reinstatement of a lapsed whole life insurance policy is governed by the Civil Code of Quebec (Article 2428) and insurer policies outlined in the LLQP. If a policy lapses due to non-payment but has a cash value, it may remain in force temporarily via an automatic premium loan or reduced paid-up option. For reinstatement, the insured typically must provide evidence of insurability and repay overdue premiums, interest, and any cash value used, as Concilius offers. The LLQP specifies that reinstatement, if within the insurer's allowable period (often 2-5 years), restores the policy to its original terms-same premium and coverage-unless otherwise stipulated. Option B, "with the same initial conditions," aligns with this standard practice. Option A (new premium based on age) applies to new policies, not reinstatement. Option C (premium increase) or D (reduced amount) might occur if insurability declines, but Concilius meets the conditions, so no adjustment is required. The Ethics manual stresses transparency in explaining reinstatement terms.
References: Civil Code of Quebec, Article 2428; LLQP Module on Life Insurance Products; Ethics and Professional Practice (Civil Law) Manual, Section on Policy Administration.

NEW QUESTION # 69
Molly took out a disability insurance policy. A few years after the purchase, she severely injured her back and was unable to work. She immediately filed a claim with her insurer to start receiving benefits. The insurer asked for an attending physician's statement (APS) describing her condition and stating when that condition started. Why is it important for the insurer to know on what date Molly became disabled?

A. To determine when the 30-day grace period began.
B. To determine when the waiting period began.
C. To determine when the incontestability period began.
D. To determine when the 30-day survival period began.

Answer: B

Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
Disability insurance policies typically include a waiting period (also called an elimination period), which is the time between the onset of disability and when benefits begin. TheIFSE Ethics and Professional Practice Course (Common Law)notes that insurers require the date of disability onset-via an APS-to calculate this period (e.g., 30, 60, or 90 days). This ensures benefits are paid only after the waiting period elapses. A survival period (A) applies to life insurance, not disability. The incontestability period (B) relates to policy validity, not claimtiming. The grace period (C) pertains to premium payments. Knowing when Molly became disabled is critical for the waiting period, making D correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 3: Disability Insurance, Section on
"Waiting (Elimination) Period."

NEW QUESTION # 70
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LLQP Test Discount | LLQP Latest Dumps Ppt

IFSE Institute LLQP Exam Syllabus Topics:

LLQP Latest Dumps Ppt | LLQP Valid Exam Format

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q65-Q70):

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