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Latest LLQP Exam Learning Materials, LLQP Training Dumps: Life License Qualification Program (LLQP) - Prep4sureExam

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IFSE Institute LLQP Exam Syllabus Topics:

Topic
Details

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

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

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 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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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q208-Q213):

NEW QUESTION # 208
Agatha and Peter run a successful sole proprietorship. They are 68 and 70 respectively. Peter has a huge registered investment portfolio that will result in significant tax consequences upon his death. When both of them have passed away they would like their registered investment portfolio to go to their son, Alexander, who is 48 years old. The family would like to purchase life insurance to offset the tax liability.
Which of the following plans would best suit the family?

A. A joint last-to-die plan with Agatha and Peter as the insured
B. Two separate permanent single life policies with Agatha and Peter as the insured
C. A joint first-to-die plan with Agatha and Peter as the insured
D. A joint first-to-die plan with Peter and Alexander as the insured

Answer: A

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Joint last-to-die insurance pays out on the death of the second insured, which is ideal for estate planning needs such as covering taxes on registered assets that arise after both owners pass away. The LLQP study material confirms this structure as most suitable for deferring and covering tax liabilities post-second death.
Reference: Insurance Study Guides Chinese.pdf, Estate Planning with Joint Last-to-Die Insurance

NEW QUESTION # 209
Melanie is a psychologist. She has her own practice and two employees. In her free time, she loves to dance but also enjoys skydiving, which she does three or four times a year. She meets with Sophie, an insurance agent, because she would like to purchase disability insurance. What should Sophie tell her?

A. That she can be insured but that her contract will probably contain a modification (such as rating the premium or imposing an exclusion) because skydiving makes her a non-standard insurable risk.
B. That she can be insured without any other formality or modification because she doesn't skydive often enough to affect her level of risk.
C. That she will receive a reduced benefit if she becomes disabled as a result of skydiving.
D. That she cannot be insured because skydiving makes her an uninsurable risk.

Answer: A

Explanation:
Comprehensive and Detailed Explanation:
Skydiving is a high-risk activity, making Melanie a non-standard risk. Insurers typically apply a premium rating or exclusion for such activities, not denial (Chapter 7:Insurance Recommendation, Contract, and Service Needs).
Option A: Incorrect; not uninsurable, just modified.
Option B: Incorrect; benefit isn't reduced, coverage is adjusted.
Option C: Correct; modification likely.
Option D: Incorrect; frequency still warrants adjustment.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 7:Insurance Recommendation, Contract, and Service Needs.

NEW QUESTION # 210
Maverick meets with Alyssa, an insurance agent, to review his life insurance needs. After completing the needs analysis, Alyssa suggests that Maverick purchase a $100,000 whole life insurance policy and add a critical illness (CI) benefit rider. Which of the following options is an advantage of adding the CI coverage as a rider instead of purchasing an individual CI policy?

A. If he is diagnosed with a debilitating illness that does not endanger his life, he may still receive coverage.
B. It covers more illnesses than an individual policy.
C. Benefits are paid out as soon as the individual is diagnosed with a covered condition.
D. It is less expensive than an individual policy.

Answer: D

Explanation:
Adding a Critical Illness (CI) rider to a whole life insurance policy is generally less expensive than purchasing a separate individual CI policy because the rider is attached to an existing policy, reducing administrative costs and sometimes providing limited coverage options. While a CI rider may offer a less comprehensive range of covered conditions than a standalone policy, it serves as a cost-effective solution for adding coverage to a primary life insurance policy. Additionally, CI riders often provide a more affordable premium than individual policies, aligning with budget-conscious clients like Maverick.

NEW QUESTION # 211
(Philip is applying for a segregated fund contract and must choose a sales charge. He does not foresee needing withdrawals and wants minimal management expenses and no initial reductions or penalties.
Which form of sales charge would best suit Philip?)

A. A front-end sales charge
B. A deferred sales charge
C. A no-load fund
D. A negotiated sales charge

Answer: A

Explanation:
With afront-end sales charge, the investor pays a fee upfront, butno feesare deducted from ongoing investments or redemptions, andmanagement expensesare generally lower compared to deferred options.
This matches Philip's desire for no reductions or surprises after investing.
Exact Extract:
"Front-end sales charges are paid at the time of purchase. As a result, no further charges apply when units are sold, and investors benefit from a full investment of funds thereafter." (Reference:Segfunds-E313-2020-12-7ED, Chapter 2.3.2.1 Front-End Sales Charge)

NEW QUESTION # 212
Alexandre, a financial security advisor, recently left FinCode Inc. because of an unresolved dispute with the company. He is continuing his career as an independent advisor. This week, he has an appointment with a client who tells him that he met with another FinCode Inc. employee. However, that employee has a disciplinary record at the CSF for fraudulently copying a signature on a form. Since the client does not work in insurance and the information is public knowledge, Alexandre provides him with some clarification regarding the other advisor's case. How can Alexandre encourage the client to do business with him without denigrating his competitor?

A. By talking about his experience with the other advisor when they worked for the same firm
B. By informing the client of his recent departure from FinCode Inc. owing to an unresolved dispute
C. By emphasizing his unique approach that sets him apart from his competitors
D. By telling the client to always check an advisor's record with the CSF

Answer: C

Explanation:
Comprehensive and Detailed In-Depth Explanation: The CSF Code of Ethics (Section 11) prohibits advisors from denigrating competitors, requiring professionalism in client interactions. Alexandre can't disparage the FinCode advisor despite the public disciplinary record. Option C-emphasizing his unique approach- focuses on his strengths, encouraging business ethically without criticism. Option A (check CSF records) indirectly highlights the competitor's fault, risking denigration. Option B (departure dispute) introduces irrelevant negativity. Option D (past experience) could lead to prohibited criticism. The Ethics manual promotes positive differentiation over competitor critique, making C the compliant choice.
References: CSF Code of Ethics, Section 11; Ethics and Professional Practice (Civil Law) Manual, Section on Professional Conduct.

NEW QUESTION # 213
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