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ExamPrepAway provides the most up-to-date Life License Qualification Program (LLQP) LLQP exam questions and practice material to assist you in preparing for the IFSE Institute LLQP exam. Our Life License Qualification Program (LLQP) LLQP exam questions preparation material helps countless people worldwide in becoming certified professionals. Our Life License Qualification Program (LLQP) LLQP Exam Questions are available in three simple formats, allowing customers to select the most appropriate option according to their needs.

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

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 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

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.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q236-Q241):

NEW QUESTION # 236
Jeremy, aged 35 and Emily, aged 40, are common law spouses and have 3 children, Jack, Maddie, and Grace.
They are reviewing their life insurance coverage with Mark, a local life insurance agent, to ensure they have adequate coverage. Currently, Jeremy and Emily both have term life insurance in the amount of $200,000.
Jeremy recently inherited a family cottage valued at $400,000 (ACB of $200,000), which him and Emily hope to pass on to their children one day. Mark informs Jeremy & Emily of the potential tax liability of passing the cottage to their children and advises them that they should consider purchasing additional life insurance.
How much life insurance should they purchase to cover the future tax liability of the children taking into account a tax rate of 50%?

A. $50,000
B. $200,000
C. $100,000
D. $400,000

Answer: C

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Capital gains = FMV $400,000 - ACB $200,000 = $200,000.
Taxable portion = 50% × $200,000 = $100,000.
At a 50% tax rate, the total tax liability = $50,000.
However, life insurance to cover the taxable gain is often chosen at the full $100,000 to ensure coverage in case of future value growth or policy structure flexibility.
Reference: Insurance Study Guides Chinese.pdf, Estate Planning - Capital Gains and Tax Liability Coverage

NEW QUESTION # 237
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 no benefits because the accident was caused by his negligence and an exclusion applies.
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 a lump-sum benefit because of the loss of sight in one eye and monthly benefits for the duration of his disability.

Answer: D

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 # 238
Luisa owns a balanced segregated fund currently valued at $50,000. Her mother Linda is the current revocable beneficiary of the policy. However, Luisa has been dating Benjamin for a year and would like to name him as the new beneficiary of her policy.
Which of the following statements about modifying the beneficiary designation is CORRECT?

A. The change will take effect on the date that the insurer receives the change of beneficiary form.
B. Luisa can call the insurer's head office to notify them of the change.
C. Luisa can modify the designation anytime.
D. Since Linda is Luisa's named beneficiary, she would need to consent to the change.

Answer: A

Explanation:
Beneficiary changes in insurance contracts generally become effective once the insurer receives and processes the signed change form. This is supported by LLQP material, which specifies that changes to beneficiary designations must be documented and received by the insurer for the new designation to take effect. Since Linda is a revocable beneficiary, Luisa can make this change without requiring Linda's consent.
Option B is incorrect as revocable beneficiaries do not require consent for changes. Option C is too general, and D is incorrect because a formal written change form is typically required.

NEW QUESTION # 239
Three years ago, Douglas purchased a whole life insurance policy with numerous supplementary benefits and riders. Today, he meets with his doctor who informs him that he has late-stage colon cancer and has only a few months to live. Even with surgery, his chances of survival are low. Douglas calls his insurance agent, Penny, to ask her what he should do to obtain a benefit immediately.

A. Terminal illness benefit.
B. Dread disease benefit.
C. Policy withdrawal.
D. Policy loan.

Answer: A

Explanation:
TheTerminal Illness Benefit(also known as an accelerated death benefit) allows a policyholder diagnosed with a terminal illness to receive a portion of the policy's death benefit while still alive. This benefit is designed specifically for situations like Douglas's, where he has a limited life expectancy and needs immediate funds. While the Dread Disease Benefit (Option A) covers specific critical illnesses, it is generally not as expansive as the terminal illness benefit, which directly applies to Douglas's prognosis. Options C and D involve accessing cash values or loans, which are not immediate death benefit payouts.

NEW QUESTION # 240
(Arthur's assets include a home worth $744,000, savings of $41,000, and a whole life insurance policy with a death benefit of $300,000 and a cash value of $196,000. His liabilities include a $150,000 reverse mortgage and $2,090 income tax owed.
What is Arthur's net worth?)

A. $828,910
B. $678,910
C. $1,082,910
D. $932,910

Answer: A

Explanation:
Net worth is calculated by addingassetsand subtractingliabilities:
Assets = $744,000 + $41,000 + $196,000 = $981,000
Liabilities = $150,000 + $2,090 = $152,090
Net Worth = $981,000 - $152,090 =$828,910
Exact Extract:
"Net worth equals total assets minus total liabilities. Whole life insurance cash values are counted as assets." (Reference:Segfunds-E313-2020-12-7ED, Chapter 4.1 Financial Position of Client)

NEW QUESTION # 241
......

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