PASS GUARANTEED LLQP - LIFE LICENSE QUALIFICATION PROGRAM (LLQP)–EFFICIENT EXAM QUIZ

Pass Guaranteed LLQP - Life License Qualification Program (LLQP)–Efficient Exam Quiz

Pass Guaranteed LLQP - Life License Qualification Program (LLQP)–Efficient Exam Quiz

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Unparalleled LLQP Exam Quiz - Find Shortcut to Pass LLQP Exam

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IFSE Institute LLQP Exam Syllabus Topics:

TopicDetails
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
  • 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
  • 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.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q49-Q54):

NEW QUESTION # 49
On June 5, Karl completed an application for critical illness coverage and paid an annual premiumof $1,250.
On June 25, the underwriter approved the policy under standard conditions and sent it to the agent, who received it on July 7. The agent contacted the client on August 8 and the date for delivery was set at August
10. On August 12, Karl learns that he will lose his job at the end of the month. As such, he decides to cancel the policy, returning it to the insurer on August 15. What is the rule governing Karl's right to have his premium refunded?

  • A. He is entitled to a refund, because the policy was returned within 10 days of delivery.
  • B. He is not entitled to a refund, because the application was signed more than 30 days ago.
  • C. He is entitled to a refund, because the representative delivered the policy more than 10 days after its issuance.
  • D. He is not entitled to a refund, because the policy was approved more than 30 days ago.

Answer: A

Explanation:
Comprehensive and Detailed Explanation:
The 10-day "free look" period starts upon delivery (August 10); Karl returned it August 15 (within 5 days), entitling him to a refund (Chapter 7:Insurance Recommendation, Contract, and Service Needs).
Option A: Correct; within 10 days.
Option B-D: Incorrect; refund tied to delivery, not approval or application.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 7:Insurance Recommendation, Contract, and Service Needs.


NEW QUESTION # 50
(Dominique invested $25,000 in fixed-rate GICs and $25,000 in bond segregated funds.
What type of risk do these investments involve?)

  • A. Industry risk
  • B. Market risk
  • C. Inflation risk
  • D. Liquidity risk

Answer: C

Explanation:
Both GICs and bonds are subject toinflation risk, meaning that if inflation rises faster than the returns generated by these fixed-income investments, the real value (purchasing power) of the investments decreases over time.
Exact Extract:
"Inflation risk refers to the possibility that the return on an investment will not keep up with the rate of inflation, eroding the real value of investment returns. Fixed-income investments like GICs and bonds are particularly susceptible to this risk." (Reference:Segfunds-E313-2020-12-7ED, Chapter 1.4.3 Inflation Risk)


NEW QUESTION # 51
Financial security advisor Juliette meets Pierre during a business meeting. Pierre gives her the name of a prospect, one of his friends. Juliette wants to start by contacting the prospect by email, then plans to follow up with a phone call to set up an appointment. Why should Juliette cease to proceed in this manner with her prospect?

  • A. Juliette has not first contacted the prospect to obtain his consent
  • B. Juliette must meet Pierre and his friend together
  • C. copyright's Anti-Spam Legislation prohibits all email solicitation
  • D. Pierre must contact his friend to set up an appointment with Juliette

Answer: A

Explanation:
Comprehensive and Detailed In-Depth Explanation: copyright's Anti-Spam Legislation (CASL) governs unsolicited electronic communications, including emails for commercial purposes (Sections 6-8). Contrary to option A, CASL does not prohibit all email solicitation; it allows it withprior consent (express or implied) or under specific exemptions (e.g., existing business relationships). Juliette has no prior relationship with the prospect, and Pierre's referral does not constitute implied consent under CASL, as consent must come from the recipient (Section 10). Option B is correct because Juliette must obtain the prospect's consent before sending an unsolicited email, aligning with CASL's opt-in requirement. Option C is incorrect, as Pierre has no legal obligation to facilitate the contact, though it might be courteous. Option D is impractical and not required by law. The Ethics and Professional Practice manual reinforces that advisors must respect privacy laws and obtain consent before initiating contact, making Juliette's proposed action non-compliant without prior approval.
References: copyright's Anti-Spam Legislation, Sections 6-10; Ethics and Professional Practice (Civil Law) Manual, Section on Privacy and Consent.


NEW QUESTION # 52
Lily works for Cloud 9 Inc. She earned $120,000 in Year 1 and $125,000 in Year 2. Lily contributes 5% of her income into a defined contribution pension plan (DCPP), and this contribution is matched by the employer. Lily has unused contribution room of $15,000 andwants to know how much she can contribute to her registered retirement savings plan (RRSP) in Year 2.

  • A. $31,250
  • B. $30,600
  • C. $24,600
  • D. $25,000

Answer: C

Explanation:
Lily's RRSP contribution room is reduced by her DCPP contributions. Her total income for Year 2 was
$125,000, and she contributed 5% ($6,250) to the DCPP, matched by the employer, for a total of $12,500.
The Pension Adjustment (PA) for her DCPP contribution would be $12,500, which reduces her RRSP contribution room.
Calculation:
RRSP limit based on previous year's income (18% of $120,000): $21,600
PA reduction: $12,500
Remaining RRSP contribution room for Year 2: $21,600 - $12,500 = $9,100 Including her unused contribution room: $9,100 + $15,000 = $24,100 So, Lily can contribute $24,600 to her RRSP in Year 2.


NEW QUESTION # 53
Enzo meets with his insurance agent Theo to discuss his investment needs. When Theo asks Enzo about his liabilities, Enzo tells him that he purchased a house for $750,000 four years ago and his current mortgage balance is $600,000. He has a fixed interest rate on the mortgage of 3.5% for 5 years.
Which of the following statements about his mortgage is TRUE?

  • A. The mortgage will contribute positively to Enzo's net worth.
  • B. An increase in interest rates will increase the mortgage cost when the mortgage is renewed.
  • C. The mortgage balance should not be included in the review of liabilities.
  • D. A mortgage is considered a bad debt.

Answer: B

Explanation:
Enzo's fixed-rate mortgage protects him from rate fluctuations during the current term. However, upon renewal, if interest rates have risen, his mortgage payments could increase due to a higher rate being applied to his remaining balance. LLQP resources emphasize that fixed-rate mortgages are impacted by prevailing interest rates at the time of renewal, which can influence future costs.
Option A is incorrect as mortgages are generally considered good debt due to their potential for equity growth. Option C is misleading as the mortgage itself is a liability, although the property value could contribute positively to net worth. Option D is incorrect because liabilities like mortgages are essential components of a financial review.


NEW QUESTION # 54
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