EXAMCOLLECTION LLQP VCE & KNOWLEDGE LLQP POINTS

Examcollection LLQP Vce & Knowledge LLQP Points

Examcollection LLQP Vce & Knowledge LLQP Points

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Tags: Examcollection LLQP Vce, Knowledge LLQP Points, LLQP Test Guide, LLQP Valid Exam Forum, LLQP Exam Answers

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IFSE Institute LLQP Exam Syllabus Topics:

TopicDetails
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 (Q68-Q73):

NEW QUESTION # 68
Axel owns a $150,000 whole life insurance policy with an accumulated cash surrender value (CSV) of
$20,000. His monthly premiums are $300, due on the fifth day of each month. Axel misses his November 5 premium payment and then dies a few weeks later, on November 20.

  • A. $150,000
  • B. $0
  • C. $149,700
  • D. $169,700

Answer: A

Explanation:
In whole life insurance policies, there is generally a grace period (usually 30 days) for missed premium payments before the policy lapses. Since Axel died within this grace period (November 20, following a missed premium due November 5), the policy remains active, and the full death benefit is payable to his beneficiary. Therefore, the insurance company would pay out the entire$150,000death benefit. The policy's accumulated CSV is irrelevant in this context, as it only applies if the policyholder surrenders the policy or if the policy lapses after the grace period.


NEW QUESTION # 69
Emery is a healthy wife and mother of two who spends her days caring for her children and volunteering at the local food bank. Emery would like to purchase disability insurance coverage because she is worried about how she would be able to take care of her family if she becomes disabled.
What type of disability policy, if any, is likely to be issued to her?

  • A. None. Emery is uninsurable.
  • B. Non-traditional disability insurance.
  • C. Guaranteed renewable policy.
  • D. Cancellable policy.

Answer: B

Explanation:
Emery is a non-income earning individual, as she is a stay-at-home mother and volunteer. Traditional disability insurance policies, likeGuaranteed RenewableorCancellable policies, typically require proof of income and are generally issued to individuals who can demonstrate earned income. However,Non- traditional disability insurance policiesare often designed for individuals without a conventional source of earned income, such as homemakers, who may still wish to secure coverage against the potential loss of the ability to perform daily tasks due to disability.
Non-traditional policies may offer benefits that help cover the costs associated with hiring help or obtaining services that Emery could no longer provide if disabled. These types of policies acknowledge that a disability could impact Emery's ability to care for her family, even though she does not earn a regular income.
Therefore, option C is the best answer, as it aligns with the LLQP guidelines that recognize the suitability of non-traditional disability policies for individuals like Emery who have significant responsibilities but no formal income.


NEW QUESTION # 70
Larissa is a 65-year-old retired marketing executive. She is single and has no dependents. Larissa accepted a generous retirement package from her employer five years ago and used her early retirement cash bonus to consolidate her financial affairs. She paid off mortgages on both her principal residence (a condo) and her vacation cottage. The fair market value (FMV) of the real estate increased significantly over the years. She named her sister Natalya as the sole beneficiary of her estate. In addition to the two properties, Larissa's estate includes a registered retirement savings plan (RRSP) and shares of Apple Inc. that she purchased in her tax- free savings account (TFSA) 10 years ago. If Larissa were to pass away today, which of her assets would be fully taxable on her final income tax return?

  • A. The RRSP.
  • B. The cottage.
  • C. The condo.
  • D. The TFSA.

Answer: A

Explanation:
When Larissa passes away, her RRSP will be fully taxable on her final income tax return, as it is considered income in the year of death unless rolled over to a qualified beneficiary, such as a spouse. Her TFSA, on the other hand, is not taxable upon death as it passes tax-free to the beneficiary or estate. The principal residence (condo) and cottage may incur capital gains tax, but they are not fully taxable as income.Therefore,Option D, the RRSP, is correct.


NEW QUESTION # 71
Thien is 56 years old and has recently been diagnosed by his doctor with a heart condition for which there is no known treatment, and which has dramatically reduced his life expectancy. Thien has decided to take early retirement. Fortunately, after 30 years of service working as a credit officer at a local bank, he has accumulated a large sum in his pension plan. Thien's wife supports his decision to retire early. She is 49 and in good health, and plans to continue working and earning a lucrative income at her current position as a divorce lawyer at a prestigious law firm, at least until she reaches 65 years of age.
What type of annuity would BEST suit Thien's needs?

  • A. Life annuity with a 15-year guarantee.
  • B. Impaired life annuity.
  • C. Life annuity.
  • D. Joint life annuity.

Answer: B

Explanation:
An impaired life annuity would be the best option for Thien given his health condition and reduced life expectancy. Impaired life annuities offer higher payouts compared to standard life annuities because they take into account the reduced life expectancy due to a serious health condition. This type of annuity provides an opportunity for individuals with significant health issues to receive increased income during their retirement years. According to LLQP resources, impaired annuities are designed specifically to address the needs of clients with severe health concerns by offering enhanced benefits that align with their specific life expectancy.
Options A, B, and C are standard annuity options that would not take Thien's specific health impairment into account and therefore would not maximize his retirement income as effectively as an impaired life annuity.


NEW QUESTION # 72
Which organization provides protection for holders of segregated fund contracts in copyright if the insurer becomes insolvent?

  • A. Assuris
  • B. OmbudService for Life & Health Insurance
  • C. Canadian Deposit Insurance Corporation
  • D. Canadian Insurance Services Regulatory Organizations

Answer: A

Explanation:
Assuris provides protection to Canadian policyholders, including holders of segregated fund contracts, if their insurance company becomes insolvent. Assuris is a not-for-profit organization that safeguards policyholders by ensuring that they continue to receive guaranteed benefits within specified limits. This organization is essential for maintaining confidence in the Canadian insurance industry, offering peace of mind to policyholders that their segregated fund contracts are protectedunder such circumstances. Neither the Canadian Deposit Insurance Corporation nor the OmbudService for Life & Health Insurance provides this specific type of insolvency protection for segregated funds.


NEW QUESTION # 73
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