2025 AUTHORITATIVE LLQP: LIFE LICENSE QUALIFICATION PROGRAM (LLQP) LATEST DUMPS FILES

2025 Authoritative LLQP: Life License Qualification Program (LLQP) Latest Dumps Files

2025 Authoritative LLQP: Life License Qualification Program (LLQP) Latest Dumps Files

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Tags: LLQP Latest Dumps Files, LLQP Trustworthy Source, LLQP Exam Answers, Reliable LLQP Test Prep, Exam LLQP PDF

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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
  • 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
  • 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
  • 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.

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q224-Q229):

NEW QUESTION # 224
Vasu, an insurance agent, meets with Francine, his new client. Francine wants to purchase a disability insurance policy. Vasu helps her complete the application form. In the process, he collects all the required medical and lifestyle information on his client and wonders what he must do with the information he collected.
Which of the following options is CORRECT?

  • A. Vasu must send a copy of the medical and lifestyle-related information to the insurer, his supervisor, and his client, and must keep a copy in his file.
  • B. Vasu must send a copy of the medical and lifestyle-related information to the insurer only, and he cannot keep a copy in his file.
  • C. Vasu must send a copy of the medical and lifestyle-related information to the insurer and keep a copy in his file.
  • D. Vasu must send a copy of the medical and lifestyle-related information to the insurer, his supervisor, and keep a copy in his file.

Answer: C

Explanation:
As per LLQP guidelines and privacy regulations in Canada, an insurance agent like Vasu is required to submit all medical and lifestyle-related information to the insurer as part of the application process. Additionally, the agent is permitted to retain a copy of this information in his client file for record-keeping and future reference purposes. It is essential for compliance and potential follow-ups related to policy servicing or claims. Privacy laws do not permit Vasu to share this information with unauthorized parties, such as his supervisor or the client, beyond what is required for processing the application, unless consent has been explicitly provided.


NEW QUESTION # 225
Luc is married and the father of two teenagers. His annual salary is $60,000. His wife Marie works part-time with an annual salary of $24,000. The family's monthly expenses are $3,500. Luc and Marie are not members of any group benefit plan. What is the minimum monthly amount of disability insurance coverage that Luc needs to cover his risk of disability?

  • A. $5,000
  • B. $3,500
  • C. $1,500

Answer: B

Explanation:
Comprehensive and Detailed Explanation:
Luc earns $60,000/year ($5,000/month), Marie earns $24,000/year ($2,000/month), totaling $7,000/month.
Expenses are $3,500/month. If Luc is disabled, Marie's $2,000 leaves a $1,500 shortfall. However, Luc needs
$3,500/month to fully replace expenses, assuming Marie's income isn't relied upon (Chapter 2:Insurance to Protect Income).
Option A: Insufficient; $1,500 + $2,000 = $3,500 but assumes Marie's income.
Option B: Correct; $3,500 ensures full coverage.
Option C: Excessive; over-insures.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 2:Insurance to Protect Income.


NEW QUESTION # 226
Claire, Yvon's client, wants to make changes to her insurance portfolio. In addition to her group insurance, which provides coverage for twice her salary, she has a participating whole life policy, and a 20-year term insurance to cover her debts and provide financial protection for her son. She explains that her job has been abolished and that her employer plans to offer her something else in six months. For now, her budget is significantly affected and she also thinks she has too much insurance. She asks that Yvon cancel her insurance contracts until she starts her new job and to replace them with the least-expensive term insurance possible.
Further to Claire's request, what should Yvon do?

  • A. Cancel her coverage, since the cash value and accumulated dividends will provide her with enough liquidity to replace her lost salary. Ten-year term insurance would be cheaper and she will not have to fill out a life insurance replacement declaration.
  • B. Do what Claire wants, because it is up to the client to decide. Yvon could explain to her that starting over will be more expensive, assuming that she remains insurable. Her group insurance provides her with some coverage, at least.
  • C. Fill out a new needs analysis because she is losing her group insurance coverage. She could take advantage of the cash values and the dividends left on deposit and borrow, leaving her policy as collateral.
  • D. Encourage Claire to keep her coverage. Yvon must show her, with an updated needs analysis, that she is temporarily losing her group coverage and that different options on her whole life policy could help her financially.

Answer: D

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
The LLQP states that life insurance decisions must be based onupdated needs analysis, especially during life transitions. Whole life policies offercash values, dividends, and borrowing options, which may provide liquidity. Yvon should guide Claire withfinancial alternativesrather than cancelling valuable permanent coverage during temporary hardship.


NEW QUESTION # 227
(Clara is saving for a house and will likely need her money within a year. She seeks a segregated fund with minimal penalties for quick access.
Which sales charge should Irving recommend?)

  • A. No-load
  • B. Trailing commission
  • C. Front-end load
  • D. Deferred sales charge

Answer: A

Explanation:
Ano-loadsegregated fund hasno sales charge on entry or exit, making it ideal for short-term investment needs. Clara would retain full liquidity without penalties.
Exact Extract:
"No-load segregated funds allow investors to redeem their units without incurring a sales charge, making them ideal for investors who may require liquidity within a short timeframe." (Reference:Segfunds-E313-2020-12-7ED, Chapter 2.3.2.3 No Sales Charge)


NEW QUESTION # 228
(Harry, aged 60, recently sold his business and plans to invest $100,000 in segregated equity fund contracts. He wants to minimize costs but has a family history of early death.
What maturity and death benefit guarantees would be most appropriate?)

  • A. 75%/75%
  • B. 75%/100%
  • C. 100%/100%
  • D. 100%/75%

Answer: B

Explanation:
Given Harry'scost sensitivityandfamily health history, the75% maturity and 100% death benefit combination offerslower costscompared to a full 100%/100% guarantee while still ensuring full death benefit protection for his heirs.
Exact Extract:
"Clients concerned about cost but needing strong death benefit protection often select 75% maturity guarantees combined with 100% death benefit guarantees." (Reference:Segfunds-E313-2020-12-7ED, Chapter 2.1.1 Guarantees)


NEW QUESTION # 229
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