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LLQP Latest Test Questions, Valid LLQP Exam Testking

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2025 LLQP Latest Test Questions Free PDF | High-quality Valid LLQP Exam Testking: Life License Qualification Program (LLQP)

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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

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

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

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.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q151-Q156):

NEW QUESTION # 151
Naomie meets with her new client, Keisha, to review her investment portfolio. Keisha is a 43-year-old sales representative who has been with Belmont Inc., a large pharmaceutical company, for 15 years. She earns a generous salary, plus bonuses. She also has a group tax-free savings account (TFSA) and a defined contribution pension plan (DCPP), all of which are invested in Belmont common shares.
What main need does Naomie have to address regarding Keisha's investments?

A. Liquidity.
B. Diversification.
C. Saving for an emergency fund.
D. Income.

Answer: B

Explanation:
Keisha's investment portfolio is highly concentrated in Belmont Inc. common shares, which include her TFSA and defined contribution pension plan (DCPP). This significant exposure to a single company's stock poses a risk because the value of her investments is directly tied to the financial performance of Belmont Inc.
Diversification is a key strategy to mitigate risk by spreading investments across various asset classes, industries, or geographic regions. This can reduce the impact of poor performance in any one area on the overall portfolio. According to LLQP content, one of the primary goals in managing an investment portfolio is to ensure appropriate diversification to avoid over-reliance on a single asset or asset type.
While other needs, like liquidity and emergency fund savings, are important, Keisha's immediate concern should be diversification. Her current investments do not provide adequate protection against company- specific risks, such as the potential downturns specific to Belmont Inc. This aligns with LLQP principles, which emphasize diversification as a way to manage risk effectively and achieve a more stable financial outcome.

NEW QUESTION # 152
Juliette owns a medium-sized business with approximately 100 employees. Three years ago, she set up a small group benefits plan. Her employees, however, are unhappy with the coverages offered under the plan.
Moreover, for tax purposes, the group plan shares the cost of disability premiums with the employees-an expense they do not welcome. What should Juliette's agent tell her?

A. She should instead opt for a PHSP, which provides more flexible and tax-free disability benefits.
B. Her existing group plan is the best solution, because a group of that size would not be able to take advantage of other "grouped" alternatives.
C. The existing group plan is the most cost-effective and tax-free way to provide these benefits.
D. She should instead opt for an EHT, which affords more flexibility with no tax implications for her employees.

Answer: A

Explanation:
Comprehensive and Detailed Explanation:
A Private Health Services Plan (PHSP) offers flexible, tax-free benefits (employer-paid premiums are deductible, benefits non-taxable), addressing employee dissatisfaction and tax concerns (Chapter 8:Group Plan Specifics).
Option A: Incorrect; EHT (Employer Health Tax) isn't insurance.
Option B: Correct; PHSP fits needs.
Option C-D: Incorrect; group plan isn't optimal or tax-free for employees.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 8:Group Plan Specifics.

NEW QUESTION # 153
Coraline is a landscape gardener who owns a disability insurance (DI) policy. The policy will pay her a
$3,000 monthly benefit after a 90-day waiting period. She is diagnosed with cancer, and because she has to undergo months of chemotherapy, she will be unable to work. She calls Robin, her insurance agent, to inform him of her diagnosis. She would like to know more information about the claims process.
Which of the following statements is CORRECT?

A. The insurer must pay Coraline the benefit amount within 30 days after receipt of the proof of loss.
B. Coraline must contact her agent by phone within 30 days of learning about her diagnosis.
C. Coraline has 30 days to provide the insurer with all of the information required to process the claim.
D. The payment of the initial benefit to Coraline must occur within 30 days after the end of the waiting period.

Answer: A

Explanation:
Disability insurance policies generally stipulate that the insurer must pay benefits within a specific timeframe following receipt of the proof of loss, typically within 30 days. This aligns with LLQP guidelines and common insurance practices, which require that insurers act promptly upon receiving all necessary documentation related to a claim. Coraline must provide her proof of loss, after which the insurer is obligated to start the payment process. The waiting period dictates when benefits start, but the insurer must pay within the specified period after receiving the required proof.

NEW QUESTION # 154
Bea is a married 65-year-old woman applying for a life insurance policy. She meets with Stanley, her insurance agent, to review her insurance needs. Stanley inquires if Bea has started receiving Old Age Security (OAS) and Canada Pension Plan (CPP) benefits. Why is it important for Stanley to know this?

A. These funds are taxable and may increase her need for life insurance.
B. Her life insurance needs may decrease if she is retired.
C. Her spouse may be eligible for survivor benefits upon her death.
D. To calculate her retirement income.

Answer: B

Explanation:
Knowing whether Bea is receiving OAS and CPP benefits helps Stanley assess her life insurance needs, which may decrease upon retirement as there may be less need to replace income. As Bea isno longer dependent on employment income, her insurance needs could reduce if she relies on stable retirement income sources like OAS and CPP. Therefore,Option Breflects why this information is relevant in the context of life insurance planning.

NEW QUESTION # 155
Six years ago, when Kacey was working as an active firefighter, she purchased a $200,000 30-year term life insurance policy. At the time, the insurance company rated her policy. Recently, she changed roles and now works for the fire department's public relations office, answering media calls and filling out paperwork. She meets with her insurance agent, Bernice, to ask if the insurer would consider reducing her premiums.

A. The insurer cannot reduce the premium, but Kacey can apply for a new policy at a lower premium.
B. The premiums cannot be increased once the policy is issued.
C. The premiums can be reduced only if the policy has been in force for more than two years.
D. Her premiums can be reduced since she is no longer a firefighter.

Answer: A

Explanation:
When a term life insurance policy is issued with a specific rating based on risk factors, such as Kacey's former occupation as a firefighter, the premiums are generally fixed and non-negotiable post-issuance.
However, Kacey can apply for a new policy, which would consider her current lower-risk occupation and potentially offer lower premiums. She would need to undergo underwriting again. Thus,Option Bis correct, as the existing policy's premiums cannot be adjusted retroactively to account for her new role.

NEW QUESTION # 156
......

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