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LLQP Vce Download | Latest LLQP Exam Questions

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2025 100% Free LLQP –Reliable 100% Free Vce Download | Latest Life License Qualification Program (LLQP) Exam Questions

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IFSE Institute LLQP Exam Syllabus Topics:

Topic
Details

Topic 1

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 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

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 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 (Q288-Q293):

NEW QUESTION # 288
Pat, a 30-year-old youth worker, meets with his life insurance agent to discuss disability insurancecoverage.
After a thorough analysis of Pat's needs, the agent recommends a policy with a $1,500 a month benefit (50% of Pat's current salary) payable to age 65 after a 31-day waiting period. Pat has put enough money away to cover 6 months' worth of expenses, if necessary, but he would prefer not to dip into his savings. He applies for the policy, with the expectation that the premium will be $75 a month. He already thinks this is pricey and would not want to pay any more than that. Some time later, underwriting informs the agent that the policy has been approved, but with a 125% premium rating due to Pat being overweight. Which one of the following options would make the most sense to reduce the premium to a level Pat would accept without compromising too much on his coverage?

A. Have Pat reapply for coverage after losing the excess weight.
B. Extend the waiting period.
C. Extend the benefit period.
D. Reduce the monthly benefit.

Answer: B

Explanation:
Comprehensive and Detailed Explanation:
A 125% rating increases the $75 premium to $93.75. Extending the waiting period (e.g., to 90 days) lowers premiums while leveraging Pat's 6-month savings, maintaining $1,500/month to age 65 (Chapter 7:Insurance Recommendation, Contract, and Service Needs).
Option A: Correct; cost-effective adjustment.
Option B: Incorrect; reduces coverage.
Option C: Incorrect; increases premiums.
Option D: Impractical; delays coverage.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 7:Insurance Recommendation, Contract, and Service Needs.

NEW QUESTION # 289
Gabe and Martine are partners in a successfully run clothing company. They have a current buy-sell agreement in place which outlines how their respective share of the business is to be sold/purchased should one of them, or both of them, pass away. They have come to John, their financial advisor, to help them purchase life insurance as they understand this is the most efficient way to fund this arrangement.
What are some strategies through which the buy-sell agreement could be funded?

A. 1 and 3
B. 1, 3 and 4
C. 2 and 3
D. 1, 2 and 3

Answer: B

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
The LLQP explains that buy-sell agreements can be funded by various structures such as:
* Cross-purchase agreements, where each owner buys insurance on the other
* Share redemption plans, where the corporation redeems the deceased's shares
* Cross-share redemption plans, a hybrid approach often used in corporationsThese methods ensure liquidity for the transaction. The combination of 1, 3, and 4 matches LLQP's approved strategies.

NEW QUESTION # 290
Bachir owns a successful video game business and has 10 employees. The time has come to plan business succession and the eventual sale of the business. Bachir's nephew Kharim, who shows a real interest in the business, is identified as his successor. Bachir would like to protect his sales price until such time as the business is sold to Kharim, who does not have the funds yet and will need a few years to amass the required amount. Bachir and Kharim consult insurance agent Bianca for advice. What should Bianca propose?

A. Business loan protection.
B. Disability buyout coverage in the event of Bachir's disability.
C. Key person coverage.
D. Disability buyout coverage in the event of Kharim's disability.

Answer: B

Explanation:
Comprehensive and Detailed Explanation:
Disability buyout insurance funds a buy-sell agreement if the owner (Bachir) becomes disabled, ensuring Kharim can purchase the business at the agreed price (Chapter 5:Insurance to Protect Businesses).
Option A: Incorrect; Kharim's disability doesn't affect Bachir's sale.
Option B: Incorrect; no loan is mentioned.
Option C: Incorrect; key person protects business operations, not succession.
Option D: Correct; protects Bachir's sale value if he's disabled.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 5:Insurance to Protect Businesses.

NEW QUESTION # 291
Becky opened a small bakery five years ago. Although she struggled at first, her business hasbecome increasingly successful. Until recently, she only had two full-time employees, but now she hired two more and relocated the store to a busier street. The rent is higher, and so are the profits. As the bakery expands, however, Becky is becoming increasingly concerned about what would happen to it if she became unable to work-even for just a few months-due to an illness or an injury. Which one of the following options would most suitably protect Becky's business against such a risk?

A. Personal disability insurance.
B. Self-funding arrangement.
C. Disability buyout insurance.
D. Business overhead expense insurance.

Answer: D

Explanation:
Comprehensive and Detailed Explanation:
Business overhead expense (BOE) insurance covers fixed business costs (e.g., rent, salaries) during the owner' s disability, keeping the bakery operational (Chapter 5:Insurance to Protect Businesses).
Option A: Correct; BOE fits her concern for short-term business continuity.
Option B: Incorrect; buyout insurance is for partnership dissolution.
Option C: Incorrect; personal disability covers income, not business expenses.
Option D: Risky; self-funding depletes savings.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 5:Insurance to Protect Businesses.

NEW QUESTION # 292
Mordecai's life insurance lapsed four years after the policy was issued because he failed to make premium payments. The insurer reinstated the policy several months later when he made the required payments and provided the medical and financial information the insurer required. Twelve months later, Mordecai commits suicide and his beneficiaries ask Larry, his insurance agent, whether the claim will be paid. What should Larry tell the beneficiaries?

A. The claim will be paid, because the incontestability clause ended two years after the policy was issued.
B. The claim will be rejected, because the suicide exclusion begins with the date the insurer reinstates the policy.
C. The claim will be paid, because paying the death benefit would be consistent with public order and community standards.
D. The claim will be rejected, because Mordecai's poor mental health was, in all likelihood, a preexisting condition.

Answer: B

Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
TheIFSE Ethics and Professional Practice Course (Common Law)explains that life insurance policies typically include a suicide clause, which denies the death benefit if the insured commits suicide within a specified period-usually two years-from the policy's issue date or reinstatement date. When a policy lapses and is reinstated, the suicide exclusion period restarts from the reinstatement date, not the original issue date.
In this case, Mordecai's policy lapsed after four years, was reinstated, and he committed suicide 12 months (less than two years) later. The incontestability clause (which prevents insurers from denying claims based on misstatements after two years) does not override the suicide exclusion, making A incorrect. Public order (B) is irrelevant, and there's no evidence of a preexisting condition (D) affecting the suicide clause. Thus, Larry should inform the beneficiaries that the claim will be rejected due to the suicide exclusion restarting upon reinstatement, making C correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 2: Insurance Contracts, Section on
"Suicide Clause" and "Reinstatement."

NEW QUESTION # 293
......

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