LLQP Actual Collection: Life License Qualification Program (LLQP) - LLQP Quiz Braindumps & LLQP Exam Guide

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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	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	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 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 (Q146-Q151):

NEW QUESTION # 146
Samira, a 42-year-old single mother of four, owns an individual disability insurance (DI) policy. Last week, she was hospitalized because of complications from diabetes. She hired an emergency nanny to care for her children until she was healthy enough to resume her normal activities. To her relief, Samira's DI policy contains a special rider that would cover up to $250 per day for these types of expenses.
What is the name of the rider contained in Samira's policy?

A. Childcare rider.
B. Cost-of-living adjustment.
C. Hospital indemnity rider.
D. Residual disability benefits.

Answer: A

Explanation:
Samira's individual disability insurance (DI) policy includes achildcare rider, which provides a daily benefit to cover the costs of hiring help to care for her children while she is unable to perform her usual duties due to illness or injury. This rider is particularly useful for policyholders with dependents, as it addresses the financial burden of childcare in cases where the policyholder's disability prevents them from fulfilling their caregiving responsibilities. None of the other options, such as residual disability benefits or hospital indemnity, specifically cover childcare expenses; therefore, the correct answer is the childcare rider.

NEW QUESTION # 147
Alexandre, a financial security advisor, recently left FinCode Inc. because of an unresolved dispute with the company. He is continuing his career as an independent advisor. This week, he has an appointment with a client who tells him that he met with another FinCode Inc. employee. However, that employee has a disciplinary record at the CSF for fraudulently copying a signature on a form. Since the client does not work in insurance and the information is public knowledge, Alexandre provides him with some clarification regarding the other advisor's case. How can Alexandre encourage the client to do business with him without denigrating his competitor?

A. By talking about his experience with the other advisor when they worked for the same firm
B. By emphasizing his unique approach that sets him apart from his competitors
C. By informing the client of his recent departure from FinCode Inc. owing to an unresolved dispute
D. By telling the client to always check an advisor's record with the CSF

Answer: B

Explanation:
Comprehensive and Detailed In-Depth Explanation: The CSF Code of Ethics (Section 11) prohibits advisors from denigrating competitors, requiring professionalism in client interactions. Alexandre can't disparage the FinCode advisor despite the public disciplinary record. Option C-emphasizing his unique approach- focuses on his strengths, encouraging business ethically without criticism. Option A (check CSF records) indirectly highlights the competitor's fault, risking denigration. Option B (departure dispute) introduces irrelevant negativity. Option D (past experience) could lead to prohibited criticism. The Ethics manual promotes positive differentiation over competitor critique, making C the compliant choice.
References: CSF Code of Ethics, Section 11; Ethics and Professional Practice (Civil Law) Manual, Section on Professional Conduct.

NEW QUESTION # 148
Levi is a newly licensed financial security advisor in Quebec City, meeting with Mason, the compliance officer at Yes Insurance Inc. Mason stresses the importance of being professional and complying with the code of ethics. Levi asks who enacted the code of ethics.
Which of the following is Mason's CORRECT response?

A. Canadian Insurance Services Regulatory Organizations (CISRO).
B. Chambre de la securite financiere (CSF).
C. Autorite des marches financiers (AMF).
D. Canadian Council of Insurance Regulators (CCIR).

Answer: B

Explanation:
In Quebec, theChambre de la securite financiere(CSF) is responsible for enacting and enforcing the Code of Ethics for financial security advisors. The CSF ensures that professionals, like financial security advisors, adhere to ethical standards and provide clients with competent and honest services.
The Autorite des marches financiers (AMF) oversees the financial market in Quebec, but the CSF specifically regulates the ethical conduct of financial advisors, including those selling life insurance and financial security products.

NEW QUESTION # 149
Kirill purchases a $250,000 permanent life insurance policy on the life of his grandson, Dmitry. Kirill asks his wife Katya to pay the policy premiums and names his daughter, Natalya, as the subrogated policyholder. He does not name a beneficiary. Subsequently, Kirill dies without a will.
Who will become the new policyholder?

A. Katya.
B. The executor of Kirill's estate.
C. Natalya.
D. Dmitry.

Answer: C

Explanation:
In the case of life insurance where a subrogated policyholder is designated, that individual (in this case, Natalya) would assume ownership rights of the policy upon the original policyholder's death. Since Kirill named Natalya as the subrogated policyholder, she would become the new policyholder upon his death, regardless of the fact that Kirill did not have a will. This designation bypasses the estate, meaning the executor or other family members (like Katya) do not assume ownership. This outcome aligns with LLQP guidelines on succession planning and the assignment of life insurance ownership.

NEW QUESTION # 150
Over the years, Agnes, a disciplined investor with a modest income, was able to save over $140,000 in an accumulation annuity. She plans on using the funds in a few years to travel the world and enjoy life while she is still healthy.
Which of the following statements about her annuity is TRUE?

A. A surrender can only be made at specific times.
B. An accumulation annuity is not flexible.
C. A market value adjustment will be charged by the insurer each time she withdraws her funds.
D. The annuity permits both withdrawals, subject to minimum and maximum amounts, and surrender.

Answer: D

Explanation:
An accumulation annuity offers flexibility in terms of access to funds. According to LLQP guidelines, accumulation annuities permit both periodic withdrawals and the option for full surrender, though withdrawals are generally subject to minimum and maximum limits, depending on the contract. Furthermore, such annuities often allow for flexibility in accessing funds without the need for strict schedules, unlike some other products that may restrict surrenders to specific times. Therefore, option A accurately describes the flexibility associated with accumulation annuities, making it the correct answer.
Option B is incorrect because surrenders in accumulation annuities are not usually restricted to specific times.
Option C is inaccurate as accumulation annuities are designed for flexibility. OptionD is incorrect as market value adjustments are not automatically applied; these depend on the contract terms and market conditions.

NEW QUESTION # 151
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LLQP Actual Collection: Life License Qualification Program (LLQP) - LLQP Quiz Braindumps & LLQP Exam Guide

IFSE Institute LLQP Exam Syllabus Topics:

New LLQP Exam Camp | 100% Free Life License Qualification Program (LLQP) Reliable Exam Materials

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q146-Q151):