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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	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	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	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.

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q133-Q138):

NEW QUESTION # 133
Ming-Na is a McGill University graduate interested in pursuing a career as an insurance of persons representative. She wants to know which piece of legislation sets out the definition and role of insurance of persons representatives.
Which of the options below is CORRECT?

A. The Distribution Act.
B. The Act respecting prescription drug insurance.
C. The Insurers Act.
D. The Act respecting insurance.

Answer: A

Explanation:
The Act that governs the definition and role of insurance of persons representatives in Quebec is the Distribution Act. This legislation outlines the roles, qualifications, and responsibilities of professionals licensed to offer life and health insurance products. It is crucial for anyone aspiring to become an insurance representative in Quebec to familiarize themselves with this Act, as it sets out the requirements and framework for licensure, conduct, and the scope of practice in this field.

NEW QUESTION # 134
Melissa, a La Tranquillite representative, is meeting with a client who tells her about something that happened to one of her friends. While she was taking part in an outdoor weekend at Mont-Tremblant Park, a forest fire broke out and one of the participants was never found. The client isabout to take out life insurance with Melissa. She asks Melissa what would happen to her insurance capital in such a situation. What can Melissa tell the client?

A. The contract premiums would be reimbursed to the beneficiary because the contract would be null and void
B. It would be impossible to pay the insurance face amount if the victim's body is not found
C. The insurer would pay the insurance face amount within 30 days of the claim
D. The beneficiary could receive the insurance face amount after a certain number of years and after receiving the judgment for the declaration of death

Answer: D

Explanation:
Comprehensive and Detailed In-Depth Explanation: In life insurance, a death benefit requires proof of death, typically a death certificate. Under Quebec law (Civil Code, Article 92), if a person disappears and death cannot be immediately confirmed (e.g., no body found), a court can issue a declaratory judgment of death after a waiting period-usually 7 years, or sooner with evidence of peril (e.g., forest fire). The LLQP notes that insurers delay payment until this legal determination, as premature payment risks fraud. Option D correctly states that the beneficiary could receive the face amount after this process. Option A (30-day payment) assumes immediate proof, which isn't available here. Option B (premium refund) is incorrect, as the contract remains valid, not void. Option C (impossible payment) overstates the issue-payment is possible post-judgment. The Ethics manual mandates advisors to clarify claim processes, especially in uncertain scenarios.
References: Civil Code of Quebec, Article 92; LLQP Module on Claims; Ethics and Professional Practice (Civil Law) Manual, Section on Death Benefits.

NEW QUESTION # 135
(Samuel works for a major company offering a GRRSP and a group TFSA.
How do Samuel's contributions to the GRRSP differ from his contributions to the group TFSA?)

A. TFSA contributions are deducted from pay each period; GRRSP contributions are made once a year.
B. Samuel's contributions to the GRRSP are made with money already taxed, while TFSA contributions are deductible.
C. Samuel's contributions to the group TFSA are made with money already taxed, while GRRSP contributions are deductible.
D. GRRSP contributions are subject to an annual limit; group TFSA contributions are not.

Answer: C

Explanation:
Group TFSA contributionsare made withafter-tax moneyand grow tax-free.GRRSP contributionsreduce taxable income immediately because they aretax-deductible.
Exact Extract:
"Contributions to a TFSA are not deductible and must be made with after-tax dollars. RRSP (andGRRSP) contributions are tax-deductible, reducing taxable income." (Reference:Segfunds-E313-2020-12-7ED, Chapter 1.3.11 Group Plans)

NEW QUESTION # 136
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. Her life insurance needs may decrease if she is retired.
B. To calculate her retirement income.
C. These funds are taxable and may increase her need for life insurance.
D. Her spouse may be eligible for survivor benefits upon her death.

Answer: A

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 # 137
(Business owner Timothy is reviewing information that his life insurance agent provided for him to establish a group savings plan for his employees. Timothy then meets the agent for some advice. He wants to avoid having to deal with pension credit adjustments.
Which of the following types of plans would meet this requirement?)

A. GRRSPs and group TFSAs.
B. Group TFSAs and DPSPs.
C. GRRSPs and DPSPs.
D. Group TFSAs and DCPPs.

Answer: A

Explanation:
Timothy wants toavoid pension adjustments, which occur with formal pension plans.Group RRSPsand Group TFSAsare not pension plans, so they do not generate a pension credit (adjustment), unlike DPSPs or DCPPs.
Exact Extract:
"GRRSPs and TFSAs are not registered pension plans and thus do not result in pension adjustments against the employee's RRSP contribution room." (Reference:Segfunds-E313-2020-12-7ED, Chapter 1.3.11 Group Plans#49:3†Segfunds-E313-2020-12-7ED.
pdf**)

NEW QUESTION # 138
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IFSE Institute LLQP Exam Practice Test Questions Updated on a Regular Basis

IFSE Institute LLQP Exam Syllabus Topics:

Reliable LLQP Exam Book, Flexible LLQP Learning Mode

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q133-Q138):

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