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IFSE Institute LLQP Exam Syllabus Topics:

Topic	Details
Topic 1	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 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	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.

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q35-Q40):

NEW QUESTION # 35
Marvyn meets with his client, Edlyn, a 67-year-old retired widow who wants to purchase long-term care insurance. Edlyn receives monthly benefits from the Canada Pension Plan (CPP), Old Age Security (OAS), and a registered life annuity. She lives in a mortgage-free condo that she would like to bequeath to her son upon her death.
Given this information, which of the following is Edlyn looking to protect by purchasing long-term care insurance?

A. Protection of assets.
B. Protection of loss of income.
C. Protection of retirement income.
D. Protection of savings.

Answer: A

Explanation:
Edlyn's primary concern is to preserve her condo asset, which she intends to leave to her son. Long-term care (LTC) insurance can help protect her financial assets by covering the costs associated with long-term care, thus reducing the risk of needing to liquidate assets like her condo to pay for care. The LLQP materials note that LTC insurance is often used to protect assets against the high costs of extended care, particularly for individuals who want to ensure their assets can be transferred to heirs. Therefore, the correct answer is B, as Edlyn is seeking to safeguard her assets from potential erosion due to LTC expenses.

NEW QUESTION # 36
Pierre is an insurance of persons representative. His new client, Carole, wishes to buy life insurance but wants to know everything about life insurance products before making a choice. What are Pierre's responsibilities in this case?

A. Pierre must have a conference call with the insurer and Carole so that she can ask the insurer any questions she may have
B. Pierre must ask Carole to put all her questions in writing and send them to the insurer
C. Pierre can simply give Carole the insurer's explanatory brochures providing details on the products. He must avoid giving explanations so as not to influence Carole
D. Pierre must describe the products he offers to Carole and explain the coverage offered. He must clearly indicate and explain the coverage exclusions

Answer: D

Explanation:
Comprehensive and Detailed In-Depth Explanation: Under the Distribution Act (Sections 16-18), insurance representatives like Pierre have a duty to act in the client's best interest by providing clear, accurate information about products, including coverage and exclusions. This aligns with the LLQP's emphasis on needs-based advising and the Civil Code's requirement of good faith (Article 1375). Option A correctly outlines Pierre's responsibility to explain products and exclusions, ensuring Carole makes an informed decision. Option B (handing over brochures without explanation) fails to meet the proactive advisory role mandated by the Ethics and Professional Practice manual, risking misunderstanding. Option C (conference call) is impractical and shifts Pierre's duty to the insurer. Option D (written questions to the insurer) similarly avoids Pierre's obligation to directly assist Carole. The manual stresses full disclosure and client education, making A the ethical and legal standard.
References: Distribution Act, Sections 16-18; Civil Code of Quebec, Article 1375; Ethics and Professional Practice (Civil Law) Manual, Section on Client Disclosure.

NEW QUESTION # 37
Eloise has critical illness coverage through her group insurance plan at work. She is 54 years old, in excellent health, and is planning to retire soon. She meets with Sonia, her insurance agent, to plan her retirement and to make sure she will still be covered in the event of critical illness. To make sure she is not a burden on her family, Eloise would also like to receive monthly benefits in the event she is placed in an assisted living facility. What should Sonia tell her?

A. That the critical illness coverage under her group plan will end when she retires and that she should consider purchasing individual coverage.
B. That the critical illness coverage under her group plan is the least expensive and that the insurer will have to give her the option of converting it into individual insurance when she retires.
C. That when she retires, she should purchase individual disability insurance, which would give herthe coverage required in the event of critical illness.
D. That her critical illness coverage will end when she retires and that she should consider purchasing individual critical illness and long-term care insurance.

Answer: D

Explanation:
Comprehensive and Detailed Explanation:
Group critical illness (CI) coverage typically ends upon retirement unless a conversion option is explicitly offered, which is rare (Chapter 8:Group Plan Specifics). Eloise needs CI for lump-sum protection and long- term care (LTC) insurance for monthly benefits in an assisted living facility (Chapter 4:Insurance to Protect Savings).
Option A: Incorrect; group CI rarely converts to individual CI, and it doesn't address LTC needs.
Option B: Partially correct but incomplete; it misses LTC for assisted living.
Option C: Correct; CI ends at retirement, requiring individual CI, and LTC insurance meets her assisted living goal.
Option D: Incorrect; disability insurance replaces income, not CI or LTC benefits.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 4:Insurance to Protect Savings, Chapter
8:Group Plan Specifics.

NEW QUESTION # 38
On June 5, Karl completed an application for critical illness coverage and paid an annual premiumof $1,250.
On June 25, the underwriter approved the policy under standard conditions and sent it to the agent, who received it on July 7. The agent contacted the client on August 8 and the date for delivery was set at August
10. On August 12, Karl learns that he will lose his job at the end of the month. As such, he decides to cancel the policy, returning it to the insurer on August 15. What is the rule governing Karl's right to have his premium refunded?

A. He is not entitled to a refund, because the application was signed more than 30 days ago.
B. He is entitled to a refund, because the policy was returned within 10 days of delivery.
C. He is entitled to a refund, because the representative delivered the policy more than 10 days after its issuance.
D. He is not entitled to a refund, because the policy was approved more than 30 days ago.

Answer: B

Explanation:
Comprehensive and Detailed Explanation:
The 10-day "free look" period starts upon delivery (August 10); Karl returned it August 15 (within 5 days), entitling him to a refund (Chapter 7:Insurance Recommendation, Contract, and Service Needs).
Option A: Correct; within 10 days.
Option B-D: Incorrect; refund tied to delivery, not approval or application.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 7:Insurance Recommendation, Contract, and Service Needs.

NEW QUESTION # 39
Planet Source decides to implement a defined contribution pension plan (DCPP) for its 75 employees. The company's president appoints Josie, the human resources director, as the plan administrator.
Which of the following BEST describes Josie's responsibility as a plan administrator?

A. To address funding shortfalls
B. To manage the pension plan
C. To set the benefit structure
D. To amend the pension plan

Answer: B

Explanation:
As a plan administrator for a defined contribution pension plan (DCPP), Josie's primary responsibility is to manage the pension plan, which includes overseeing day-to-day operations, ensuring regulatory compliance, and handling communications with plan members. According to LLQP, plan administrators are tasked with ensuring the effective management and administration of the plan, rather than setting benefit structures or addressing funding issues, which are typically responsibilities of the employer.
Options B, C, and D describe responsibilities typically held by the employer or plan sponsor, not the administrator.

NEW QUESTION # 40
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LLQP Valid Braindumps Pdf - 100% LLQP Exam Coverage

IFSE Institute LLQP Exam Syllabus Topics:

100% IFSE Institute LLQP Exam Coverage & Valid LLQP Exam Topics

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q35-Q40):

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