IFSE Institute LLQP Actual Tests : Life License Qualification Program (LLQP)

Why wait for shipping when your exam date is already set? The moment your payment clears, Actual4test emails your LLQP practice material, and you can start working through the 330 IFSE Institute Life License Qualification Program (LLQP) questions within a minute.

IFSE Institute LLQP Exam Overview:

IFSE Institute LLQP Exam Syllabus Topics:

IFSE Institute Life License Qualification Program (LLQP): Your Questions, Answered

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

Question 1

Mercedes is a single mother to her 5-year-old son Arthur. Arthur's father Richard is not in his son's life because he is a recovering drug dealer who spent the last 4 years in and out of prison. Mercedes has full custody of Arthur and cannot count on help from her family because they live in another province.
Wanting to ensure his well-being, in the event of her death, Mercedes purchases a $100,000 life insurance policy and names Arthur the sole beneficiary of the policy.
If she died without a will who would receive the death benefit?

A. Mercedes's estate
B. Arthur
C. Director of youth protection
D. Richard

Question 2

Laraine wants to purchase an Individual Variable Insurance Contract (IVIC) because of the death benefit guarantee as she has been ill. She has decided on a segregated fund which has, as its underlying asset, units of a mutual fund that invests in North American common shares. Her insurance agent, Jeffrey, wants her to understand key issues before she completes and signs the application. What should Jeffrey do?

A. Provide her with the summary information folder for the segregated fund.
B. Tell her she has a 10-day "free look" to review the contract.
C. Provide her with the prospectus issued for the underlying mutual fund units.
D. Tell her she must complete a medical questionnaire which will be attached to the application.

Question 3

Angela works in a biomedical research lab where she has been assigned to discover possible antidotes to the anthrax virus. While the discovery process of testing possible antidotes would expose her to the deadly virus, she is excited about the assignment.
Knowing that anthrax can be contracted through infected food, air, or contact with skin, what risk management strategy would Angela employ by wearing protective gear over her mouth and skin?

A. Risk reduction
B. Risk avoidance
C. Risk retention
D. Risk transfer

Question 4

Konrad is the owner of CrossBoy, a manufacturing company employing over 50 employees. Konrad recently took out a $500,000 loan to expand his business. Terrence works as a sales manager and is responsible for roughly 40% of the company's revenue. Konrad recognizes the importance of Terrence's contributions to the success of the company. Therefore, in addition to a sizeable basesalary, CrossBoy also pays Terrence regular performance-based bonuses. Konrad understands that if Terrence dies prematurely, CrossBoy would suffer financially. What should he do to protect his company?

A. Purchase criss-cross insurance with Terrence.
B. Offer Terrence group life insurance plan.
C. Purchase key person life insurance on Terrence.
D. Purchase business-owned buy-agreement with Terrence.

Question 5

Trisha is new to the insurance industry and wants to understand the primary responsibility of the Canadian Insurance Services Regulatory Organizations (CISRO). Which of the followingstatements about CISRO is CORRECT?

A. To administer the regulatory system, applicable to insurance intermediaries.
B. To provide clients with assistance to their enquiries and complaints pertaining to Canadian life and health insurance products and services.
C. To administer the enforcement of the federal Personal Information Protection and Electronic Documents Act (PIPEDA).
D. To help protect the integrity of the Canadian financial system.

Solutions: