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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	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 3	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 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 (Q127-Q132):

NEW QUESTION # 127
Group insurance and group annuity representative Zaheb recently sold a group insurance contract to Alumo Inc., a company that employs about 50 plant employees. This is the first time the company offers such a plan.
The employees are asking the company questions about how the prescription drug plan works. They are especially surprised to see that the plan covers very few of the brand name drugs often prescribed by their physicians. What should Zaheb do?

A. Put an employee information program in place to explain the rules of the prescription drug plan.
B. Let Alumo answer its employees' questions about the prescription drug plan because it is best placed to understand their concerns.
C. Recommend that the employees consult the Medical Information Bureau's (MIB) official website, which explains how prescription drug plans work.
D. Notify the insurer because it alone is able to explain the prescription drug plan rules to the employees.

Answer: A

Explanation:
Comprehensive and Detailed Explanation:
Zaheb, as the agent, should educate employees via an information program to clarify coverage (e.g., generic vs. brand name drugs) (Chapter 8:Group Plan Specifics).
Option A: Incorrect; Alumo lacks expertise.
Option B: Incorrect; MIB doesn't explain plans.
Option C: Correct; agent's role.
Option D: Incorrect; insurer delegates to agent.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 8:Group Plan Specifics.

NEW QUESTION # 128
Leonard and Ashley, a couple in their early 30s, meet with Howard, an insurance agent, to review their investment needs. Leonard earns $60,000 a year as a research physicist, and Ashley earns $25,000 as an actress. They each have $3,000 in their respective chequing accounts. Leonard also has $40,000 invested in his group registered retirement savings plan (RRSP). Ashley has a Subaru WRX worth $20,000 with a car loan of $10,000. Leonard does not own a car, but he has an outstanding student loan of $30,000.
What is the couple's net worth?

A. $56,000
B. $111,000
C. $26,000
D. $23,000

Answer: C

Explanation:
To calculate net worth, we sum the couple's assets and subtract their liabilities. The calculation is as follows:
Assets:
Leonard's chequing account: $3,000
Ashley's chequing account: $3,000
Leonard's group RRSP: $40,000
Ashley's car (Subaru WRX): $20,000
Total Assets:$66,000
Liabilities:
Ashley's car loan: $10,000
Leonard's student loan: $30,000
Total Liabilities:$40,000
Net Worth Calculation:
$66,000 (Assets) - $40,000 (Liabilities) = $26,000
The couple's net worth is therefore $26,000, which aligns with LLQP methodologies for net worth calculations by considering all assets minus liabilities.

NEW QUESTION # 129
Nathalie worked for 25 years as an administrative assistant at a manufacturing company. When she left the company 10 years ago, she transferred the money that she accumulated from the company's pension plan into a locked-in retirement account (LIRA). Now she is 60 years of age and would like to withdraw the money from the LIRA.
Under which of the following circumstances would Nathalie be allowed to withdraw her funds?

A. She will start collecting QPP benefits.
B. She is retiring.
C. She moved to Arizona last year.
D. She is disabled and her life expectancy is reduced.

Answer: D

Explanation:
Locked-In Retirement Accounts (LIRAs) are subject to specific restrictions regarding when and how funds can be accessed. Under LLQP regulations, individuals can generally only withdraw funds from a LIRA before retirement under certain circumstances. These include:
* Disability and a reduced life expectancy, as defined by the plan's requirements, which allow for early withdrawal due to significant financial or health hardships.
In contrast:
* Moving to another country, such as Arizona, does not qualify as a reason for early withdrawal under Canadian pension regulations.
* Retirement alone, without converting the LIRA into a Life Income Fund (LIF) or similar product, does not directly permit withdrawals from the LIRA.
* Collecting QPP benefits does not impact the withdrawal conditions of a LIRA directly unless combined with an allowable reason such as disability with reduced life expectancy.
Thus, option B correctly reflects the LLQP criteria under which Nathalie may access her LIRA funds early due to disability and a shortened life expectancy.

NEW QUESTION # 130
Nine months ago, Osvaldo was instructed by his insurance agent, Jane, to write a cheque to renew his life insurance. Jane put the cheque in her wallet. She lost her wallet the very same day and completely forgot about Osvaldo's payment. Some time later, Osvaldo died in a tragic car accident. His family made a claim for the death benefit, but was denied because the policy had lapsed. Who will have to compensate Osvaldo's family for the loss of death benefit?

A. OmbudService for Life & Health Insurance.
B. Jane, using personal assets.
C. The Canadian Council of Insurance Regulators.
D. Jane's errors and omissions coverage.

Answer: D

Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
TheIFSE Ethics and Professional Practice Course (Common Law)explains that agents must carry Errors and Omissions (E&O) insurance to cover financial losses due to negligence or mistakes. Jane's failure to process Osvaldo's payment, leading to a lapsed policy, is negligence. E&Ocoverage compensates the family for the lost benefit, not Jane's personal assets (A), as it's designed for such errors. The OmbudService (C) mediates disputes but doesn't pay claims, and the Canadian Council of Insurance Regulators (D) coordinates policy, not compensation. Thus, B is correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 1: Ethics and Professionalism, Section on "Errors and Omissions Insurance."

NEW QUESTION # 131
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 key person life insurance on Terrence.
B. Purchase business-owned buy-agreement with Terrence.
C. Purchase criss-cross insurance with Terrence.
D. Offer Terrence group life insurance plan.

Answer: A

Explanation:
Key person life insurance is designed to protect a business from financial losses resulting from the death of a key employee. In this case, Terrence's role is crucial to CrossBoy's success due to his substantial contribution to the company's revenue. By purchasing key person insurance on Terrence, Konrad can ensure that the company has the necessary funds to cover the financial impact of Terrence's potential loss. Other options, like offering a group life insurance plan (A), do not directly address the specific financial risk associated with the loss of a key employee.Therefore,Option Cis the appropriate choice.

NEW QUESTION # 132
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