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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 (Q76-Q81):

NEW QUESTION # 76
Maeve is an Ontario resident. Fifteen years ago, she purchased a $250,000 whole life insurance policy and named her husband Guillaume as the primary beneficiary and her 4-year-old son Edwin as the contingent beneficiary. Last week, Tasha, Maeve's insurance agent called her to ask if she has had any life changes that would warrant a meeting to review her insurance coverage. Maeve informs her that over the last year she divorced Guillaume and that she is now living with her new boyfriend Eduardo. Tasha asks to meet Maeve to review her beneficiary designation. Who will receive Maeve's death benefit if she dies today?

A. Guillaume
B. Maeve's estate
C. Edwin
D. Eduardo

Answer: A

Explanation:
In Ontario, unless a beneficiary designation is changed formally through the policyholder or as part of a court order, the originally designated beneficiary remains entitled to the death benefit. Since Maeve has not updated her beneficiary designation following her divorce, Guillaume remains the primary beneficiary. Divorce does not automatically revoke a beneficiary designation in life insurance policies. Therefore, if Maeve dies today, Guillaumewould receive the death benefit. Edwin, the contingent beneficiary, would only receive the benefit if Guillaume were unable to (e.g., predeceased).

NEW QUESTION # 77
Oscar is a chartered accountant who owns and operates his own firm, Tax Time Ltd., with the help of five employees. The provincial accountants' association offers group benefits plans to its members' firms. Oscar recently contacted the association to have a group benefits plan quoted and put in place for his firm. Who will be the plan sponsor?

A. The insurer providing the group insurance benefits.
B. Oscar.
C. Tax Time Ltd.
D. The provincial accountants' association.

Answer: C

Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
In group insurance, the plan sponsor is typically the employer or entity that establishes and maintains the group benefits plan for its employees or members. TheIFSE Ethics and Professional Practice Course (Common Law)explains that the sponsor is responsible for arranging the plan, often in collaboration with an insurer or association, but it is the employer (or firm) that formally sponsors it for its employees. Here, Tax Time Ltd., as Oscar's firm, is the employer entity setting up the plan for its five employees, making it the plan sponsor. Oscar, asan individual, is not thesponsor; the association facilitates the plan but does not sponsor it for Tax Time Ltd.'s employees; and the insurer provides the coverage but does not act as the sponsor. Thus, option B is correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 3: Group Insurance, Section on "Roles in Group Plans."

NEW QUESTION # 78
Denise, age 45, is a member of her employer's group insurance plan, which provides disability protection for
60% of her annual salary of $60,000. Louis, her 42-year-old spouse, is self-employed, has an annual income of $45,000, and no disability protection. As parents of three teenagers, Denise and Louis need $6,000 a month to meet their financial obligations with respect to such expenses as housing, food, car, clothing, and entertainment. Which of the following best characterizes Denise and Louis' current protection?

A. Denise should increase her group insurance protection to cover 75% of her income.
B. The likelihood of Denise and Louis becoming disabled at the same time is almost zero. So, there is no need for additional protection.
C. In the event Louis is disabled and has no monthly income, Denise's income will be insufficient to meet the couple's financial obligations. It is recommended that Louis take out insurance to protect up to 60% of his income.
D. In the event Denise is disabled, she will receive $3,000/month. Along with Louis' monthly income of
$3,750, the couple will have no difficulty meeting their financial obligations, so there is no need for additional protection.

Answer: C

Explanation:
Comprehensive and Detailed Explanation:
Denise's annual salary is $60,000, and her group disability insurance covers 60% of this, equating to $36,000
/year or $3,000/month ($60,000 × 0.60 ÷ 12). Louis earns $45,000/year, which translates to $3,750/month ($45,000 ÷ 12). Together, their current combined monthlyincome is $6,750 ($3,000 + $3,750). Their monthly expenses are $6,000, leaving a surplus of $750/month under normal circumstances.
Option A: This assumes simultaneous disability is the only risk, which is incorrect. The LLQP emphasizes assessing individual disability risks based on income replacement needs, not just joint probability (Chapter 2:
Insurance to Protect Income).
Option B: If Denise is disabled, she receives $3,000/month from her group plan, and Louis earns $3,750
/month, totaling $6,750/month. This meets the $6,000 need, but it assumes Louis remains able to work, ignoring his risk of disability.
Option C: Increasing Denise's coverage to 75% ($3,750/month) is unnecessary since $6,750 already exceeds
$6,000 when Louis works. This doesn't address Louis' lack of protection.
Option D: If Louis is disabled, he earns $0, and Denise's $3,000/month (her full salary, assuming no disability) falls short of $6,000 by $3,000. Louis needs coverage for 60% of his income ($45,000 × 0.60 =
$27,000/year or $2,250/month), which, combined with Denise's $3,000, totals $5,250-close to their needs, with adjustments possible. This aligns with the LLQP's focus on ensuring both income earners are protected (Chapter 6:Client Profile).
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 2:Insurance to Protect Income, Chapter 6:
Client Profile.

NEW QUESTION # 79
Kimeni meets with Orion, an insurance agent, to purchase segregated funds. After assessing Kimeni's needs, Orion suggests an index segregated fund. Kimeni agrees to invest $5,000 in the fund now and $200 every month.
With relation to this transaction, which of the following options is CORRECT about the Fund Facts document?

A. Kimeni must acknowledge that he received the document.
B. It is Kimeni's responsibility to ask for the document.
C. Orion can only deliver the document to Kimeni electronically.
D. Orion must deliver the document to Kimeni within 3 days after the purchase.

Answer: A

Explanation:
It is a regulatory requirement for the client, Kimeni, to acknowledge receipt of the Fund Facts document when purchasing segregated funds. This ensures that he has been informed about the key aspects of the investment, such as fees, risks, and performance, prior to purchase. LLQP guidelines mandate that documentation like Fund Facts must be provided to clients and that they acknowledge receipt to confirm informed consent.
Option A is incorrect as the document must be delivered before the purchase. Option C is inaccurate as the document can be delivered in various formats, not exclusively electronic. Option D is incorrect because it is the agent's responsibility to provide the document, not the client's to request it.

NEW QUESTION # 80
(Helmut, a Canadian resident for 10 years, invests $25,000 in a segregated fund within an RRSP. The agent processes the transaction without asking for proof of identity.
According to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), what is the conclusion about the agent's action?)

A. He has violated the identification requirements because the amount of the transaction is more than
$10,000.
B. He has violated the identification requirements because the agent previously completed just one transaction for Helmut.
C. He has not violated the identification requirements because the amount was deposited in a registered account.
D. He has not violated the identification requirements because the amount is less than $100,000.

Answer: B

Explanation:
Since the agent hadonly completed one prior transactionfor Helmut,Helmut was still considered a new clientfor identity verification purposes, and identification was mandatory. Failure to verify identity violates PCMLTFA regulations.
Exact Extract:
"Where there is no ongoing business relationship or where previous transactions were limited, the representative must identify the client again. Failure to do so for investments over $10,000 breaches PCMLTFA requirements." (Reference:Segfunds-E313-2020-12-7ED, Chapter 4.3 Compliance Requirements)

NEW QUESTION # 81
......

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Well LLQP Prep & New LLQP Test Discount

IFSE Institute LLQP Exam Syllabus Topics:

New LLQP Test Discount - LLQP Reliable Test Tutorial

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q76-Q81):

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