THREE MAIN FORMATS OF LLQP EXAM PRACTICE MATERIAL

Three Main Formats of LLQP Exam Practice Material

Three Main Formats of LLQP Exam Practice Material

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Tags: 100% LLQP Exam Coverage, LLQP Exam Book, Exam Dumps LLQP Demo, LLQP Exam Materials, LLQP Latest Exam Notes

Just download IFSE Institute LLQP Exam Questions and start LLQP exam preparation right now. The IFSE Institute LLQP PDF Dumps exam syllabus is updated from time to time. If you want to pass the Life License Qualification Program (LLQP) exam then you have to understand these changes.

IFSE Institute LLQP Exam Syllabus Topics:

TopicDetails
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
  • 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 3
  • 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 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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In addition to the IFSE Institute LLQP PDF questions, we offer desktop Life License Qualification Program (LLQP) (LLQP) practice exam software and web-based Life License Qualification Program (LLQP) (LLQP) practice test to help applicants prepare successfully for the actual Building Life License Qualification Program (LLQP) (LLQP) exam. These Life License Qualification Program (LLQP) (LLQP) practice exams simulate the actual LLQP exam conditions and provide an accurate assessment of test preparation.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q43-Q48):

NEW QUESTION # 43
Angus is involved in a motorcycle accident and due to his injuries has to spend a few nights in the hospital.
He is released from the hospital with a doctor's note indicating that he is able to perform certain parts of his job, but that it would take months until he can be back to normal. He promptly calls his insurance agent Dawn to ask her if he would be entitled to his disability benefits. Dawn reads his policy and tells him that he will not receive any disability benefits.
Which disability definition is MOST LIKELY included in his policy?

  • A. Own occupation
  • B. Total disability (according to the CPP)
  • C. Regular occupation
  • D. Any occupation

Answer: D

Explanation:
The"any occupation"definition of disability is the most restrictive and generally requires that the insured be unable to perform any work for which they are reasonably qualified by education, training, or experience. If Angus's policy includes this definition, it would explain why he does not qualify for disability benefits despite being unable to perform parts of his job. Under this type of policy, unless he is unable to performany occupation, he would not be eligible for benefits. This is different from other definitions like "own occupation," which is less restrictive and provides benefits if the insured cannot perform their specific job duties.


NEW QUESTION # 44
Maverick meets with Alyssa, an insurance agent, to review his life insurance needs. After completing the needs analysis, Alyssa suggests that Maverick purchase a $100,000 whole life insurance policy and add a critical illness (CI) benefit rider. Which of the following options is an advantage of adding the CI coverage as a rider instead of purchasing an individual CI policy?

  • A. It covers more illnesses than an individual policy.
  • B. If he is diagnosed with a debilitating illness that does not endanger his life, he may still receive coverage.
  • C. Benefits are paid out as soon as the individual is diagnosed with a covered condition.
  • D. It is less expensive than an individual policy.

Answer: D

Explanation:
Adding a Critical Illness (CI) rider to a whole life insurance policy is generally less expensive than purchasing a separate individual CI policy because the rider is attached to an existing policy, reducing administrative costs and sometimes providing limited coverage options. While a CI rider may offer a less comprehensive range of covered conditions than a standalone policy, it serves as a cost-effective solution for adding coverage to a primary life insurance policy. Additionally, CI riders often provide a more affordable premium than individual policies, aligning with budget-conscious clients like Maverick.


NEW QUESTION # 45
Elizabeth is a seasoned insurance agent. She meets with Harold, a new agent, to help him better understand the industry and the processes that they must follow. Elizabeth tells Harold about a body that administers the regulatory system applicable to insurance intermediaries. Which of the following is Elizabeth referring to?

  • A. Office of the Privacy Commissioner of copyright
  • B. Canadian Council of Insurance Regulators (CCIR)
  • C. OmbudService for Life and Health Insurance (OLHI)
  • D. Canadian Insurance Services Regulatory Organizations (CISRO)

Answer: D

Explanation:
The Canadian Insurance Services Regulatory Organizations (CISRO) is responsible for administering the regulatory framework for insurance intermediaries across copyright. CISRO works with provincial and territorial regulators to ensure consistent standards and practices for insurance agents, helping maintain public trust and professional integrity within the industry. Elizabeth is correctly referencing CISRO as the body that manages the regulatory system applicable toinsurance intermediaries.


NEW QUESTION # 46
Kiril is the sole proprietor of a small gym with five employees. His sales manager, Antoine, is a former Olympic athlete, responsible for generating close to 50% of all revenues for the gym. Thanks to Antoine's popular social media presence, the gym is profitable and growing rapidly. However, Kiril has concerns about the future profitability of his gym should Antoine become ill or injured since the other employees are not local celebrities and would not be able to replace Antoine's contribution to the business.
Which of the following types of insurance policy would protect the gym if Antoine were unable to work?

  • A. Business loan protection disability insurance on Antoine.
  • B. Disability business overhead expense insurance on Antoine.
  • C. Disability buyout insurance.
  • D. Key person disability insurance on Antoine.

Answer: D

Explanation:
Key person disability insuranceprovides financial protection to a business against the loss of a crucial employee due to disability. Antoine is a critical figure for Kiril's gym, generating a significant portion of revenue and attracting clientele due to his public profile. This policy would compensate the gym for lost income and potentially cover additional costs incurred while attempting to replace Antoine's unique contributions. The LLQP materials discuss key person insurance as essential for protecting a business against the financial impact of losing a high-value employee, making this option the most suitable for Kiril's needs.


NEW QUESTION # 47
Li Jun, 50, applies for a $250,000 critical illness (CI) insurance policy with his insurance agent Ming. On the application, Li Jun states that he must take pills daily to manage his hypertension. Aside from this, his health is good. Given his age and hypertension issue, he is worried that the insurer may refuse his application.
What does Ming CORRECTLY advise him?

  • A. The policy will likely be issued with an exclusion.
  • B. The policy will likely be denied.
  • C. The policy will likely be issued with a premium rating.
  • D. The policy will likely be issued with a lower benefit.

Answer: C

Explanation:
Since Li Jun manages hypertension, a common condition that increases the risk profile, insurers frequently apply apremium rating, meaning higher premiums, due to the elevated health risk. Exclusions are less typical for well-managed chronic conditions, and refusal is unlikely for a single, manageable health issue.
Given his overall good health otherwise, the insurer is likely to issue the policy with an increased premium to account for the added risk, as per the LLQP guidelines on underwriting for critical illness insurance.


NEW QUESTION # 48
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