2025 IFSE INSTITUTE LLQP–PROFESSIONAL RELIABLE EXAM BRAINDUMPS

2025 IFSE Institute LLQP–Professional Reliable Exam Braindumps

2025 IFSE Institute LLQP–Professional Reliable Exam Braindumps

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Tags: LLQP Reliable Exam Braindumps, LLQP New Practice Questions, LLQP Study Demo, Valid LLQP Exam Camp, Valid LLQP Test Vce

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IFSE Institute LLQP Exam Syllabus Topics:

TopicDetails
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
  • 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
  • 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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LLQP New Practice Questions | LLQP Study Demo

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q122-Q127):

NEW QUESTION # 122
Miguel applied for a disability insurance policy nearly three months ago. He recently received notice from his agent that his application was approved, with an exclusion applicable to his lower back due to a prior injury.
The agent brought the exclusion amendment with the policy at the delivery appointment. Miguel signed and accepted it. He gave the agent a copy of a void cheque to set up direct billing for the premiums, but asked that they wait three days to draw the first premium, to coincide with his payday. The insurer drew the premium three days later, as requested. When did Miguel's policy take effect?

  • A. The policy took effect when Miguel signed the policy and the amendment.
  • B. The policy has been in effect ever since Miguel's initial application.
  • C. The policy took effect when Miguel received notice of approval.
  • D. The policy took effect when the insurer was able to draw the first premium.

Answer: A

Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
Under Canadian insurance law, a policy typically takes effect when there is a meeting of the minds (offer and acceptance) and the contract is finalized, often marked by the policyholder's acceptance of the terms and conditions. TheIFSE Ethics and Professional Practice Course (Common Law)notes that for individual insurance policies, coverage begins when the policy is delivered and accepted by the insured, provided the first premium is paid or arranged. In Miguel's case, he signed and accepted the policy and amendment at the delivery appointment, and the premium payment was arranged (via void cheque) with a mutually agreed delay of three days. The policy does not take effect at application (A) unless specified, nor at notice of approval (B) alone, nor solely when the premium is drawn (D). Acceptance at signing (C) aligns with contract formation principles, making it the correct answer.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 2: Insurance Contracts, Section on
"Effective Date of Coverage."


NEW QUESTION # 123
Jordan, a group insurance agent, meets with Nancy, a commercial berry grower in Saskatoon, to renew her company's group insurance plan. When the plan was established four years ago, Nancy had 20 employees.
She now has over 50 employees, many of whom are unhappy with the plan. Jordan wants to rectify this situation to everyone's satisfaction but is not sure how to begin.
Which of the following options indicates the first step that Jordan should take?

  • A. Switch the plan to another insurer.
  • B. Identify satisfaction levels with support and turnaround time with claims.
  • C. Cancel the company's group insurance plan.
  • D. Ensure that the plan is a non-contributory plan.

Answer: B

Explanation:
When Jordan discovers that many of Nancy's employees are dissatisfied with the current group insurance plan, his first step should be toassess the employees' specific concerns. This includes understanding issues such as satisfaction with customer support and the claims turnaround time. Gathering feedback on these aspects will help Jordan identify the main areas of dissatisfaction and explore targeted solutions to improve the plan. The LLQP materials emphasize the importance of aligning group insurance plans with the needs and satisfaction of the participants, making this an essential step before considering any major changes such as switching insurers or altering the plan's structure.


NEW QUESTION # 124
Cory is a recent college graduate who has just been hired by a marketing firm in an entry-level position. His employer group benefits only cover a short-term disability to a maximum of 119 days. He meets with an insurance agent to talk about disability coverage. To fully cover his salary, he would require a $3,000 monthly benefit. In reviewing options, he thinks that his ideal coverage of a 30-day waiting period and a "to age 65" benefit period comes at a cost that exceeds his budget. What recommendation should the insurance agent make to Cory regarding coverage?

  • A. Extend the waiting period to reduce the monthly premium.
  • B. Shorten the benefit period to reduce the monthly premium.
  • C. Wait until his income has increased and he can afford the premium.
  • D. Reduce the monthly benefit to reduce the monthly premium.

Answer: A

Explanation:
Comprehensive and Detailed Explanation:
Extending the waiting period (e.g., to 120 days) aligns with his 119-day STD coverage, reducing premiums while maintaining $3,000/month to age 65 (Chapter 7:Insurance Recommendation, Contract, and Service Needs).
Option A: Correct; cost-effective.
Option B: Incorrect; weakens coverage.
Option C: Incorrect; reduces protection.
Option D: Incorrect; delays coverage.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 7:Insurance Recommendation, Contract, and Service Needs.


NEW QUESTION # 125
Hana, a 25-year-old personal assistant, recently got a job where the employer offers all employees access to a defined contribution pension plan (DCPP). Hana meets with the group insurance agent, Tom, because she must choose her investments and she doesn't know what she should choose. She is not very knowledgeable about investments, but since the money will only be used at retirement, she wants to invest in a fund that combines stocks and bonds and that is easy to understand.
Which fund should Tom suggest?

  • A. Dividend Fund
  • B. Balanced Fund
  • C. Bond Fund
  • D. Target date Fund

Answer: B

Explanation:
Since Hana is not highly knowledgeable about investments and prefers a simple approach that includes both stocks and bonds, a Balanced Fund would be appropriate. Balanced funds are designed to provide a mix of stocks and bonds, which offers both growth potential and incomestability. This aligns well with Hana's objectives for a diversified and easy-to-understand investment suitable for retirement. LLQP materials note that balanced funds offer simplicity and diversification, making them suitable for investors who seek moderate risk and diversification without the need for detailed investment knowledge.
Bond funds, dividend funds, and target date funds each have unique advantages, but they do not offer the same balanced exposure to both stocks and bonds that Hana seeks. Bond funds focus primarily on fixed- income assets, dividend funds on equity income, and target date funds adjust over time rather than maintain a fixed allocation of stocks and bonds throughout the investment period.


NEW QUESTION # 126
Financial security advisor Juliette meets Pierre during a business meeting. Pierre gives her the name of a prospect, one of his friends. Juliette wants to start by contacting the prospect by email, then plans to follow up with a phone call to set up an appointment. Why should Juliette cease to proceed in this manner with her prospect?

  • A. copyright's Anti-Spam Legislation prohibits all email solicitation
  • B. Juliette must meet Pierre and his friend together
  • C. Juliette has not first contacted the prospect to obtain his consent
  • D. Pierre must contact his friend to set up an appointment with Juliette

Answer: C

Explanation:
Comprehensive and Detailed In-Depth Explanation: copyright's Anti-Spam Legislation (CASL) governs unsolicited electronic communications, including emails for commercial purposes (Sections 6-8). Contrary to option A, CASL does not prohibit all email solicitation; it allows it withprior consent (express or implied) or under specific exemptions (e.g., existing business relationships). Juliette has no prior relationship with the prospect, and Pierre's referral does not constitute implied consent under CASL, as consent must come from the recipient (Section 10). Option B is correct because Juliette must obtain the prospect's consent before sending an unsolicited email, aligning with CASL's opt-in requirement. Option C is incorrect, as Pierre has no legal obligation to facilitate the contact, though it might be courteous. Option D is impractical and not required by law. The Ethics and Professional Practice manual reinforces that advisors must respect privacy laws and obtain consent before initiating contact, making Juliette's proposed action non-compliant without prior approval.
References: copyright's Anti-Spam Legislation, Sections 6-10; Ethics and Professional Practice (Civil Law) Manual, Section on Privacy and Consent.


NEW QUESTION # 127
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