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IFSE Institute Updated LLQP Exam Questions and Answers by avneet

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IFSE Institute LLQP Exam Overview :

Exam Name: Life License Qualification Program (LLQP)
Exam Code: LLQP Dumps
Vendor: IFSE Institute Certification: Life License Qualification Program
Questions: 227 Q&A's Shared By: avneet
Question 28

Ming-Na is a McGill University graduate interested in pursuing a career as an insurance of persons representative. She wants to know which piece of legislation sets out the definition and role of insurance of persons representatives.

Which of the options below is CORRECT?

Options:

A.

The Insurers Act.

B.

The Distribution Act.

C.

The Act respecting insurance.

D.

The Act respecting prescription drug insurance.

Discussion
Question 29

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?

Options:

A.

It covers more illnesses than an individual policy.

B.

Benefits are paid out as soon as the individual is diagnosed with a covered condition.

C.

It is less expensive than an individual policy.

D.

If he is diagnosed with a debilitating illness that does not endanger his life, he may still receive coverage.

Discussion
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Question 30

Goran and Tanja married two years ago. Last year, they purchased and moved into a three-bedroom house in the suburbs. The current balance on their mortgage is $655,000. They meet with Ljubomir, an insurance agent, to purchase a joint term life insurance policy to cover the mortgage. When Ljubomir asks about their existing coverage, Goran shares that he has none. Tanja explains that she owns a universal life (UL) policy with a level death benefit of $50,000 and a cash surrender value (CSV) of $5,000, purchased 6 years ago from another agent. Tanja would like to surrender her UL policy and use the $5,000 CSV to pay for a trip to Europe. What additional information about Tanja's UL policy does Ljubomir need to collect?

Options:

A.

The investment vehicle of the policy's CSV.

B.

The adjusted cost basis (ACB) and surrender charges of the policy's CSV.

C.

The dividends and paid-up additions.

D.

The premiums upon renewal.

Discussion
Question 31

Jasper owns TeleVida, a successful production company with over 50 employees. He wants to expand the company by opening an office in another province. Jasper needs to take out a $500,000 20-year loan to make this expansion happen. However, he wants to make sure that if he dies while there’s an outstanding balance on the loan, the balance will be paid in full by the insurance company.

Options:

A.

20-year decreasing term life insurance.

B.

20-year term life insurance.

C.

Term-100 life insurance policy.

D.

Universal life insurance policy.

Discussion
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