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IFSE Institute Updated LLQP Exam Questions and Answers by alma

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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: 150 Q&A's Shared By: alma
Question 20

Francis owns a $250,000 insurance policy with an accidental death and dismemberment (AD&D) rider. Francis calls his insurance agent Andrew to inform him that he permanently lost the use of his right hand. He explains to Andrew that his brother shot him when he broke into his brother’s house to recover a gold watch that was rightfully his. Francis wants to know how much he will receive from his AD&D rider.

Options:

A.

Francis will receive a benefit of $165,000.

B.

Francis will receive a benefit of $187,500.

C.

Francis will receive a benefit of $250,000.

D.

Francis will not receive any benefit.

Discussion
Question 21

Aari and Jonila are a married couple in their late sixties. They both enjoy a comfortable retirement. Both receive regular payments from their pension plans, Old Age Security (OAS) and Canada Pension Plan (CPP). They own a house and a cottage that are both mortgage-free. They also have over $500,000 in savings and investments. They know that if one of them dies, the surviving spouse will be financially comfortable. The couple has two grown children to whom they would like to leave all their assets when they die. The couple informs Herbert, their insurance agent, that they want to make sure when they die that their children have the funds needed to pay the taxes on the assets that they will bequeath them.

Which life insurance policy would be most suited to meet the couple's needs?

Options:

A.

A permanent joint last-to-die policy on Aari and Jonila.

B.

A permanent joint first-to-die policy on Aari and Jonila.

C.

A term joint last-to-die policy on Aari and Jonila.

D.

A term joint first-to-die policy on Aari and Jonila.

Discussion
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Question 22

Edna is a 62-year-old widow living in Quebec. She meets with Yolanda, her insurance agent. Ednaworked part-time her whole life as a seamstress and has no savings. Her husband Donald had been working as a greeter at the local box store until his death 2 months ago at the age of 67. Since his passing, Edna has been struggling financially. She would like to know which of the following organizations will immediately pay her a benefit?

Options:

A.

Workers' Compensation.

B.

Old Age Security (OAS) allowance for surviving spouse.

C.

Canada Pension Plan (CPP) survivor benefits.

D.

She will not receive any benefit.

Discussion
Question 23

Six years ago, when Kacey was working as an active firefighter, she purchased a $200,000 30-year term life insurance policy. At the time, the insurance company rated her policy. Recently, she changed roles and now works for the fire department’s public relations office, answering media calls and filling out paperwork. She meets with her insurance agent, Bernice, to ask if the insurer would consider reducing her premiums.

Options:

A.

The premiums cannot be increased once the policy is issued.

B.

The insurer cannot reduce the premium, but Kacey can apply for a new policy at a lower premium.

C.

The premiums can be reduced only if the policy has been in force for more than two years.

D.

Her premiums can be reduced since she is no longer a firefighter.

Discussion
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