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

Coraline is a landscape gardener who owns a disability insurance (DI) policy. The policy will pay her a $3,000 monthly benefit after a 90-day waiting period. She is diagnosed with cancer, and because she has to undergo months of chemotherapy, she will be unable to work. She calls Robin, her insurance agent, to inform him of her diagnosis. She would like to know more information about the claims process.

Which of the following statements is CORRECT?

Options:

A.

Coraline must contact her agent by phone within 30 days of learning about her diagnosis.

B.

Coraline has 30 days to provide the insurer with all of the information required to process the claim.

C.

The insurer must pay Coraline the benefit amount within 30 days after receipt of the proof of loss.

D.

The payment of the initial benefit to Coraline must occur within 30 days after the end of the waiting period.

Discussion
Question 21

Benjamin is a financial security advisor working for the Larson Group. He is following a mandatory compliance training session given by Andrew, the compliance manager. Andrew explains the importance of following the Chambre de la sécurité financière code of ethics, and Benjamin would like to know to whom the code of ethics applies.

What is Andrew's CORRECT response?

Options:

A.

Financial planners and financial security advisors.

B.

Financial security advisors and their administrative assistants.

C.

Claims adjusters and group insurance plan advisors.

D.

Damage insurance agents and accident and sickness insurance representatives.

Discussion
Question 22

Alec is sure he sent his insurer his annual life insurance premium payment. The insurer did not receive it, however. The insurer then sent Alec a notice of non-payment of premiums, but Alec had moved in the meantime. Therefore, he never got the notice, even though he had emailed hisfinancial security advisor, Olivier, to inform him of his change of address. Unfortunately, Olivier was on a leave of absence and no one else in the firm took over the file. As a result, the policy lapsed. Alec sent Olivier’s firm several emails to complain, but no one responded. Which organization can Alec turn to?

Options:

A.

The Canadian Life and Health Insurance Association

B.

The Chambre de la sécurité financière

C.

The Autorité des marchés financiers

D.

Assuris

Discussion
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Question 23

Jean, who is in business, would like to understand why his segregated funds, which resemble mutual funds, allow this type of asset to be sheltered from creditors. How should Patrice, his financial security advisor, answer?

Options:

A.

The reason is that segregated funds are offered through an annuity policy, and by law, annuities offer a certain measure of protection if the beneficiary is the legal spouse or the policyholder’s ascendant or descendant, or an irrevocable beneficiary

B.

The reason is that segregated funds are governed by the AMF’s Guideline on Individual Variable Insurance Contracts Relating to Segregated Funds, which states that these products are exempt from seizure

C.

The reason is that anything offered by a life insurer can be exempt from seizure if a beneficiary is designated, except for contributions in the last year

D.

The reason is that mutual funds do not offer a guarantee and it’s the guarantee offered by segregated funds, which ensures it is an insurance contract and which therefore allows funds to be free from creditors

Discussion
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