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Life License Qualification Program Life License Qualification Program (LLQP)

Life License Qualification Program (LLQP)

Last Update Apr 26, 2025
Total Questions : 227

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Questions 2

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:

The Insurers Act.

The Distribution Act.

The Act respecting insurance.

The Act respecting prescription drug insurance.

Discussion 0

Questions 3

Mike and Todd are both agents with Superior Insurance Company. Every Friday, they have lunch together at the local pub. One Friday, Mike forgets his wallet, so Todd pays both bills. Mike has a sales appointment that afternoon, where he will be signing a small term life insurance policy on a child. He decides to simply indicate that Todd is the agent of record so that Todd gets the compensation for the sale—an easy way to pay him back for lunch! What practice is Mike engaging in?

Options:

Tied selling.

Fronting.

Churning.

Misrepresentation.

Discussion 0

Questions 4

Jessica is 61 years old and has $460,000 invested in a registered retirement savings plan (RRSP). She is retiring due to health issues that are expected to reduce her life expectancy and will prevent her from working until she is 65. She would like to transfer her RRSP funds into an annuity that will pay her monthly benefits for the rest of her life.

Which of the following annuities is the BEST option for her to purchase?

Options:

Term annuity to age 90.

Life annuity.

Life annuity with a 20-year guaranteed period.

Impaired life annuity.

Discussion 0

Questions 5

Vasu, an insurance agent, meets with Francine, his new client. Francine wants to purchase a disability insurance policy. Vasu helps her complete the application form. In the process, he collects all the required medical and lifestyle information on his client and wonders what he must do with the information he collected.

Which of the following options is CORRECT?

Options:

Vasu must send a copy of the medical and lifestyle-related information to the insurer, his supervisor, and his client, and must keep a copy in his file.

Vasu must send a copy of the medical and lifestyle-related information to the insurer, his supervisor, and keep a copy in his file.

Vasu must send a copy of the medical and lifestyle-related information to the insurer and keep a copy in his file.

Vasu must send a copy of the medical and lifestyle-related information to the insurer only, and he cannot keep a copy in his file.

Discussion 0

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