100% PASS QUIZ IFSE INSTITUTE - LLQP NEWEST VALID EXAM TUTORIAL

100% Pass Quiz IFSE Institute - LLQP Newest Valid Exam Tutorial

100% Pass Quiz IFSE Institute - LLQP Newest Valid Exam Tutorial

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Tags: Valid LLQP Exam Tutorial, Reliable LLQP Exam Registration, LLQP Dumps Discount, LLQP Reliable Test Test, LLQP Questions Pdf

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IFSE Institute LLQP Exam Syllabus Topics:

TopicDetails
Topic 1
  • 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.
Topic 2
  • 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 3
  • 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 4
  • 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.

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IFSE Institute's LLQP Exam Questions Come with Realistic Practice and Accurate Answers

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q183-Q188):

NEW QUESTION # 183
Jasper is the sole breadwinner in his family. His wife Stephanie has chosen to dedicate all of her time to raising their 3 young children. Luckily, Jasper earns a monthly after-tax income of $25,000 working as a family doctor in the local clinic. Jasper meets with his insurance agent Odda to purchase a life insurance policy that will ensure his family will be able to continue to enjoy their current lifestyle in the event of his death. If his average tax rate is 40% and theinvestment return is 4%, how much life insurance should Jasper purchase based on the income replacement approach?

  • A. $7,500,000
  • B. $1,041,666
  • C. $625,000
  • D. $12,500,000

Answer: D

Explanation:
The income replacement approach calculates the amount of life insurance needed to replace Jasper'safter-tax income for his dependents over a given period, accounting for an investment return. To maintain the family's current lifestyle, we need to determine the capital required to generate a monthly after-tax income of $25,000.
Calculate the Annual Income Needed:Monthly income required: $25,000Annual income required: $25,000 ×
12 = $300,000
Adjust for Tax:Since Jasper's income needs to be replaced at a pre-tax level with a tax rate of 40%, his gross income requirement is calculated as follows:
A close-up of a math Description automatically generated

Thus, Jasper needs a life insurance policy worth$12,500,000to replace his income, allowing his family to maintain their lifestyle with a 4% investment return. This calculation aligns with LLQP principles, ensuring that the income replacement fully addresses both current lifestyle needs and tax implications.


NEW QUESTION # 184
Sebastian is a 44-year-old sales representative employed at Premier Aqua. He wants to take a year off to travel and relax. He has worked for the company for 25 years and accumulated $230,000 in a deferred profit sharing plan (DPSP). He would like to know if he can use some of the funds in his DPSP to fund his sabbatical.

  • A. Yes, he can withdraw the funds if he wants to.
  • B. No, the funds can only be transferred to a locked-in retirement account (LIRA).
  • C. No, the funds can only be transferred to a life income fund (LIF).
  • D. Yes, he can withdraw the funds if he gets permission from his employer.

Answer: B

Explanation:
As with most Deferred Profit Sharing Plan (DPSP) funds, Sebastian's accumulated balance is generally locked-in, which means it cannot be withdrawn in cash while still under the plan. Instead, he may transfer it to a Locked-In Retirement Account (LIRA) upon leaving his employment or retiring, ensuring the funds remain tax-deferred. LLQP guidelines state that DPSP funds are generally subject to locking-in provisions, which restrict withdrawals and are specifically aimed at providing retirement income.
Thus, contrary to options A and B, Sebastian cannot withdraw the DPSP funds for discretionary purposes, such as funding his sabbatical, because of these restrictions. Option C is incorrect, as transferring to a Life Income Fund (LIF) would only be appropriate once the funds are in a LIRA, typically when Sebastian is closer to retirement age and ready to begin income withdrawals.


NEW QUESTION # 185
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. Juliette has not first contacted the prospect to obtain his consent
  • B. Canada's Anti-Spam Legislation prohibits all email solicitation
  • C. Pierre must contact his friend to set up an appointment with Juliette
  • D. Juliette must meet Pierre and his friend together

Answer: A

Explanation:
Comprehensive and Detailed In-Depth Explanation: Canada'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: Canada's Anti-Spam Legislation, Sections 6-10; Ethics and Professional Practice (Civil Law) Manual, Section on Privacy and Consent.


NEW QUESTION # 186
Li Jun, 50, applies for a $250,000 critical illness (CI) insurance policy with his insurance agent Ming. On the application, Li Jun states that he must take pills daily to manage his hypertension. Aside from this, his health is good. Given his age and hypertension issue, he is worried that the insurer may refuse his application.
What does Ming CORRECTLY advise him?

  • A. The policy will likely be issued with an exclusion.
  • B. The policy will likely be issued with a premium rating.
  • C. The policy will likely be denied.
  • D. The policy will likely be issued with a lower benefit.

Answer: B

Explanation:
Since Li Jun manages hypertension, a common condition that increases the risk profile, insurers frequently apply apremium rating, meaning higher premiums, due to the elevated health risk. Exclusions are less typical for well-managed chronic conditions, and refusal is unlikely for a single, manageable health issue. Given his overall good health otherwise, the insurer is likely to issue the policy with an increased premium to account for the added risk, as per the LLQP guidelines on underwriting for critical illness insurance.


NEW QUESTION # 187
Samira, a 42-year-old single mother of four, owns an individual disability insurance (DI) policy. Last week, she was hospitalized because of complications from diabetes. She hired an emergency nanny to care for her children until she was healthy enough to resume her normal activities. To her relief, Samira's DI policy contains a special rider that would cover up to $250 per day for these types of expenses.
What is the name of the rider contained in Samira's policy?

  • A. Residual disability benefits.
  • B. Hospital indemnity rider.
  • C. Childcare rider.
  • D. Cost-of-living adjustment.

Answer: C

Explanation:
Samira's individual disability insurance (DI) policy includes achildcare rider, which provides a daily benefit to cover the costs of hiring help to care for her children while she is unable to perform her usual duties due to illness or injury. This rider is particularly useful for policyholders with dependents, as it addresses the financial burden of childcare in cases where the policyholder's disability prevents them from fulfilling their caregiving responsibilities. None of the other options, such as residual disability benefits or hospital indemnity, specifically cover childcare expenses; therefore, the correct answer is the childcare rider.


NEW QUESTION # 188
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