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LLQP Actual Exam Dumps - LLQP Reliable Exam Book

The desktop-based practice exam is customizable, tracks your progress, and creates a real Life License Qualification Program (LLQP) (LLQP) exam environment. This software works offline on Windows computers. The web-based practice exam is similar to the desktop-based practice exam and can be taken on any browser without needing to install separate software. Moreover, the web-based Life License Qualification Program (LLQP) (LLQP) practice exam is also compatible with all operating systems.

IFSE Institute LLQP Exam Syllabus Topics:

Topic
Details

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

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.

Topic 3

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 4

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.

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LLQP exams questions and answers & dumps PDF for Life License Qualification Program (LLQP)

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q143-Q148):

NEW QUESTION # 143
Owen meets with his insurance agent, Rachel, to review his investments. Owen is interested in segregated funds. In particular, he wants to know more about the reset feature.
What should Rachel tell Owen about resetting his funds?

A. The reset feature may be automatic.
B. All segregated funds offer a reset feature.
C. The reset feature can be used if the market value increases or decreases.
D. There is no additional cost for a fund that provides a reset feature.

Answer: A

Explanation:
Rachel should inform Owen that some segregated funds offer an automatic reset feature, which adjusts the guaranteed value periodically based on the fund's market performance. This can lock in gains during rising markets without requiring manual intervention. According to LLQP resources, automatic resets can occur on specific anniversaries or under certain conditions specified in the contract.
Option A is incorrect as not all segregated funds offer a reset feature. Option C is incorrect as there may be costs associated with funds that provide reset options. Option D is incorrect because resets typically lock in gains, not losses.

NEW QUESTION # 144
Planet Source decides to implement a defined contribution pension plan (DCPP) for its 75 employees. The company's president appoints Josie, the human resources director, as the plan administrator.
Which of the following BEST describes Josie's responsibility as a plan administrator?

A. To set the benefit structure
B. To amend the pension plan
C. To manage the pension plan
D. To address funding shortfalls

Answer: C

Explanation:
As a plan administrator for a defined contribution pension plan (DCPP), Josie's primary responsibility is to manage the pension plan, which includes overseeing day-to-day operations, ensuring regulatory compliance, and handling communications with plan members. According to LLQP, plan administrators are tasked with ensuring the effective management and administration of the plan, rather than setting benefit structures or addressing funding issues, which are typically responsibilities of the employer.
Options B, C, and D describe responsibilities typically held by the employer or plan sponsor, not the administrator.

NEW QUESTION # 145
Josephine visits her dentist in downtown Victoria, BC, to have a cavity filled. The procedure costs her $550 but the maximum fee for a standard filling, according to the provincial dental schedule, is $400. Josephine works for a company that offers employees group dental coverage with a yearly maximum of $1,000 and an
80% co-insurance factor.
How much will Josephine receive from the insurer for her procedure?

A. $0
B. $440
C. $400
D. $320

Answer: D

Explanation:
Josephine's group dental plan pays a percentage (80%) of theprovincial dental schedulefee, not the actual cost.
For her filling, the schedule maximum is $400. Therefore, the insurer will cover 80% of $400, which amounts to $320. Although the procedure costs her $550, her coverage only applies to the schedule rate, meaning she will receive $320 from the insurer, while she covers the remainder out of pocket.

NEW QUESTION # 146
Sabrina is an insurance representative with an insurance of persons certificate issued by the Autorite des marches financiers (AMF). Her client, Stephanie, is a Quebec resident who accepted a job with Service Canada, in Ottawa, and purchased a condo there. Stephanie calls Sabrina to explain that her new job requires her to work in Ottawa three days per week, but she is still a Quebec resident; she spends four days a week with her family in Granby, Quebec. Stephanie asks Sabrina if she can buy mortgage insurance from her to help cover the mortgage on her new condo.
What should Sabrina answer her?

A. Yes, they can complete and sign the application in Ottawa because Stephanie is a Quebec resident.
B. No, because Stephanie's condo is outside of the province of Quebec.
C. Yes, but they would have to complete and sign the application in the province of Quebec.
D. No, because Stephanie is a federal government employee.

Answer: C

Explanation:
In Quebec, insurance regulations require that insurance contracts for residents must be completed within Quebec to be considered valid under Quebec law, regardless of the location of the insured property. Since Stephanie is a Quebec resident, the insurance contract, including the application, must be completed and signed in Quebec. The fact that Stephanie's condo is located in Ontario does not affect the validity of obtaining mortgage insurance from a Quebec-licensed representative as long as the process adheres to Quebec's legal requirements. This maintains compliance with provincial licensing and residency rules under the AMF.

NEW QUESTION # 147
Paulette earns a modest income working as a delivery driver for FastFlowers Inc. in Quebec. The florist company has over 80 employees, 20 of whom are delivery drivers. The employees benefit from a group short- and long-term disability plan. One morning, while delivering flowers, Paulette's truck is struck by a bus.
Paulette is taken to the hospital where a doctor deems that she will beunable to work for at least 4 months.
Paulette contacts Jade, the human resources manager, to ask her who will pay her disability benefits.
Which of the following answers is CORRECT?

A. Her group insurance.
B. Societe de l'assurance automobile du Quebec (SAAQ).
C. Commission des normes, de l'equite, de la sante et de la securite du travail (CNESST).
D. Employment insurance (EI).

Answer: A

Explanation:
As Paulette is injured during work and is covered by her employer's group disability plan, her disability benefits would be paid out under this group insurance policy. Group disability insurance provides both short- and long-term coverage, as outlined in her employer's benefits plan. This plan typically covers income replacement for non-workplace injuries or illnesses. However, since this was an on-the-job accident, it may be covered by the CNESST, but group insurance often still serves as the primary provider in situations where a workplace injury results in short-term disability exceeding standard workplace injury benefits. The SAAQ would only cover injuries directly related to road accidents within its jurisdiction. Employment insurance (EI) provides general income replacement but is secondary to employer-provided group disability benefits.

NEW QUESTION # 148
......

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