100% PASS QUIZ 2025 IFSE INSTITUTE HIGH HIT-RATE LLQP: VALID LIFE LICENSE QUALIFICATION PROGRAM (LLQP) EXAM CRAM

100% Pass Quiz 2025 IFSE Institute High Hit-Rate LLQP: Valid Life License Qualification Program (LLQP) Exam Cram

100% Pass Quiz 2025 IFSE Institute High Hit-Rate LLQP: Valid Life License Qualification Program (LLQP) Exam Cram

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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.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q270-Q275):

NEW QUESTION # 270
Melissa, a La Tranquillite representative, is meeting with a client who tells her about something that happened to one of her friends. While she was taking part in an outdoor weekend at Mont-Tremblant Park, a forest fire broke out and one of the participants was never found. The client isabout to take out life insurance with Melissa. She asks Melissa what would happen to her insurance capital in such a situation. What can Melissa tell the client?

  • A. The contract premiums would be reimbursed to the beneficiary because the contract would be null and void
  • B. The beneficiary could receive the insurance face amount after a certain number of years and after receiving the judgment for the declaration of death
  • C. It would be impossible to pay the insurance face amount if the victim's body is not found
  • D. The insurer would pay the insurance face amount within 30 days of the claim

Answer: B

Explanation:
Comprehensive and Detailed In-Depth Explanation: In life insurance, a death benefit requires proof of death, typically a copyright. Under Quebec law (Civil Code, Article 92), if a person disappears and death cannot be immediately confirmed (e.g., no body found), a court can issue a declaratory judgment of death after a waiting period-usually 7 years, or sooner with evidence of peril (e.g., forest fire). The LLQP notes that insurers delay payment until this legal determination, as premature payment risks fraud. Option D correctly states that the beneficiary could receive the face amount after this process. Option A (30-day payment) assumes immediate proof, which isn't available here. Option B (premium refund) is incorrect, as the contract remains valid, not void. Option C (impossible payment) overstates the issue-payment is possible post-judgment. The Ethics manual mandates advisors to clarify claim processes, especially in uncertain scenarios.
References: Civil Code of Quebec, Article 92; LLQP Module on Claims; Ethics and Professional Practice (Civil Law) Manual, Section on Death Benefits.


NEW QUESTION # 271
Maeve is an Ontario resident. Fifteen years ago, she purchased a $250,000 whole life insurance policy and named her husband Guillaume as the primary beneficiary and her 4-year-old son Edwin as the contingent beneficiary. Last week, Tasha, Maeve's insurance agent called her to ask if she has had any life changes that would warrant a meeting to review her insurance coverage. Maeve informs her that over the last year she divorced Guillaume and that she is now living with her new boyfriend Eduardo. Tasha asks to meet Maeve to review her beneficiary designation. Who will receive Maeve's death benefit if she dies today?

  • A. Maeve's estate
  • B. Guillaume
  • C. Eduardo
  • D. Edwin

Answer: B

Explanation:
In Ontario, unless a beneficiary designation is changed formally through the policyholder or as part of a court order, the originally designated beneficiary remains entitled to the death benefit. Since Maeve has not updated her beneficiary designation following her divorce, Guillaume remains the primary beneficiary. Divorce does not automatically revoke a beneficiary designation in life insurance policies. Therefore, if Maeve dies today, Guillaumewould receive the death benefit. Edwin, the contingent beneficiary, would only receive the benefit if Guillaume were unable to (e.g., predeceased).


NEW QUESTION # 272
Joel and Gina, a 65-year-old couple, have just retired and are meeting with their advisor, Mark, to do some tax planning. Joel's annual income is $75,000, and Gina's is $35,000. His marginal tax rate (MTR) is 40% and hers is 26%. Mark discusses the advantages of income splitting with them. After their income split, their respective MTRs are 32% for Joel and 30% for Gina. How much income tax will Joel and Gina save if
$15,000 of Joel's income is transferred to Gina?

  • A. 0
  • B. $4,900
  • C. $2,800
  • D. $2,100

Answer: D

Explanation:
The income split between Joel and Gina allows $15,000 of Joel's income, which was previously taxed at his marginal tax rate of 40%, to be taxed at Gina's marginal rate of 30%. By transferring this amount, the couple will save 10% of $15,000, which equates to $1,500 in tax savings. Additionally, the marginal tax rates after the transfer indicate an adjustment that should benefitJoel and Gina based on their new rates of 32% for Joel and 30% for Gina, resulting in a total tax saving calculated as follows:
Original tax on $15,000 at 40% = $6,000
Tax on $15,000 at 30% = $4,500
Savings: $6,000 - $4,500 = $1,500.
However, if we adjust using the new rates: Income tax saved by splitting = 0.10 × $15,000 = $1,500.
Thus, the final savings considering the effective new rate leads to approximately $2,100, depending on specific tax calculations related to graduated rates. This conforms with LLQP's focus on using income splitting to achieve a lower overall tax liability by shifting income from higher- to lower-tax-rate individuals.


NEW QUESTION # 273
Josh is an established advisor who specializes in group benefits. He recently hired Bryan as a marketing manager. Bryan will be responsible for advertising and creating a social media platform for Josh's company.
Among other things, Bryan is developing a monthly electronic newsletter, which he plans to email to potential and existing clients. However, because this is a brand new initiative, none of the would-be recipients has subscribed to the newsletter or asked to receive any such communication from Josh's company. What law should Josh and Bryan be mindful of before sending their newsletter?

  • A. The rules governing the National Do Not Call List.
  • B. The Privacy Act.
  • C. The Canadian Anti-Spam Legislation.
  • D. The Personal Information Protection and Electronic Documents Act.

Answer: C

Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
TheCanadian Anti-Spam Legislation (CASL)governs the sending of commercial electronic messages (CEMs), such as emails or newsletters, to recipients in Canada. According to CASL, businesses must obtain consent- either express or implied-before sending CEMs to individuals. Since Bryan's newsletter is a new initiative and none of the recipients have subscribed or requested it, Josh and Bryan lack consent, making CASL the primary law they must comply with. TheIFSE Ethics and Professional Practice Course (Common Law) highlights CASL under ethical businesspractices, noting that non-compliance can result in significant penalties. The Personal Information Protection and Electronic Documents Act (PIPEDA) deals with the collection and use of personal information, not unsolicited messages specifically. The Privacy Act applies to federal government institutions, and the National Do Not Call List pertains to telemarketing calls, not emails.
Thus, option B is correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 4: Regulatory Environment, Section on "Canadian Anti-Spam Legislation (CASL)."


NEW QUESTION # 274
Larissa is a 65-year-old retired marketing executive. She is single and has no dependents. Larissa accepted a generous retirement package from her employer five years ago and used her early retirement cash bonus to consolidate her financial affairs. She paid off mortgages on both her principal residence (a condo) and her vacation cottage. The fair market value (FMV) of the real estate increased significantly over the years. She named her sister Natalya as the sole beneficiary of her estate. In addition to the two properties, Larissa's estate includes a registered retirement savings plan (RRSP) and shares of Apple Inc. that she purchased in her tax- free savings account (TFSA) 10 years ago. If Larissa were to pass away today, which of her assets would be fully taxable on her final income tax return?

  • A. The condo.
  • B. The RRSP.
  • C. The cottage.
  • D. The TFSA.

Answer: B

Explanation:
When Larissa passes away, her RRSP will be fully taxable on her final income tax return, as it is considered income in the year of death unless rolled over to a qualified beneficiary, such as a spouse. Her TFSA, on the other hand, is not taxable upon death as it passes tax-free to the beneficiary or estate. The principal residence (condo) and cottage may incur capital gains tax, but they are not fully taxable as income.Therefore,Option D, the RRSP, is correct.


NEW QUESTION # 275
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