IFSE INSTITUTE LLQP NEW EXAM MATERIALS | LLQP VALID TEST SIMULATOR

IFSE Institute LLQP New Exam Materials | LLQP Valid Test Simulator

IFSE Institute LLQP New Exam Materials | LLQP Valid Test Simulator

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Tags: LLQP New Exam Materials, LLQP Valid Test Simulator, LLQP Latest Test Format, LLQP Exam Exercise, LLQP Passing Score

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IFSE Institute LLQP Exam Syllabus Topics:

TopicDetails
Topic 1
  • 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 2
  • 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 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 Life License Qualification Program (LLQP) Sample Questions (Q117-Q122):

NEW QUESTION # 117
Levi is a newly licensed financial security advisor in Quebec City, meeting with Mason, the compliance officer at Yes Insurance Inc. Mason stresses the importance of being professional and complying with the code of ethics. Levi asks who enacted the code of ethics.
Which of the following is Mason's CORRECT response?

  • A. Chambre de la securite financiere (CSF).
  • B. Autorite des marches financiers (AMF).
  • C. Canadian Insurance Services Regulatory Organizations (CISRO).
  • D. Canadian Council of Insurance Regulators (CCIR).

Answer: A

Explanation:
In Quebec, theChambre de la securite financiere(CSF) is responsible for enacting and enforcing the Code of Ethics for financial security advisors. The CSF ensures that professionals, like financial security advisors, adhere to ethical standards and provide clients with competent and honest services.
The Autorite des marches financiers (AMF) oversees the financial market in Quebec, but the CSF specifically regulates the ethical conduct of financial advisors, including those selling life insurance and financial security products.


NEW QUESTION # 118
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 securite financiere code of ethics, and Benjamin would like to know to whom the code of ethics applies.
What is Andrew's CORRECT response?

  • A. Claims adjusters and group insurance plan advisors.
  • B. Financial planners and financial security advisors.
  • C. Financial security advisors and their administrative assistants.
  • D. Damage insurance agents and accident and sickness insurance representatives.

Answer: B

Explanation:
The Chambre de la securite financiere code of ethics applies specifically to financial security advisors and financial planners in Quebec. This code outlines the professional conduct required of those working within the financial services industry who advise clients on security products. Administrative assistants, claims adjusters, and damage insurance agents do not fall under the purview of the CSF code of ethics as they are regulated under different professional codes or by different oversight organizations.


NEW QUESTION # 119
Coraline owns a $250,000 whole life insurance policy. She purchased the policy last year and does not have any funds accumulated in her cash surrender value (CSV). On December 30, Coraline assigns the policy to the cancer foundation, and she plans on continuing to pay the $200 monthly premium. Coraline calls her accountant James to ask him how much of her donation she will be able to use to obtain a charitable tax credit this year.

  • A. $200
  • B. $250,000
  • C. $2,400
  • D. $0

Answer: B

Explanation:
When Coraline assigns her whole life insurance policy to a charitable organization, she can claim the entire policy's fair market value as a charitable donation for tax credit purposes, which is generally the death benefit if there is no significant accumulated cash value. Since Coraline continues to pay the premiums, the policy remains in force. Thus, she can claim the$250,000face value of the policy as her charitable donation, which is eligible for a tax credit. Monthly premium amounts (Options B and C) or a lack of CSV (Option A) do not limit her eligibility for the credit based on the policy's value.Therefore,Option Dis correct.


NEW QUESTION # 120
Abishola purchases segregated funds from her insurance agent Bob. Before finalizing the transaction, she tells Bob that she will need the funds in a few months to make a down payment on a condo. Later, when Abishola calls to withdraw her funds, Bob informs her that she will incur a fee for withdrawing her funds prematurely.
Abishola complains to Bob, and then to Bob's supervisor, without receiving a satisfactory response. To which organization can Abishola escalate her complaint?

  • A. Office of the Privacy Commissioner of copyright.
  • B. Canadian Council of Insurance Regulators.
  • C. Assuris.
  • D. OmbudService for Life and Health Insurance.

Answer: D

Explanation:
The OmbudService for Life and Health Insurance (OLHI) provides a platform for consumers to resolve disputes related to life and health insurance products in copyright. If Abishola is dissatisfied with the responses from her insurance agent and his supervisor, she can escalate her complaint to the OLHI, which offers a neutral and independent review of disputes concerning insurance products like segregated funds.
Other organizations mentioned, such as Assuris, focus on protecting policyholders in cases of insurer insolvency, not individual complaints.


NEW QUESTION # 121
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. Pierre must contact his friend to set up an appointment with Juliette
  • B. Juliette must meet Pierre and his friend together
  • C. Juliette has not first contacted the prospect to obtain his consent
  • D. copyright's Anti-Spam Legislation prohibits all email solicitation

Answer: C

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


NEW QUESTION # 122
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