Perfect Valid LLQP Exam Forum, Ensure to pass the LLQP Exam

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IFSE Institute LLQP Exam Syllabus Topics:

Topic	Details
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.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q299-Q304):

NEW QUESTION # 299
Konrad is the owner of CrossBoy, a manufacturing company employing over 50 employees. Konrad recently took out a $500,000 loan to expand his business. Terrence works as a sales manager and is responsible for roughly 40% of the company's revenue. Konrad recognizes the importance of Terrence's contributions to the success of the company. Therefore, in addition to a sizeable basesalary, CrossBoy also pays Terrence regular performance-based bonuses. Konrad understands that if Terrence dies prematurely, CrossBoy would suffer financially. What should he do to protect his company?

A. Purchase criss-cross insurance with Terrence.
B. Purchase business-owned buy-agreement with Terrence.
C. Purchase key person life insurance on Terrence.
D. Offer Terrence group life insurance plan.

Answer: C

Explanation:
Key person life insurance is designed to protect a business from financial losses resulting from the death of a key employee. In this case, Terrence's role is crucial to CrossBoy's success due to his substantial contribution to the company's revenue. By purchasing key person insurance on Terrence, Konrad can ensure that the company has the necessary funds to cover the financial impact of Terrence's potential loss. Other options, like offering a group life insurance plan (A), do not directly address the specific financial risk associated with the loss of a key employee.Therefore,Option Cis the appropriate choice.

NEW QUESTION # 300
Bernadette, a 27-year-old single woman, earns $78,000 annually as a production assistant. She meets with Howard, her insurance agent, to purchase an accidental death and dismemberment insurance contract.
Bernadette fills out the application form, the application is accepted, and the effective date is the date of acceptance of the application. Why is the effective date of Bernadette's policy the same as the date of acceptance?

A. She is in her twenties.
B. There is no medical underwriting.
C. She is a woman.
D. She has a low-risk profession.

Answer: B

Explanation:
Accidental death and dismemberment (AD&D) insurance policies generally do not require medical underwriting, as they provide coverage specifically for accidents rather than health-related conditions. This lack of medical underwriting means that coverage often begins immediately upon acceptance of the application, which is why Bernadette's policy effective date is the same as the date of acceptance. The absence of a health assessment or related underwriting requirements facilitates the quick initiation of coverage in AD&D policies.

NEW QUESTION # 301
It's Friday afternoon and Olivier, an insurance agent, has just received the paper copy of his client's insurance contract. Olivier is about to leave on a three-day weekend, and he's already late for his camping reservation.
He wonders if he should delay his departure to deliver the document, or if it can wait until he gets back on Tuesday. How long does Olivier have to deliver the contract?

A. Within 10 days of receiving it.
B. Within 15 days of receiving it.
C. Within a reasonable time.
D. Within 30 days of receiving it.

Answer: C

Explanation:
Life insurance agents are generally required to deliver the insurance contract to the client within a "reasonable time" to ensure that the client is promptly informed of the policy's terms and conditions. This standard is set to prevent undue delays that might affect the client's rights and their free look period. While no specific timeframe is always mandated, it is commonly understood within the LLQP guidelines that timely delivery is essential for compliance. Therefore, Olivier can reasonably wait until after his weekend to deliver the contract on Tuesday, as this would still fall within a reasonable time.

NEW QUESTION # 302
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?

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

Answer: B

Explanation:
As per LLQP guidelines and privacy regulations in Canada, an insurance agent like Vasu is required to submit all medical and lifestyle-related information to the insurer as part of the application process. Additionally, the agent is permitted to retain a copy of this information in his client file for record-keeping and future reference purposes. It is essential for compliance and potential follow-ups related to policy servicing or claims. Privacy laws do not permit Vasu to share this information with unauthorized parties, such as his supervisor or the client, beyond what is required for processing the application, unless consent has been explicitly provided.

NEW QUESTION # 303
Mauro works full-time for a small company that offers no benefits. He earns $40,000 a year. He has an individual disability insurance policy that would provide him with $2,000 a month, for a maximum of two years, after a waiting period of four months. This policy includes a partial and residual disability rider. Injured in an accident, Mauro is completely unable to work for nine months. After that, Mauro's doctor advises him to start working two days a week for the next three months, after which Mauro should be able to resume working full-time. What monthly benefit will Mauro receive during the period he works part-time?

A. $800
B. $1,200
C. $1,600
D. $1,000

Answer: C

Explanation:
Comprehensive and Detailed Explanation:
A residual disability rider pays a proportionate benefit based on income loss. Mauro's full income is $40,000
/year ($3,333/month). Working 2/5 days (40%) earns $1,333/month ($3,333 × 0.40). Loss is $2,000/month ($3,333 - $1,333). The rider typically pays 80% of the loss up to the policy max ($2,000): $2,000 × 0.80 =
$1,600 (Chapter 2:Insurance to Protect Income).
Option A: Correct; $1,600 fits residual calculation.
Option B-D: Incorrect; underestimates benefit.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 2:Insurance to Protect Income.

NEW QUESTION # 304
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Perfect Valid LLQP Exam Forum, Ensure to pass the LLQP Exam

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IFSE Institute LLQP Exam Syllabus Topics:

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q299-Q304):

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