IFSE Institute LLQP Exam Questions Instant Access

Question 1

Surjit and Rajbir get married in 2010 and Surjit names Rajbir as the irrevocable beneficiary of his life insurance contract. In 2017, the couple divorces amiably and Surjit meets with his insurance representative, Ivan, to review his plans. Surjit tells Ivan that he would like to keep Rajbir as his beneficiary. What should Ivan counsel his client to do?

ASurjit does not need to do anything as Rajbir is already the named beneficiary.

BSurjit cannot make any changes to the policy without Rajbir's consent as she is the irrevocable beneficiary of his policy.

CSurjit should name a different beneficiary now that he is divorced.

DSurjit should once again designate Rajbir as the beneficiary.

Answer : B

Question 2

(Philippe, age 50, has been a widower for six months. He inherited the money in his wife's pension fund, which he transferred to a LIR

AHe also received a $150,000 life insurance benefit. Philippe works for a private firm as an IT analyst and earns $80,000 a year. He would like to retire at age 60.
What income sources will be available to Philippe if he retires at age 60?)

ACPP/QPP, the GIC and the RRSP.

BThe LIRA, the GIC and the RRSP.

CThe LIRA, the GIS and the RRSP.

DOAS, the GIC and the RRSP.

Answer : B

Question 3

(Garry, a 55-year-old self-employed individual with no pension or RRSP savings, wants to make his money work for him over the next 10 years before retirement.

Which product would be suitable?)

AA variable income accrual annuity with deferred payment in 10 years

BA 10-year prescribed payout annuity

CAn accumulation annuity with deferred payment in 10 years

DA 10-year immediate term accumulation annuity

Answer : C

Question 4

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?

AResidual disability benefits.

BHospital indemnity rider.

CCost-of-living adjustment.

DChildcare rider.

Answer : D

Question 5

(Anthony, 26, wants to invest $500 but be able to cash it in anytime without fees and wants capital protection.

What investment should the insurance agent recommend?)

AAn IVIC consisting of a growth fund with a 100% maturity guarantee.

BAn IVIC consisting of a bond fund with a deferred sales charge.

CA redeemable guaranteed investment certificate.

DA market-linked guaranteed investment certificate.

Answer : C

Question 6

Maxine meets with Toshiko, an insurance agent for United Life, to purchase a $10 million universal life insurance policy. Once United Life reviews Maxine's file, they agree to insure her for $3 million. United Life then contacts Extra Life Company, who agrees to insure Maxine forthe additional $7 million. Toshiko asks his supervisor Bob how the death benefit will be paid to Maxine's beneficiary when she dies.

AUnited Life and Extra Life will each directly pay the beneficiary.

BExtra Life will issue a cheque for $10 million.

CUnited will issue a cheque for $10 million.

DThe full death benefit will be paid by Assuris.

Answer : A

Question 7

Marcel is 16 years old and attends a boarding school in Ontario. He is a resident of New Brunswick and lives there with his parents in the summer months. After a recent family death, his father has been reviewing the family's life insurance coverage and suggests that Marcel apply for a policy on himself. He tells his son that he will pay the premium while he remains a student. Since Marcel won't be home for some time, his father asks him to meet with an agent in Ontario to apply for coverage. Which one of the following statements is correct regarding Marcel's application?

AMarcel can be both the owner and insured of the policy.

BMarcel must sign the application in New Brunswick, where he is a resident.

CAt least one of his parents must witness his signature as policy owner.

DAt least one of his parents must be the owner of the policy.

Answer : A

IFSE Institute Life License Qualification Program (LLQP) LLQP Exam Questions