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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
  • 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 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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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q69-Q74):

NEW QUESTION # 69
(Nancy has invested $100,000 in mining company stocks in her local area.
To which of the following risks is Nancy most exposed?)

Answer: C

Explanation:
By investing heavily in asingle sector(mining), Nancy facesindustry risk. Industry-specific issues such as regulation changes, market conditions, or operational challenges could severely impact her investments.
Exact Extract:
"Industry risk is the risk that factors affecting an entire industry may negatively impact investments within that sector. Concentrating investments in a single industry increases exposure to this type of risk." (Reference:Segfunds-E313-2020-12-7ED, Chapter 1.4.9 Industry Risk)


NEW QUESTION # 70
Joshua took out key person disability insurance for his computer engineer, Younes. Monthly benefits after a
60-day waiting period amount to $5,000 a month for 12 months with a replacement expense benefit rider of
$2,500 a month. Following a ski accident, Younes remainedin a coma. It took Joshua six months to find a replacement with the same knowledge and skills as Younes. How much did Joshua receive from the insurer?

Answer: A

Explanation:
Comprehensive and Detailed Explanation:
Key person insurance pays $5,000/month for 12 months max (total $60,000) after a 60-day wait. Replacement expense rider pays $2,500/month during replacement (6 months = $15,000). Total: $5,000 × 10 months (post- wait) = $50,000 + $15,000 = $65,000 (Chapter 5:Insurance to Protect Businesses).
Option A: Incorrect; overestimates.
Option B: Correct; $65,000.
Option C-D: Incorrect; underestimates.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 5:Insurance to Protect Businesses.


NEW QUESTION # 71
(Joe and Joy, both aged 65, have $280,000 in savings and a $200,000 joint first-to-die life insurance policy. They want to buy an annuity to provide steady income in retirement.
What type of annuity would best suit their needs?)

Answer: A

Explanation:
Ajoint life annuitythat pays50% to the surviving spouseensures continuous but reduced income after the first death, matching their needs for steady, predictable income while still protecting the surviving spouse.
Exact Extract:
"A joint life annuity continues to pay income after the first death, either fully or at a reduced percentage (e.g.,
50%). This arrangement provides income security for a surviving spouse." (Reference:Segfunds-E313-2020-12-7ED, Chapter 3.2.2.2 Joint Life Contract)


NEW QUESTION # 72
Anvi owns individual disability insurance that she purchased 5 years ago. At the time of application, she was a semi-professional boxer. Gamma Insurance Inc. offered her the disability policy with an exclusion stating that if she became disabled while boxing, the benefit would not be paid.
This week, while reviewing her insurance needs with Tyron, her insurance agent, she mentions that she retired from boxing and wants to know how, or if, this will affect her policy.
What should Tyron tell her?

Answer: B

Explanation:
Anvi's disability insurance policy contains an exclusion related to her boxing activities due to the inherent risks associated with that occupation. Since she has retired from boxing, she may request a re-evaluation of her policy to potentially remove the exclusion. However, this change is likely to involve an underwriting review rather than an automatic premium reduction. Typically, exclusions are added to mitigate specific risks, and removing them may be possible without altering the premium since the overall risk profile has changed, but it does not directly imply a premium decrease. Therefore, the most accurate answer is that the exclusion can be removed, but the premiums will remain the same.


NEW QUESTION # 73
Naomie meets with her new client, Keisha, to review her investment portfolio. Keisha is a 43-year-old sales representative who has been with Belmont Inc., a large pharmaceutical company, for 15 years. She earns a generous salary, plus bonuses. She also has a group tax-free savings account (TFSA) and a defined contribution pension plan (DCPP), all of which are invested in Belmont common shares.
What main need does Naomie have to address regarding Keisha's investments?

Answer: C

Explanation:
Keisha's investment portfolio is highly concentrated in Belmont Inc. common shares, which include her TFSA and defined contribution pension plan (DCPP). This significant exposure to a single company's stock poses a risk because the value of her investments is directly tied to the financial performance of Belmont Inc.
Diversification is a key strategy to mitigate risk by spreading investments across various asset classes, industries, or geographic regions. This can reduce the impact of poor performance in any one area on the overall portfolio. According to LLQP content, one of the primary goals in managing an investment portfolio is to ensure appropriate diversification to avoid over-reliance on a single asset or asset type.
While other needs, like liquidity and emergency fund savings, are important, Keisha's immediate concern should be diversification. Her current investments do not provide adequate protection against company- specific risks, such as the potential downturns specific to Belmont Inc. Thisaligns with LLQP principles, which emphasize diversification as a way to manage risk effectively and achieve a more stable financial outcome.


NEW QUESTION # 74
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