PASS GUARANTEED 2025 LLQP: LIFE LICENSE QUALIFICATION PROGRAM (LLQP) NEWEST PRACTICE QUESTIONS

Pass Guaranteed 2025 LLQP: Life License Qualification Program (LLQP) Newest Practice Questions

Pass Guaranteed 2025 LLQP: Life License Qualification Program (LLQP) Newest Practice Questions

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q103-Q108):

NEW QUESTION # 103
Kyra is the owner and president of Borealis Fit, a martial arts studio with 15 employees. The centre opened five years ago and has done well. Kyra was never able to offer her employees any benefits until now. Kyra meets with Monica, an insurance agent, to implement a group insurance plan for the employees.
Which method of calculating rates will the insurer use to quote the group premiums?

  • A. Manual rating.
  • B. Experience rating.
  • C. Credibility rating.
  • D. Blended rating.

Answer: A

Explanation:
Since Borealis Fit is a relatively new business with no prior experience data for group insurance, the insurer is likely to use manual rating. This method involves determining premiums based on standard rates for similar groups rather than the specific experience of the group itself. Manual rating is commonly applied when there is no claims history or insufficient data to support a credibility or experience rating. This aligns with LLQP guidelines, which outline manual rating as a default approach for groups without established claims experience.


NEW QUESTION # 104
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. Financial planners and financial security advisors.
  • B. Claims adjusters and group insurance plan advisors.
  • C. Damage insurance agents and accident and sickness insurance representatives.
  • D. Financial security advisors and their administrative assistants.

Answer: A

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 # 105
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. Edwin
  • B. Maeve's estate
  • C. Guillaume
  • D. Eduardo

Answer: C

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 # 106
(Harry, aged 60, recently sold his business and plans to invest $100,000 in segregated equity fund contracts. He wants to minimize costs but has a family history of early death.
What maturity and death benefit guarantees would be most appropriate?)

  • A. 100%/75%
  • B. 75%/75%
  • C. 75%/100%
  • D. 100%/100%

Answer: C

Explanation:
Given Harry'scost sensitivityandfamily health history, the75% maturity and 100% death benefit combination offerslower costscompared to a full 100%/100% guarantee while still ensuring full death benefit protection for his heirs.
Exact Extract:
"Clients concerned about cost but needing strong death benefit protection often select 75% maturity guarantees combined with 100% death benefit guarantees." (Reference:Segfunds-E313-2020-12-7ED, Chapter 2.1.1 Guarantees)


NEW QUESTION # 107
Miguel applied for a disability insurance policy nearly three months ago. He recently received notice from his agent that his application was approved, with an exclusion applicable to his lower back due to a prior injury.
The agent brought the exclusion amendment with the policy at the delivery appointment. Miguel signed and accepted it. He gave the agent a copy of a void cheque to set up direct billing for the premiums, but asked that they wait three days to draw the first premium, to coincide with his payday. The insurer drew the premium three days later, as requested. When did Miguel's policy take effect?

  • A. The policy took effect when Miguel signed the policy and the amendment.
  • B. The policy took effect when the insurer was able to draw the first premium.
  • C. The policy has been in effect ever since Miguel's initial application.
  • D. The policy took effect when Miguel received notice of approval.

Answer: A

Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
Under Canadian insurance law, a policy typically takes effect when there is a meeting of the minds (offer and acceptance) and the contract is finalized, often marked by the policyholder's acceptance of the terms and conditions. TheIFSE Ethics and Professional Practice Course (Common Law)notes that for individual insurance policies, coverage begins when the policy is delivered and accepted by the insured, provided the first premium is paid or arranged. In Miguel's case, he signed and accepted the policy and amendment at the delivery appointment, and the premium payment was arranged (via void cheque) with a mutually agreed delay of three days. The policy does not take effect at application (A) unless specified, nor at notice of approval (B) alone, nor solely when the premium is drawn (D). Acceptance at signing (C) aligns with contract formation principles, making it the correct answer.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 2: Insurance Contracts, Section on
"Effective Date of Coverage."


NEW QUESTION # 108
......

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