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Latest Released Valid LLQP Test Topics - IFSE Institute New LLQP Exam Discount: Life License Qualification Program (LLQP)

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IFSE Institute LLQP Exam Syllabus Topics:

Topic
Details

Topic 1

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 2

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 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.

>> Valid LLQP Test Topics <<

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q34-Q39):

NEW QUESTION # 34
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. $1,600
B. $1,200
C. $800
D. $1,000

Answer: A

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 # 35
Janice meets with Patrick, an insurance agent, to review her investment needs. Patrick suggests that she invest in segregated funds. Janice is not familiar with these types of funds.
What information can Patrick provide to Janice to help her understand the advantages of segregated funds?

A. They require medical underwriting.
B. They can be withdrawn anytime.
C. They guarantee protection from creditors.
D. They are fully protected by Assuris.

Answer: C

Explanation:
One of the significant advantages of segregated funds is creditor protection, which is particularly beneficial for business owners and professionals who may face potential claims from creditors. Under LLQP principles, segregated funds are insurance contracts, and when beneficiaries such as spouses or children are named, the investment may be protected from creditors in the event of bankruptcy or legal action. This makes segregated funds distinct from other investment types, which do not inherently offer creditor protection unless specific trusts or structures are in place.
Option A is incorrect as Assuris provides limited coverage rather than full protection, Option B ispartially true but not unique to segregated funds, and Option D is incorrect as segregated funds typically do not require medical underwriting.

NEW QUESTION # 36
Arthur is a 79-year-old long-term care (LTC) policyholder whose daughter, Sheila, visits daily tohelp him get dressed and prepare meals. Sheila wants him to enter a nursing home because he is unable to dress himself.
Though he cannot prepare his own meals, he can still feed himself, and once undressed, he can wash himself, seated in the bathtub.
Is Arthur eligible to receive LTC benefits?

A. No, Arthur is not eligible because even though he cannot prepare his own meals, he is able to feed himself.
B. Yes, Arthur is eligible because he is unable to dress himself and he must sit in the bathtub to wash himself.
C. Yes, Arthur is eligible because he cannot dress himself or prepare his own meals.
D. No, because except for dressing himself, Arthur can perform all the other activities of daily living.

Answer: D

Explanation:
Arthur's eligibility for Long-Term Care (LTC) benefits depends on his inability to perform a specified number ofActivities of Daily Living (ADLs), which generally include bathing, dressing, feeding, toileting, transferring, and continence. In most LTC policies, to qualify for benefits, the policyholder typically needs to be unable to perform at least two of these ADLs. In Arthur's case, while he requires help with dressing and meal preparation, he can perform other ADLs such as feeding himself and bathing (with some assistance).
This indicates that he can perform enough ADLs to make him ineligible under the typical LTC requirements.
Therefore, option D is correct, as his inability to dress alone does not meet the usual threshold required for benefit eligibility under most LTC policies.

NEW QUESTION # 37
Wesley is a self-employed plumber. He meets with a licensed life insurance agent to explore his options regarding disability insurance. Wesley's earnings have been stable over the past few years.His business generates gross income of $120,000 annually and write-off expenses of $30,000. Wesley's average income tax rate is 30%. What income amount should be used to calculate the maximum disability benefits Wesley is entitled to?

A. $63,000
B. $84,000
C. $120,000
D. $90,000

Answer: A

Explanation:
Comprehensive and Detailed Explanation:
Disability insurance benefits are calculated based onnet incomeafter business expenses and taxes, as per the LLQP guidelines, to reflect the income actually available for living expenses (Chapter 2:Insurance to Protect Income).
Gross income: $120,000
Business expenses: $30,000
Net income before tax: $120,000 - $30,000 = $90,000
Tax rate: 30%
Tax payable: $90,000 × 0.30 = $27,000
Net income after tax: $90,000 - $27,000 = $63,000
The maximum disability benefit is typically based on this after-tax net income, often insurable up to 60-75% depending on the policy. $63,000 is the correct base amount for calculation, aligning with standard underwriting practices.
Option A ($120,000): Incorrect; uses gross income, not net.
Option B ($90,000): Incorrect; uses pre-tax net income, ignoring tax impact.
Option C ($84,000): Incorrect; no clear basis for this figure.
Option D ($63,000): Correct; reflects net income after expenses and taxes.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 2:Insurance to Protect Income.

NEW QUESTION # 38
(Arthur's assets include a home worth $744,000, savings of $41,000, and a whole life insurance policy with a death benefit of $300,000 and a cash value of $196,000. His liabilities include a $150,000 reverse mortgage and $2,090 income tax owed.
What is Arthur's net worth?)

A. $678,910
B. $828,910
C. $932,910
D. $1,082,910

Answer: B

Explanation:
Net worth is calculated by addingassetsand subtractingliabilities:
Assets = $744,000 + $41,000 + $196,000 = $981,000
Liabilities = $150,000 + $2,090 = $152,090
Net Worth = $981,000 - $152,090 =$828,910
Exact Extract:
"Net worth equals total assets minus total liabilities. Whole life insurance cash values are counted as assets." (Reference:Segfunds-E313-2020-12-7ED, Chapter 4.1 Financial Position of Client)

NEW QUESTION # 39
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