Free IFSE Institute LLQP Exam Questions
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IFSE Institute LLQP Exam Questions
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Provided By: IFSE Institute
- Exam: Life License Qualification Program (LLQP) Certification
- Certification: IFSE Certification
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Total Questions: 150
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Updated On: Jun 03, 2025
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Rated: 4.9 |
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Online Users: 300
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Question 1
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Jonas recently graduated with his engineering degree and is joining the Alberta EngineeringAssociation. He is informed that the association offers a group plan to all members. Jonas wants tojoin the plan but wishes to know who will pay the premiums for the coverage.Which of the following answers is CORRECT?
Answer: A
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Jonas recently graduated with his engineering degree and is joining the Alberta EngineeringAssociation. He is informed that the association offers a group plan to all members. Jonas wants tojoin the plan but wishes to know who will pay the premiums for the coverage.Which of the following answers is CORRECT?
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Question 2
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Larson, an insurance agent, meets with Julia, a real estate agent, to review her insurance needs. Juliahas $500 in her savings account and does not own a tax-free savings account (TFSA) or registeredretirement savings plan (RRSP). She earns an average of $150,000 a year in sales commissions andrental income from two condo units she owns. The combined value of her income properties is$1,000,000, and the mortgage is $200,000.Larson recommends that Julia open a TFSA and use it to invest $400 a month in a money marketfund.Which of the following personal risks is Larson trying to mitigate with this advice?
Answer: D
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Larson, an insurance agent, meets with Julia, a real estate agent, to review her insurance needs. Juliahas $500 in her savings account and does not own a tax-free savings account (TFSA) or registeredretirement savings plan (RRSP). She earns an average of $150,000 a year in sales commissions andrental income from two condo units she owns. The combined value of her income properties is$1,000,000, and the mortgage is $200,000.Larson recommends that Julia open a TFSA and use it to invest $400 a month in a money marketfund.Which of the following personal risks is Larson trying to mitigate with this advice?
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Question 3
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Ten years ago, Anastasia purchased a $125,000 10-year term renewable life insurance policy. Her
insurance need has not changed, and she is still in good health. She asks her insurance agent Raphael
what she should do.
Answer: B
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Ten years ago, Anastasia purchased a $125,000 10-year term renewable life insurance policy. Her
insurance need has not changed, and she is still in good health. She asks her insurance agent Raphael
what she should do.
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Question 4
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Sasha is an employee at PranaTech. The company offers all employees a pension plan. PranaTechmust contribute into the plan, but employee contributions are not mandatory. Sasha chooses wherehis funds will be invested.
Answer: A
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Sasha is an employee at PranaTech. The company offers all employees a pension plan. PranaTechmust contribute into the plan, but employee contributions are not mandatory. Sasha chooses wherehis funds will be invested.
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Question 5
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Sergei meets with his insurance agent Nikita to purchase a $50,000 critical illness policy. Nikitaexplains that to apply for the policy Sergei would have to answer a series of personal questions abouthis finances, health, and lifestyle. Sergei is uncomfortable giving Nikita such detailed personalinformation. Nikita reassures Sergei by telling him that the insurer must follow stringent rules abouthow they can collect and handle this information. Which organization legislates privacy statutespertaining to insurance companies?
Answer: A
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Sergei meets with his insurance agent Nikita to purchase a $50,000 critical illness policy. Nikitaexplains that to apply for the policy Sergei would have to answer a series of personal questions abouthis finances, health, and lifestyle. Sergei is uncomfortable giving Nikita such detailed personalinformation. Nikita reassures Sergei by telling him that the insurer must follow stringent rules abouthow they can collect and handle this information. Which organization legislates privacy statutespertaining to insurance companies?