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IFSE Institute LLQP Exam Syllabus Topics:

Topic
Details

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

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 3

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 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 (Q233-Q238):

NEW QUESTION # 233
Eric is an architect who owns his own firm. He employs three staff and is in his fifth year of operation. While recently meeting with his insurance agent for an annual review of his coverage, he mentioned to the agent that he had recently purchased a new printing system and has a sizeable loan on it. In the event of disability, what type of insurance coverage could the agent suggest to ensure the loan payments are made?

A. Key person disability insurance.
B. Disability buyout insurance.
C. Business overhead expense disability insurance.
D. Business loan protection disability insurance.

Answer: D

Explanation:
Comprehensive and Detailed Explanation:
Business loan protection disability insurance covers loan payments if the owner is disabled, directly addressing Eric's need (Chapter 5:Insurance to Protect Businesses).
Option A: Incorrect; protects business operations.
Option B: Incorrect; covers overhead, not loans.
Option C: Incorrect; for buy-sell agreements.
Option D: Correct; targets loan payments.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 5:Insurance to Protect Businesses.

NEW QUESTION # 234
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 # 235
Enzo meets with his insurance agent Theo to discuss his investment needs. When Theo asks Enzo about his liabilities, Enzo tells him that he purchased a house for $750,000 four years ago and his current mortgage balance is $600,000. He has a fixed interest rate on the mortgage of 3.5% for 5 years.
Which of the following statements about his mortgage is TRUE?

A. An increase in interest rates will increase the mortgage cost when the mortgage is renewed.
B. The mortgage will contribute positively to Enzo's net worth.
C. The mortgage balance should not be included in the review of liabilities.
D. A mortgage is considered a bad debt.

Answer: A

Explanation:
Enzo's fixed-rate mortgage protects him from rate fluctuations during the current term. However, upon renewal, if interest rates have risen, his mortgage payments could increase due to a higher rate being applied to his remaining balance. LLQP resources emphasize that fixed-rate mortgages are impacted by prevailing interest rates at the time of renewal, which can influence future costs.
Option A is incorrect as mortgages are generally considered good debt due to their potential for equity growth. Option C is misleading as the mortgage itself is a liability, although the property value could contribute positively to net worth. Option D is incorrect because liabilities like mortgages are essential components of a financial review.

NEW QUESTION # 236
(Julia deposited capital into an annuity contract that will start payments in three years and continue for
10 years. She is the annuitant; her son Ethan is the beneficiary.
What type of annuity has Julia purchased?)

A. An immediate payout term annuity with no guarantee.
B. A deferred payout 10-year term annuity.
C. An immediate accumulation term annuity with a 10-year guarantee.
D. An accumulation 10-year term annuity.

Answer: B

Explanation:
Adeferred payout term annuityinvolves depositing funds now with payments starting after a deferment period (in Julia's case, 3 years) and continuing for a set term (10 years).
Exact Extract:
"A deferred payout annuity begins income payments after a specified deferment period. If a fixed period is selected, it is known as a term annuity." (Reference:Segfunds-E313-2020-12-7ED, Chapter 3.2.1.1 Payout Annuity)

NEW QUESTION # 237
Jackson, a new life insurance agent, is planning to promote a group insurance plan to small businesses in the area. After some research, he is able to locate a list of small business contact information online. The list contains office hours, phone numbers, as well as the office addresses. He prints off the list and prepares marketing material pertaining to group insurance and mails it to each of the small businesses. Jackson's business plan is to call the businesses one by one 14 days after the marketing material has been mailed. What should Jackson be aware of to comply with the usual business solicitation practice?

A. Jackson should make sure the businesses are not on the National Do Not Call List.
B. Jackson's business solicitation practice is in full compliance.
C. Jackson should make sure to obtain consent from the businesses in order to comply with Canadian Anti- Spam Legislation.
D. Jackson's business solicitation practice is in conflict with the Personal Information Protection and Electronic Documents Act.

Answer: A

Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
TheIFSE Ethics and Professional Practice Course (Common Law)outlines compliance requirements for solicitation. Mailing marketing materials to businesses using publicly available contact information is generally permissible under the Personal Information Protection and Electronic Documents Act (PIPEDA), as it applies to personal-not business-information, making B incorrect. However, Jackson's plan to follow up with phone calls triggers theNational Do Not Call List (DNCL)rules, which apply to telemarketing to businesses and individuals unless an exemption (e.g., existing relationship) exists. The Canadian Anti-Spam Legislation (CASL) (D) governs electronic messages (e.g., emails), not phone calls or mailed materials here.
Full compliance (A) requires DNCL checks, making C correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 4: Regulatory Environment, Section on "National Do Not Call List" and "Solicitation Practices."

NEW QUESTION # 238
......

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Max Reed Max Reed

Biography

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