Regualer LLQP Update, New LLQP Test Fee

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You can overcome this hurdle by selecting real IFSE Institute LLQP Exam Dumps that can help you ace the LLQP test quickly on the maiden endeavor. If you aspire to earn the IFSE Institute LLQP Certification then obtaining trusted prep material is the most significant part of your LLQP test preparation.

IFSE Institute LLQP Exam Syllabus Topics:

Topic	Details
Topic 1	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 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	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.
Topic 4	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.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q226-Q231):

NEW QUESTION # 226
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A. They can be withdrawn anytime.
B. They are fully protected by Assuris.
C. They guarantee protection from creditors.
D. They require medical underwriting.

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 # 227
(Jim is buying a life annuity with insurance settlement money due to a disabling accident. He declines a guarantee period to maximize monthly payments.
Which of the following must the agent be sure to note on the application?)

A. Marilyn as the beneficiary.
B. Jim as the annuitant.
C. Jim as the beneficiary.
D. Marilyn as the joint annuitant.

Answer: B

Explanation:
Since Jim is buying the annuity for himself and will receive the payments,he must be named as the annuitanton the application.
Exact Extract:
"The annuitant is the person on whose life the annuity is based and who is entitled to receive the periodic payments. In this case, it must be Jim." (Reference:Segfunds-E313-2020-12-7ED, Chapter 3.2.2 Lives Covered#45:2 Segfunds-E313-2020-12-7ED.
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NEW QUESTION # 228
Cory is a recent college graduate who has just been hired by a marketing firm in an entry-level position. His employer group benefits only cover a short-term disability to a maximum of 119 days. He meets with an insurance agent to talk about disability coverage. To fully cover his salary, he would require a $3,000 monthly benefit. In reviewing options, he thinks that his ideal coverage of a 30-day waiting period and a "to age 65" benefit period comes at a cost that exceeds his budget. What recommendation should the insurance agent make to Cory regarding coverage?

A. Shorten the benefit period to reduce the monthly premium.
B. Wait until his income has increased and he can afford the premium.
C. Extend the waiting period to reduce the monthly premium.
D. Reduce the monthly benefit to reduce the monthly premium.

Answer: C

Explanation:
Comprehensive and Detailed Explanation:
Extending the waiting period (e.g., to 120 days) aligns with his 119-day STD coverage, reducing premiums while maintaining $3,000/month to age 65 (Chapter 7:Insurance Recommendation, Contract, and Service Needs).
Option A: Correct; cost-effective.
Option B: Incorrect; weakens coverage.
Option C: Incorrect; reduces protection.
Option D: Incorrect; delays coverage.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 7:Insurance Recommendation, Contract, and Service Needs.

NEW QUESTION # 229
Claire, Yvon's client, wants to make changes to her insurance portfolio. In addition to her group insurance, which provides coverage for twice her salary, she has a participating whole life policy, and a 20-year term insurance to cover her debts and provide financial protection for her son. She explains that her job has been abolished and that her employer plans to offer her something else in six months. For now, her budget is significantly affected and she also thinks she has too much insurance. She asks that Yvon cancel her insurance contracts until she starts her new job and to replace them with the least-expensive term insurance possible.
Further to Claire's request, what should Yvon do?

A. Do what Claire wants, because it is up to the client to decide. Yvon could explain to her that starting over will be more expensive, assuming that she remains insurable. Her group insurance provides her with some coverage, at least.
B. Encourage Claire to keep her coverage. Yvon must show her, with an updated needs analysis, that she is temporarily losing her group coverage and that different options on her whole life policy could help her financially.
C. Fill out a new needs analysis because she is losing her group insurance coverage. She could take advantage of the cash values and the dividends left on deposit and borrow, leaving her policy as collateral.
D. Cancel her coverage, since the cash value and accumulated dividends will provide her with enough liquidity to replace her lost salary. Ten-year term insurance would be cheaper and she will not have to fill out a life insurance replacement declaration.

Answer: B

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
The LLQP states that life insurance decisions must be based onupdated needs analysis, especially during life transitions. Whole life policies offercash values, dividends, and borrowing options, which may provide liquidity. Yvon should guide Claire withfinancial alternativesrather than cancelling valuable permanent coverage during temporary hardship.

NEW QUESTION # 230
Sasha is an employee at PranaTech. The company offers all employees a pension plan. PranaTech must contribute into the plan, but employee contributions are not mandatory. Sasha chooses where his funds will be invested.

A. Defined benefit pension plan.
B. Deferred profit sharing plan.
C. Group registered retirement savings plan.
D. Defined contribution pension plan.

Answer: D

Explanation:
Sasha's plan allows him to choose his own investments, and the company is required to contribute, while his own contributions are optional. This structure is indicative of a Defined Contribution Pension Plan (DCPP). In a DCPP, the employer contributes a fixed amount to the employee's retirement plan, and employees often have control over how their funds are invested. Employee contributions are typically voluntary, as outlined by LLQP guidelines on pension plans.
Options B, C, and D do not match because Defined Benefit Plans do not provide investment choice, DPSPs usually have discretionary employer contributions, and group RRSPs are not pension plans and typically involve mandatory employee contributions.

NEW QUESTION # 231
......

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REGUALER LLQP UPDATE, NEW LLQP TEST FEE

Regualer LLQP Update, New LLQP Test Fee