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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	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 3	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 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.

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The LLQP certification exam is one of the top-rated career advancement certifications in the market. This LLQP exam dumps have been inspiring beginners and experienced professionals since its beginning. There are several personal and professional benefits that you can gain after passing the Life License Qualification Program (LLQP) (LLQP) exam.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q137-Q142):

NEW QUESTION # 137
A few months ago, Urmish filed a complaint to the Autorite des marches financiers (AMF) about the services he received from his insurance agent, Jaba. The complaint was heard by the discipline committee, and Jaba was found guilty and ordered to pay a $10,000 fine. Jaba is upset and does not agree with the verdict. She would like to appeal the verdict.
Which of the following statements is CORRECT?

A. A decision made by the discipline committee cannot be appealed.
B. A decision made by the discipline committee may be appealed to the Chambre de la securite financiere (CSF).
C. A decision made by the discipline committee may be appealed to the AMF.
D. A decision made by the discipline committee may be appealed to the Court of Quebec.

Answer: D

Explanation:
In the context of Quebec, decisions made by the discipline committee of professional bodies under the authority of the Autorite des marches financiers (AMF) are subject to appeal processes established by Quebec law. The Court of Quebec is the designated body for appeals concerning decisions rendered by disciplinary committees. Specifically, when an insurance agent like Jaba disagrees with the disciplinary action taken by the AMF's discipline committee, the proper channel for appeal is the Court of Quebec, not the AMF, Chambre de la securite financiere (CSF), or any other entity.
The Chambre de la securite financiere (CSF) itself does not serve as an appellate body for these disciplinary decisions but functions as a regulatory body to oversee the ethical and professional conduct of financial services professionals in Quebec. The AMF, while overseeing the financial markets, also does not handle appeals on behalf of its discipline committee.
This appeals process aligns with professional conduct standards and legal recourses as covered under Quebec' s framework for insurance professionals. Under LLQP guidelines and relevant regulations, appeals must proceed through established legal channels, such as the Court of Quebec, ensuring that disciplinary decisions are subject to judicial review when contested.

NEW QUESTION # 138
Mohammed is an employee at Optima Plus Inc. Over the years, he accumulated $15,000 in the company's group plan. He knows that his contributions into the plan are not tax-deductible, and he is not taxed on the funds when he makes a withdrawal.
What type of plan does Mohammed have with his employer?

A. A group tax-free savings account (TFSA)
B. A deferred profit sharing plan (DPSP)
C. A group registered retirement savings plan (GRRSP)
D. A group registered retirement income fund (RRIF)

Answer: A

Explanation:
Mohammed's plan allows him to make contributions that are not tax-deductible, and he is also not taxed on withdrawals, indicating that his employer's plan is a group TFSA. In a TFSA, contributions are made with after-tax dollars, and withdrawals (including any growth) are tax-free, consistent with the LLQP outline on TFSAs. This is distinct from other retirement accounts, such as RRSPs, which provide tax deductions on contributions but tax the withdrawals as income.
Options A, B, and D are incorrect because these plans involve different tax treatments where contributions may be tax-deductible, and withdrawals are generally taxable.

NEW QUESTION # 139
Alana, Meaghan, and Beatrice are equal shareholders of Advanced Tech Inc. They each own 100 shares of the company. Each share is currently worth $5,000. They recently signed a cross-purchase buy-sell agreement that is funded by life insurance. What will happen under this agreement if Alanadies today?

A. There would now be 200 outstanding shares of the company.
B. Alana's estate would receive a total of $500,000.
C. Meaghan and Beatrice would each still own 100 shares of the company.
D. Each share would now be worth $7,500.

Answer: B

Explanation:
In a cross-purchase buy-sell agreement funded by life insurance, each shareholder purchases a life insurance policy on the lives of the other shareholders. Upon the death of a shareholder, the surviving shareholders use the proceeds from the insurance to buy out the deceased shareholder'sshares at the agreed value. Since each share is valued at $5,000, Alana's 100 shares would be worth:
100 shares×5,000=500,000100 ext{ shares} imes 5,000 = 500,000100 shares×5,000=500,000 Thus, Meaghan and Beatrice would collectively purchase Alana's shares from her estate, providing her estate with a total of$500,000. Each surviving shareholder will then own an additional 50 shares, resulting in each now holding 150 shares of Advanced Tech Inc. This option aligns with the principles of cross-purchase agreements discussed in the LLQP.

NEW QUESTION # 140
Insurance of persons representative Flavie meets with Julius to analyze his needs. At the end of the meeting, Flavie makes another appointment to present the results of the analysis and the proposed strategies. She hands Julius her business card, which says: "One of the company's 10 best salespersons at your service!" Flavie even adds that she is the office's top salesperson and earns more than $250,000 a year in commissions and bonuses. What changes should Flavie make for her representation practices to comply with the obligations of an insurance of persons representative?

A. Give her business card at the beginning of the meeting
B. Remove the slogan from her business card
C. Give her business card only at the second meeting
D. Avoid disclosing the fact that she is paid by commission

Answer: B

Explanation:
Comprehensive and Detailed In-Depth Explanation: The Chambre de la securite financiere (CSF) Code of Ethics (Section 11) and Distribution Act (Section 18) prohibit representatives from using misleading or self- aggrandizing statements that could unduly influence clients. Flavie's business card slogan, "One of the company's 10 best salespersons," and her verbal boast about earnings suggest superiority without substantiation, potentially pressuring Julius. Option B, removing the slogan, aligns with ethical standards to ensure representations focus on client needs, not personal accolades. Option A (timing of card) is irrelevant to compliance. Option C (second meeting) doesn't address the content issue. Option D (commission disclosure) is unnecessary, as disclosing compensation structure is permissible if relevant. The Ethics manual emphasizes professionalism and prohibits exaggerated claims.
References: CSF Code of Ethics, Section 11; Distribution Act, Section 18; Ethics and Professional Practice (Civil Law) Manual, Section on Professional Conduct.

NEW QUESTION # 141
Molly took out a disability insurance policy. A few years after the purchase, she severely injured her back and was unable to work. She immediately filed a claim with her insurer to start receiving benefits. The insurer asked for an attending physician's statement (APS) describing her condition and stating when that condition started. Why is it important for the insurer to know on what date Molly became disabled?

A. To determine when the 30-day survival period began.
B. To determine when the incontestability period began.
C. To determine when the 30-day grace period began.
D. To determine when the waiting period began.

Answer: D

Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
Disability insurance policies typically include a waiting period (also called an elimination period), which is the time between the onset of disability and when benefits begin. TheIFSE Ethics and Professional Practice Course (Common Law)notes that insurers require the date of disability onset-via an APS-to calculate this period (e.g., 30, 60, or 90 days). This ensures benefits are paid only after the waiting period elapses. A survival period (A) applies to life insurance, not disability. The incontestability period (B) relates to policy validity, not claimtiming. The grace period (C) pertains to premium payments. Knowing when Molly became disabled is critical for the waiting period, making D correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 3: Disability Insurance, Section on
"Waiting (Elimination) Period."

NEW QUESTION # 142
......

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LLQP Latest Test Cram | Valid Dumps LLQP Pdf

IFSE Institute LLQP Exam Syllabus Topics:

100% Pass 2025 IFSE Institute Accurate LLQP: Life License Qualification Program (LLQP) Latest Test Cram

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