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IFSE Institute LLQP Exam Dumps Questions and Answers

Exam Code: LLQP
Last Update: Jul 17, 2025
Questions: 298 With Expert Explanation
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All Life License Qualification Program Related Certification Exams

Other IFSE Institute Certification Exams

Life License Qualification Program (LLQP) Questions and Answers

Questions 1

Bethenny meets with Harrison, an insurance agent, to review her life insurance needs. Bethenny is a single mother of a 3-year-old daughter named Emma. Bethenny's main concern is that Emma istaken care of financially if Bethenny were to die prematurely. Emma’s father Steve suffers from chronic alcoholism and is homeless. He has not been present in Emma's day-to-day life. After careful analysis, Harrison suggests that Bethenny purchase a $250,000 20-year term insurance policy. Given Bethenny's situation, who should she name as a beneficiary on her policy?

Options:

A.

Her estate.

B.

Emma.

C.

A trustee.

D.

Steve.

Questions 2

Bea is a married 65-year-old woman applying for a life insurance policy. She meets with Stanley, her insurance agent, to review her insurance needs. Stanley inquires if Bea has started receiving Old Age Security (OAS) and Canada Pension Plan (CPP) benefits. Why is it important for Stanley to know this?

Options:

A.

These funds are taxable and may increase her need for life insurance.

B.

Her life insurance needs may decrease if she is retired.

C.

Her spouse may be eligible for survivor benefits upon her death.

D.

To calculate her retirement income.

Questions 3

Rene and Christine are 42-year-old twins. They are currently in the middle of a career change and have decided to become entrepreneurs by buying a food franchise.

They are both in excellent health and only Rene is an average smoker.

In setting up the financial structure of their business, they each decided to take out a $400,000 10-year term life insurance policy, designating each other as irrevocable beneficiary.

What can we say about the premiums for the life insurance policies that will be issued?

Options:

A.

Both policies will have the same premium because Rene and Christine are twins.

B.

The premium for Christine's policy will be higher because statistics indicate that she will live longer than Rene.

C.

The premium for Rene's policy will be higher because statistics indicate that he will live longer than Christine.

D.

The premium for Rene's policy will be higher because he is a man and an average smoker.

IFSE Institute LLQP Exam Dumps FAQs

What is the IFSE Institute LLQP Exam?

The Life License Qualification Program (LLQP) exam is a certification program designed to prepare individuals for a career in the insurance industry. It covers essential topics such as life insurance, accident and sickness insurance, segregated funds and annuities, and ethics and professional practice.

What is the purpose of the IFSE Institute LLQP Exam?

The IFSE Institute LLQP exam aims to ensure that candidates have the necessary knowledge and skills to become licensed insurance professionals. It helps individuals understand complex insurance concepts and prepares them for provincial licensing exams.

What topics are covered in the IFSE Institute LLQP Exam?

The IFSE Institute LLQP exam covers four main topics:

  • Life Insurance
  • Accident and Sickness Insurance
  • Segregated Funds and Annuities
  • Ethics and Professional Practice

How long is the IFSE Institute LLQP Exam and how many questions does it include?

The IFSE Institute LLQP exam consists of four modules, each with a different number of questions:

  • Life Insurance: 30 questions
  • Accident and Sickness Insurance: 30 questions
  • Segregated Funds and Annuities: 30 questions
  • Ethics and Professional Practice: 20 questions

Each module of the IFSE Institute LLQP exam takes 75 minutes to complete.

What is the passing score for the IFSE Institute LLQP Exam?

The passing score for the IFSE Institute LLQP exam is 70%.

Where can I find reliable study materials and practice tests for the IFSE Institute LLQP Exam?

DumpsBuddy offers LLQP exam questions, practice exams, and full-length PDF questions for the Life License Qualification Program Exam. Our LLQP study guide are designed to help candidates thoroughly understand the exam content and succeed on their first attempt.

What is the cost of the IFSE Institute LLQP Exam?

The cost of the IFSE Institute LLQP exam varies by province and includes fees for the approved training program, licensing exam, and potential provincial licensing costs. On average, candidates can expect to pay between CAD 300 to CAD 500 for the entire process. It is advisable to check with your course provider and provincial licensing body for precise fees.

How long is the LLQP (Life License Qualification Program) Certification valid?

The LLQP (Life License Qualification Program) certification is valid as long as the licensed professional maintains their license through ongoing compliance with provincial regulations, which may include continuing education (CE) credits. Failure to meet CE requirements may result in license suspension or cancellation.

What career opportunities are available after earning the LLQP (Life License Qualification Program) Certification?

Professionals with LLQP (Life License Qualification Program) certification can pursue roles such as life insurance agent, financial advisor, wealth management consultant, or insurance underwriter. These roles offer competitive salaries, opportunities for growth, and the ability to make a meaningful impact by helping clients achieve financial security.