FREE LLQP EXAM | LLQP RELIABLE EXAM CAMP

Free LLQP Exam | LLQP Reliable Exam Camp

Free LLQP Exam | LLQP Reliable Exam Camp

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q79-Q84):

NEW QUESTION # 79
Miguel applied for a disability insurance policy nearly three months ago. He recently received notice from his agent that his application was approved, with an exclusion applicable to his lower back due to a prior injury.
The agent brought the exclusion amendment with the policy at the delivery appointment. Miguel signed and accepted it. He gave the agent a copy of a void cheque to set up direct billing for the premiums, but asked that they wait three days to draw the first premium, to coincide with his payday. The insurer drew the premium three days later, as requested. When did Miguel's policy take effect?

  • A. The policy took effect when Miguel signed the policy and the amendment.
  • B. The policy has been in effect ever since Miguel's initial application.
  • C. The policy took effect when Miguel received notice of approval.
  • D. The policy took effect when the insurer was able to draw the first premium.

Answer: A

Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
Under Canadian insurance law, a policy typically takes effect when there is a meeting of the minds (offer and acceptance) and the contract is finalized, often marked by the policyholder's acceptance of the terms and conditions. TheIFSE Ethics and Professional Practice Course (Common Law)notes that for individual insurance policies, coverage begins when the policy is delivered and accepted by the insured, provided the first premium is paid or arranged. In Miguel's case, he signed and accepted the policy and amendment at the delivery appointment, and the premium payment was arranged (via void cheque) with a mutually agreed delay of three days. The policy does not take effect at application (A) unless specified, nor at notice of approval (B) alone, nor solely when the premium is drawn (D). Acceptance at signing (C) aligns with contract formation principles, making it the correct answer.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 2: Insurance Contracts, Section on
"Effective Date of Coverage."


NEW QUESTION # 80
Anita is a 50-year-old woman who is thinking of purchasing a $150,000 permanent life insurance policy to pay for the capital gains tax that will be payable on her country home upon her death. She had purchased the home twelve years ago and wants to bequeath the property to her niece when she dies.
Which of the following features about a permanent insurance policy is TRUE?

  • A. The policy cannot be cancelled by Anita.
  • B. The coverage ends when Anita turns 100.
  • C. Anita must contact the insurer if there is a change in the insurability.
  • D. The premiums will remain level for the duration of the contract.

Answer: D

Explanation:
Permanent life insurance policies generally offerlevel premiumsfor the duration of the contract, meaning that Anita's premium payments will not increase as she ages. While coverage can be structured to extend beyond age 100, many permanent policies maintain level premiums for the policyholder's lifetime. Unlike term insurance, Anita can also cancel the policy at any time. However, insurability changes do not typically affect existing permanent policies, which don't require updates to health information once the policy is in force.
Therefore,Option Bis correct.


NEW QUESTION # 81
On February 15, 2015, Donald took out income replacement insurance with an accidental death and dismemberment rider of $50,000 and a critical illness insurance rider of $25,000. The policy wasissued on April 1, 2015. On April 10, 2015, his doctor tells him that the results of a urine analysis carried out at the end of March reveal a serious anomaly and refers him to an emergency urologist. On April 20, Donald is diagnosed with cancer of the right kidney, which is due to be removed on April 26. But, two days before the procedure, Donald dies in a car accident. What benefit amount will the estate receive?

  • A. $50,000
  • B. $0
  • C. $75,000
  • D. $25,000

Answer: A

Explanation:
Comprehensive and Detailed Explanation:
AD&D pays $50,000 for accidental death. CI ($25,000) requires surviving a 30-day waiting period post- diagnosis (April 20 to May 20); Donald died on April 24, so no CI benefit (Chapter 1:Financial Protection Provided by Accident and Sickness Insurance).
Option A: Incorrect; AD&D applies.
Option B: Incorrect; CI not paid.
Option C: Correct; $50,000 AD&D only.
Option D: Incorrect; CI not triggered.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 1:Financial Protection Provided by Accident and Sickness Insurance.


NEW QUESTION # 82
Paola, an employee at Horizon Pharmaceuticals, was recently diagnosed with depression. She is unable to work and is receiving tax-free disability insurance benefits due to her condition. Paola is deeply indebted, and her creditors have been garnishing a portion of her pay for the last year. She is worried about her creditors also garnishing her disability benefit.
Can her disability benefits be seized by her creditors?

  • A. Yes, but creditors can only seize up to 50% of her benefit.
  • B. No, because she is disabled.
  • C. No, because the benefits are tax-free.
  • D. Yes, disability insurance benefits are seizable.

Answer: B

Explanation:
In Quebec, disability insurance benefits are generally protected from seizure by creditors. This protection is designed to ensure that disabled individuals retain access to essential income for their well-being during their period of disability. Since Paola's benefits are designated as disability income, they are exempt from garnishment.
This aligns with Quebec's laws on disability and insurance benefits, which prioritize financial protection for individuals facing health-related work absences. Thus, her benefits remain protected, regardless of her tax status or existing debts.


NEW QUESTION # 83
(Philip is applying for a segregated fund contract and must choose a sales charge. He does not foresee needing withdrawals and wants minimal management expenses and no initial reductions or penalties.
Which form of sales charge would best suit Philip?)

  • A. A negotiated sales charge
  • B. A front-end sales charge
  • C. A deferred sales charge
  • D. A no-load fund

Answer: B

Explanation:
With afront-end sales charge, the investor pays a fee upfront, butno feesare deducted from ongoing investments or redemptions, andmanagement expensesare generally lower compared to deferred options.
This matches Philip's desire for no reductions or surprises after investing.
Exact Extract:
"Front-end sales charges are paid at the time of purchase. As a result, no further charges apply when units are sold, and investors benefit from a full investment of funds thereafter." (Reference:Segfunds-E313-2020-12-7ED, Chapter 2.3.2.1 Front-End Sales Charge)


NEW QUESTION # 84
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