LLQP STUDY TEST - NEW LLQP TEST PASS4SURE

LLQP Study Test - New LLQP Test Pass4sure

LLQP Study Test - New LLQP Test Pass4sure

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A team of experts works hard for the IFSE Institute Certification Exam. To assist you in the objective of cracking the IFSE Institute LLQP Exam, IFSE Institute LLQP Dumps is offering a study material which comes in three versions and meets all needs of your exam preparation. Our product is available in IFSE Institute LLQP Dumps PDF, a desktop IFSE Institute LLQP dumps practice test, and a web-based IFSE Institute LLQP dumps practice test.

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2025 IFSE Institute LLQP: Unparalleled Life License Qualification Program (LLQP) Study Test

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q106-Q111):

NEW QUESTION # 106
Gino, an insurance of persons representative, is cleaning his office and going through old files. He comes across a file from a former client, Nathan, who owned a 20-year term insurance policy that was cancelled 3 years ago. Nathan now has a different representative and Gino no longer has any contact with him. Gino would like to know if he can destroy Nathan's file.
Which of the following options is CORRECT?

  • A. No, because he must wait until the file has been closed for at least 7 years.
  • B. Yes, because Nathan transferred his affairs to another representative.
  • C. Yes, because Nathan cancelled his policy 3 years ago.
  • D. No, because he must wait until the file has been closed for at least 5 years.

Answer: D

Explanation:
Insurance records must generally be retained for a minimum period to comply with provincial regulatory requirements, which is often five years from the date of termination. This helps ensure compliance with record-keeping mandates and allows for any legal, financial, or administrative review if needed. Gino is obligated to retain Nathan's file until it has been closed for at least five years, despite the change in representation or policy status.


NEW QUESTION # 107
Konrad is the owner of CrossBoy, a manufacturing company employing over 50 employees. Konrad recently took out a $500,000 loan to expand his business. Terrence works as a sales manager and is responsible for roughly 40% of the company's revenue. Konrad recognizes the importance of Terrence's contributions to the success of the company. Therefore, in addition to a sizeable basesalary, CrossBoy also pays Terrence regular performance-based bonuses. Konrad understands that if Terrence dies prematurely, CrossBoy would suffer financially. What should he do to protect his company?

  • A. Offer Terrence group life insurance plan.
  • B. Purchase key person life insurance on Terrence.
  • C. Purchase criss-cross insurance with Terrence.
  • D. Purchase business-owned buy-agreement with Terrence.

Answer: B

Explanation:
Key person life insurance is designed to protect a business from financial losses resulting from the death of a key employee. In this case, Terrence's role is crucial to CrossBoy's success due to his substantial contribution to the company's revenue. By purchasing key person insurance on Terrence, Konrad can ensure that the company has the necessary funds to cover the financial impact of Terrence's potential loss. Other options, like offering a group life insurance plan (A), do not directly address the specific financial risk associated with the loss of a key employee.Therefore,Option Cis the appropriate choice.


NEW QUESTION # 108
Everett is an insurance of persons representative who works exclusively for Moon Life Insurance. He wants to leave the company and become an independent representative. He knows that before he branches out on his own, he needs to ensure he has sufficient liability insurance.
Which of the following statements about his professional liability insurance is CORRECT?

  • A. Professional liability insurance covers fraud or misappropriation.
  • B. If a contract has a deductible, it may not exceed $20,000.
  • C. His liability insurance must have coverage of not less than $1,500,000 per claim.
  • D. This insurance covers gross faults committed by an insurance representative.

Answer: B

Explanation:
For an insurance representative such as Everett who intends to transition to an independent role,maintaining adequate professional liability insurance is crucial. According to LLQP guidelines, the requirements for liability insurance coverage mandate that if the policy includes a deductible, it cannot exceed $20,000 per claim. This limit helps ensure that insurance representatives can reasonably cover the deductible amount without facing significant financial hardship in case of a claim.
Regarding the other answer choices:
* A liability insurance policy is typically required to have a minimum coverage of $1,000,000 per claim, not $1,500,000.
* Professional liability insurance does not cover gross negligence, fraud, or intentional misconduct such as fraud or misappropriation. It is designed to cover errors, omissions, and negligence within the scope of professional duties, provided they are not intentional or fraudulent acts.
Therefore, option B accurately reflects LLQP stipulations regarding the deductible limit on professional liability insurance for insurance representatives.


NEW QUESTION # 109
Dale meets with his last appointment of a busy workday. He is helping his client Larry fill out a disability insurance claim form. Larry suffered a heart attack a week ago and is at home recuperating. Larry will be unable to work for the next 6 months and needs the benefits as soon as possible to cover his expenses. The at- home appointment takes a little longer than scheduled and Dale finds himself rushing to his son's big hockey tournament. In his haste, he puts Larry's form in his briefcase and subsequently forgets to submit the form.
Which responsibility did Dale breach?

  • A. Disclosure
  • B. Competence
  • C. Duty of care
  • D. Integrity

Answer: C

Explanation:
Dale breached his duty of care by failing to submit Larry's disability claim form in a timely manner. The duty of care requires insurance agents to act diligently and responsibly, ensuring that they prioritize their clients' needs and act in a timely manner, especially in situations where benefits are urgently needed. By neglecting to submit the form promptly, Dale did not fulfill this responsibility, potentially delaying Larry's benefits during his recovery period.


NEW QUESTION # 110
Ontario residents, Juan and Maria, are a married couple approaching retirement. They have asked their representative, Carlow, to review the details of Maria's defined benefit plan (DBPP).
Which of the following statements about Maria's pension is CORRECT?

  • A. With Juan's consent, Maria can choose to reduce the survivor benefit to 25% of her normal pension amount.
  • B. Juan will be entitled to the survivor benefit even if they are separated at the time of Maria'sdeath.
  • C. Maria would be entitled to an increased benefit if Juan waived his survivor benefit.
  • D. Juan would be entitled to receive at least 50% of Maria's pension upon Maria's death.

Answer: D

Explanation:
In Ontario, the pension legislation stipulates that a spouse is entitled to receive a minimum of 50% of the member's pension benefits as a survivor benefit if the member dies. This applies to defined benefit pension plans (DBPP), which provide a predetermined benefit upon retirement. Therefore, as the spouse of Maria, Juan would be entitled to receive at least half of Maria's pension upon her death, as specified by Ontario pension regulations. This survivor benefit is a guaranteed right and requires consent from both spouses for any reduction or waiver. Options C and D are incorrect as Ontario law mandates a minimum 50% survivor benefit without provision for reduction to 25%, and Juan's entitlement is tied to their marital status and statutory rights, which may not apply if they are separated or divorced at the time of Maria's death. Option A is incorrect because Ontario legislation does not provide for an increased benefit by waiving the survivor benefit.


NEW QUESTION # 111
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