IFSE Institute LLQP Free Sample Exam Questions 2026

Here you can get the actual IFSE Institute LLQP exam questions and answers in PDF for free and for all questions premium file. These best Life License Qualification Program (LLQP) Exam LLQP PDF questions are for every IFSE Institute users. Real LLQP exam dumps that will assist you to crack the %certification% certification exam in the PDF format. For Advance preparation premium PDF files available for perfect exam preparation on reilable price option.

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Page: 1 / 30
Total Questions: 150

Questions & Answers PDF

• Question 1

  

  Melissa owns a disability insurance policy from Clarity Life. She makes her premium payment on thesecond day of each month, but this month, she misses the payment deadline. A week passes before she realizes her oversight. She makes a frantic call to Jonathan, a Clarity Life customer service representative. Jonathan explains about notices of termination. Which of the following responses is CORRECT?

  • Melissa's policy was cancelled 24 hours after she missed her payment, and Clarity mailed her a notice of termination.
  • Melissa's policy would only be cancelled 30 days after the due date of her missed premium payment.
  • Melissa's policy has a grace period and would not be cancelled until 10 days after Clarity Life mails her a notice of termination.
  • Melissa's policy has a grace period and would not be cancelled until 15 days after Clarity Life mails her a notice of termination.

  Reveal Answer Answer: B Next Question

• Question 2

  

  Rowan works for a construction company that employs 40 employees. The company is newly established, and the owners have yet to implement a group insurance policy. Rowan falls off the side of a building and breaks his collar bone. The doctor informs him that he will be unable to work for five months.Who will pay him disability benefits while he is recuperating?

  • His employer.
  • Employment Insurance.
  • Canada Pension Plan.
  • Workers' Compensation.

  Reveal Answer Answer: D Next Question

• Question 3

  

  Karine receives $200,000 from her mother's estate and decides to purchase an annuity. Her insurance agent Serge goes over her options with her, and she chooses the annuity that best suits her needs. Serge proceeds with the transaction.Which of the following statements about the transaction is TRUE?

  • Karine may make a cash deposit.
  • Serge has 3 business days to forward the payment to the insurer.
  • Serge should provide a receipt for all deposits he receives as cash, cheque, or bank draft.
  • If Karine writes a cheque, it should be made payable to Serge.

  Reveal Answer Answer: C Next Question

• Question 4

  

  Francis owns a $250,000 insurance policy with an accidental death and dismemberment (AD&D) rider. Francis calls his insurance agent Andrew to inform him that he permanently lost the use of his right hand. He explains to Andrew that his brother shot him when he broke into his brother’s house to recover a gold watch that was rightfully his. Francis wants to know how much he will receive from his AD&D rider.

  • Francis will receive a benefit of $165,000.
  • Francis will receive a benefit of $187,500.
  • Francis will receive a benefit of $250,000.
  • Francis will not receive any benefit.

  Reveal Answer Answer: D Next Question

• Question 5

  

  Bernadette, a 27-year-old single woman, earns $78,000 annually as a production assistant. She meets with Howard, her insurance agent, to purchase an accidental death and dismemberment insurance contract. Bernadette fills out the application form, the application is accepted, and the effective date is the date of acceptance of the application. Why is the effective date of Bernadette’s policy the same as the date of acceptance?

  • She has a low-risk profession.
  • She is a woman.
  • She is in her twenties.
  • There is no medical underwriting.

  Reveal Answer Answer: D Next Question

• Question 6

  

  Larissa is a 65-year-old retired marketing executive. She is single and has no dependents. Larissa accepted a generous retirement package from her employer five years ago and used her early retirement cash bonus to consolidate her financial affairs. She paid off mortgages on both her principal residence (a condo) and her vacation cottage. The fair market value (FMV) of the real estate increased significantly over the years. She named her sister Natalya as the sole beneficiary of her estate. In addition to the two properties, Larissa's estate includes a registered retirement savings plan (RRSP) and shares of Apple Inc. that she purchased in her tax-free savings account (TFSA) 10 years ago. If Larissa were to pass away today, which of her assets would be fully taxable on her final income tax return?The condo.The cottage.The TFS

  • The RRSP.

  Reveal Answer Answer: D Next Question

• Question 7

  

  Three years ago, Douglas purchased a whole life insurance policy with numerous supplementary benefits and riders. Today, he meets with his doctor who informs him that he has late-stage colon cancer and has only a few months to live. Even with surgery, his chances of survival are low. Douglas calls his insurance agent, Penny, to ask her what he should do to obtain a benefit immediately.

  • Dread disease benefit.
  • Terminal illness benefit.
  • Policy loan.
  • Policy withdrawal.

  Reveal Answer Answer: B Next Question

• Question 8

  

  Larry, an insurance agent, meets with Ethan, a freelance photographer, to review his insurance needs. Larry tells Ethan that he wants to collect all pertinent financial information to prepare a net worth statement for Ethan.Why does Larry want to prepare Ethan’s net worth statement?

  • To have enough information to identify where Ethan spends his money.
  • To determine Ethan's various sources of income.
  • To determine how much Ethan can spend on accident and sickness insurance premiums.
  • To determine if Ethan has enough resources to cover medical expenses if he had a medical emergency.

  Reveal Answer Answer: D Next Question

• Question 9

  

  Arianna, a healthy 61-year-old university professor, is retiring this year and wants to transfer the funds she accumulated in her registered retirement savings plan (RRSP) into an annuity. She is looking at different options and would like to know which of the following annuities will pay the highest monthly benefit.

  • A life annuity
  • A life annuity with a 10-year guarantee
  • An indexed annuity
  • A joint life annuity

  Reveal Answer Answer: A Next Question

• Question 10

  

  Monique meets with Tyra, an insurance agent, to review her insurance needs. Tyra explains the different types of policies and asks Monique for more information on her sources of income and expenses to properly evaluate her needs.Which document should Tyra review to better understand Monique’s sources of income?

  • Cash flow statement.
  • Net worth statement.
  • Registered investment account statement.
  • Non-registered investment account statement.

  Reveal Answer Answer: A Next Question

Page: 1 / 30
Total Questions: 150

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