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LLQP Exam Dumps - IFSE Institute Life License Qualification Program Questions and Answers

Question # 4

Pierre is an insurance of persons representative. His new client, Carole, wishes to buy life insurance but wants to know everything about life insurance products before making a choice. What are Pierre’s responsibilities in this case?

Options:

A.

Pierre must describe the products he offers to Carole and explain the coverage offered. He must clearly indicate and explain the coverage exclusions

B.

Pierre can simply give Carole the insurer’s explanatory brochures providing details on the products. He must avoid giving explanations so as not to influence Carole

C.

Pierre must have a conference call with the insurer and Carole so that she can ask the insurer any questions she may have

D.

Pierre must ask Carole to put all her questions in writing and send them to the insurer

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Question # 5

Jean, who is in business, would like to understand why his segregated funds, which resemble mutual funds, allow this type of asset to be sheltered from creditors. How should Patrice, his financial security advisor, answer?

Options:

A.

The reason is that segregated funds are offered through an annuity policy, and by law, annuities offer a certain measure of protection if the beneficiary is the legal spouse or the policyholder’s ascendant or descendant, or an irrevocable beneficiary

B.

The reason is that segregated funds are governed by the AMF’s Guideline on Individual Variable Insurance Contracts Relating to Segregated Funds, which states that these products are exempt from seizure

C.

The reason is that anything offered by a life insurer can be exempt from seizure if a beneficiary is designated, except for contributions in the last year

D.

The reason is that mutual funds do not offer a guarantee and it’s the guarantee offered by segregated funds, which ensures it is an insurance contract and which therefore allows funds to be free from creditors

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Question # 6

Alexandre, a financial security advisor, recently left FinCode Inc. because of an unresolved dispute with the company. He is continuing his career as an independent advisor. This week, he has an appointment with a client who tells him that he met with another FinCode Inc. employee. However, that employee has a disciplinary record at the CSF for fraudulently copying a signature on a form. Since the client does not work in insurance and the information is public knowledge, Alexandre provides him with some clarification regarding the other advisor’s case. How can Alexandre encourage the client to do business with him without denigrating his competitor?

Options:

A.

By telling the client to always check an advisor’s record with the CSF

B.

By informing the client of his recent departure from FinCode Inc. owing to an unresolved dispute

C.

By emphasizing his unique approach that sets him apart from his competitors

D.

By talking about his experience with the other advisor when they worked for the same firm

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Question # 7

Insurance of persons representative Véronique is meeting clients referred by an acquaintance for the first time. Observing some suspicious behaviours on their part, Véronique is thinking about reporting the transaction to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Which behaviours are signs of suspicious transactions?

Options:

A.

The clients ask a lot of questions about internal controls and the amounts involved seem very high given their apparent financial situation

B.

The clients are in a hurry, the planned transaction is fairly simple, and they want to pay the amount due in cash

C.

The clients are in a hurry, do not seem interested in knowing the long-term benefits of the transaction, and want to pay the amount due in cash

D.

The clients seem interested in knowing the long-term benefits of the transaction, which is simple, and the amounts involved seem very high given their apparent financial situation

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Question # 8

Financial security advisor Juliette meets Pierre during a business meeting. Pierre gives her the name of a prospect, one of his friends. Juliette wants to start by contacting the prospect by email, then plans to follow up with a phone call to set up an appointment. Why should Juliette cease to proceed in this manner with her prospect?

Options:

A.

Canada’s Anti-Spam Legislation prohibits all email solicitation

B.

Juliette has not first contacted the prospect to obtain his consent

C.

Pierre must contact his friend to set up an appointment with Juliette

D.

Juliette must meet Pierre and his friend together

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Question # 9

Last week, at a dinner party, Dario, an insurance agent, met Andrew, a successful businessperson with a net worth of over $10 million. Dario spent the evening following Andrew around, telling him how he could help him manage his finances. The day after the meeting, Dario sent a fruit basket to Andrew's office. Every day since, Dario has been calling and urging Andrew to meet with him and take advantage of his services and insurance products.

Which duties and obligations did Dario break?

Options:

A.

Duties and obligations towards the public

B.

Duties and obligations towards clients

C.

Duties and obligations towards other representatives, firms, independent partnerships, insurers, and financial institutions

D.

Duties and obligations towards the profession

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Question # 10

Melissa, a La Tranquillité representative, is meeting with a client who tells her about something that happened to one of her friends. While she was taking part in an outdoor weekend at Mont-Tremblant Park, a forest fire broke out and one of the participants was never found. The client isabout to take out life insurance with Melissa. She asks Melissa what would happen to her insurance capital in such a situation. What can Melissa tell the client?

Options:

A.

The insurer would pay the insurance face amount within 30 days of the claim

B.

The contract premiums would be reimbursed to the beneficiary because the contract would be null and void

C.

It would be impossible to pay the insurance face amount if the victim’s body is not found

D.

The beneficiary could receive the insurance face amount after a certain number of years and after receiving the judgment for the declaration of death

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Question # 11

Isaac and Natasha, Quebec residents, were married 18 years ago. At the time, they visited a notary to get married under the "separation as to property" matrimonial regime and had indicated their wish to waive the application of the division of the patrimony by agreement. After experiencing a series of personal crises, the couple is now divorcing.

Which of the following assets, if any, will they have to separate when they divorce?

Options:

A.

Isaac's dental practice, started 10 years ago.

B.

Natasha’s cottage, purchased with Isaac 15 years ago.

C.

The $40,000 accumulated in Isaac’s whole life insurance policy.

D.

They will not need to separate any assets.

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Question # 12

Ming-Na is a McGill University graduate interested in pursuing a career as an insurance of persons representative. She wants to know which piece of legislation sets out the definition and role of insurance of persons representatives.

Which of the options below is CORRECT?

Options:

A.

The Insurers Act.

B.

The Distribution Act.

C.

The Act respecting insurance.

D.

The Act respecting prescription drug insurance.

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Question # 13

Concilius has had a whole life (permanent) insurance policy for the past eight years. He decides he no longer wants this policy and stops paying the premiums. The cash value keeps the policy in effect for 28 months, after which it lapses. However, 46 months later, Concilius regrets his decision and applies to reinstate his policy. He is prepared to prove that he still meets the insurability conditions and to pay the overdue premiums plus interest, the cash value used, and the interest. Under what conditions will Concilius’ policy be reinstated?

Options:

A.

With the addition of a new premium based on his current age

B.

With the same initial conditions

C.

With an increase in the price of the premium

D.

With a reduction in the insured amount

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Exam Code: LLQP
Exam Name: Life License Qualification Program (LLQP)
Last Update: Apr 23, 2025
Questions: 227
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