Free IFSE Institute LLQP Exam Questions
Absolute Free LLQP Exam Practice for Comprehensive Preparation
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IFSE Institute LLQP Exam Questions
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Provided By: IFSE Institute
- Exam: Life License Qualification Program (LLQP) Certification
- Certification: IFSE Certification
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Total Questions: 150
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Updated On: Nov 12, 2024
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Rated: 4.9 |
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Online Users: 300
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Question 1
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Sergei meets with his insurance agent Nikita to purchase a $50,000 critical illness policy. Nikitaexplains that to apply for the policy Sergei would have to answer a series of personal questions abouthis finances, health, and lifestyle. Sergei is uncomfortable giving Nikita such detailed personalinformation. Nikita reassures Sergei by telling him that the insurer must follow stringent rules abouthow they can collect and handle this information. Which organization legislates privacy statutespertaining to insurance companies?
Answer: A
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Sergei meets with his insurance agent Nikita to purchase a $50,000 critical illness policy. Nikitaexplains that to apply for the policy Sergei would have to answer a series of personal questions abouthis finances, health, and lifestyle. Sergei is uncomfortable giving Nikita such detailed personalinformation. Nikita reassures Sergei by telling him that the insurer must follow stringent rules abouthow they can collect and handle this information. Which organization legislates privacy statutespertaining to insurance companies?
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Question 2
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Kadiha invested $10,000 in a balanced fund 10 years ago, which she put into a non-registered
account. At the time, her insurance agent sold her the fund with a 75% maturity and death benefit
guarantee. Today, when the fund expires, the market value is $5,000. How much will Kadiha receive, and how will her funds be treated for tax purposes?
Answer: A
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Kadiha invested $10,000 in a balanced fund 10 years ago, which she put into a non-registered
account. At the time, her insurance agent sold her the fund with a 75% maturity and death benefit
guarantee. Today, when the fund expires, the market value is $5,000. How much will Kadiha receive, and how will her funds be treated for tax purposes?
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Question 3
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Mohammed is an employee at Optima Plus Inc. Over the years, he accumulated $15,000 in thecompany's group plan. He knows that his contributions into the plan are not tax-deductible, and he isnot taxed on the funds when he makes a withdrawal.What type of plan does Mohammed have with his employer?
Answer: C
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Mohammed is an employee at Optima Plus Inc. Over the years, he accumulated $15,000 in thecompany's group plan. He knows that his contributions into the plan are not tax-deductible, and he isnot taxed on the funds when he makes a withdrawal.What type of plan does Mohammed have with his employer?
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Question 4
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Jonas recently graduated with his engineering degree and is joining the Alberta EngineeringAssociation. He is informed that the association offers a group plan to all members. Jonas wants tojoin the plan but wishes to know who will pay the premiums for the coverage.Which of the following answers is CORRECT?
Answer: A
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Jonas recently graduated with his engineering degree and is joining the Alberta EngineeringAssociation. He is informed that the association offers a group plan to all members. Jonas wants tojoin the plan but wishes to know who will pay the premiums for the coverage.Which of the following answers is CORRECT?
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Question 5
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Paulette earns a modest income working as a delivery driver for FastFlowers Inc. in Quebec. Theflorist company has over 80 employees, 20 of whom are delivery drivers. The employees benefitfrom a group short- and long-term disability plan. One morning, while delivering flowers, Paulette'struck is struck by a bus. Paulette is taken to the hospital, where a doctor deems that she will beunable to work for at least 4 months. Paulette contacts Jade, the human resources manager, to askher who will pay her disability benefits.Which of the following answers is CORRECT?
Answer: B
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Paulette earns a modest income working as a delivery driver for FastFlowers Inc. in Quebec. Theflorist company has over 80 employees, 20 of whom are delivery drivers. The employees benefitfrom a group short- and long-term disability plan. One morning, while delivering flowers, Paulette'struck is struck by a bus. Paulette is taken to the hospital, where a doctor deems that she will beunable to work for at least 4 months. Paulette contacts Jade, the human resources manager, to askher who will pay her disability benefits.Which of the following answers is CORRECT?