Free IFSE Institute LLQP Exam Questions
Absolute Free LLQP Exam Practice for Comprehensive Preparation
-
IFSE Institute LLQP Exam Questions
-
Provided By: IFSE Institute
- Exam: Life License Qualification Program (LLQP) Certification
- Certification: IFSE Certification
-
Total Questions: 150
-
Updated On: Apr 11, 2025
-
Rated: 4.9 |
-
Online Users: 300
-
Question 1
-
Larson, an insurance agent, meets with Julia, a real estate agent, to review her insurance needs. Juliahas $500 in her savings account and does not own a tax-free savings account (TFSA) or registeredretirement savings plan (RRSP). She earns an average of $150,000 a year in sales commissions andrental income from two condo units she owns. The combined value of her income properties is$1,000,000, and the mortgage is $200,000.Larson recommends that Julia open a TFSA and use it to invest $400 a month in a money marketfund.Which of the following personal risks is Larson trying to mitigate with this advice?
Answer: D
-
Larson, an insurance agent, meets with Julia, a real estate agent, to review her insurance needs. Juliahas $500 in her savings account and does not own a tax-free savings account (TFSA) or registeredretirement savings plan (RRSP). She earns an average of $150,000 a year in sales commissions andrental income from two condo units she owns. The combined value of her income properties is$1,000,000, and the mortgage is $200,000.Larson recommends that Julia open a TFSA and use it to invest $400 a month in a money marketfund.Which of the following personal risks is Larson trying to mitigate with this advice?
-
Question 2
-
Sasha is an employee at PranaTech. The company offers all employees a pension plan. PranaTechmust contribute into the plan, but employee contributions are not mandatory. Sasha chooses wherehis funds will be invested.
Answer: A
-
Sasha is an employee at PranaTech. The company offers all employees a pension plan. PranaTechmust contribute into the plan, but employee contributions are not mandatory. Sasha chooses wherehis funds will be invested.
-
Question 3
-
Dominic suffers a heart attack on October 1 and dies a little over a month later, on November 7. Atthe time of his death, he owned a $150,000 critical illness (CI) insurance policy, purchased 10 yearsearlier. Dominic never failed to pay the $100 monthly premium. When he died, the insurer had notyet issued the benefit payment.How will the CI benefit be treated?
Answer: A
-
Dominic suffers a heart attack on October 1 and dies a little over a month later, on November 7. Atthe time of his death, he owned a $150,000 critical illness (CI) insurance policy, purchased 10 yearsearlier. Dominic never failed to pay the $100 monthly premium. When he died, the insurer had notyet issued the benefit payment.How will the CI benefit be treated?
-
Question 4
-
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
-
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?
-
Question 5
-
Thien is 56 years old and has recently been diagnosed by his doctor with a heart condition for whichthere is no known treatment, and which has dramatically reduced his life expectancy. Thien hasdecided to take early retirement. Fortunately, after 30 years of service working as a credit officer at alocal bank, he has accumulated a large sum in his pension plan. Thien's wife supports his decision toretire early. She is 49 and in good health, and plans to continue working and earning a lucrativeincome at her current position as a divorce lawyer at a prestigious law firm, at least until she reaches65 years of age.What type of annuity would BEST suit Thien's needs?
Answer: D
-
Thien is 56 years old and has recently been diagnosed by his doctor with a heart condition for whichthere is no known treatment, and which has dramatically reduced his life expectancy. Thien hasdecided to take early retirement. Fortunately, after 30 years of service working as a credit officer at alocal bank, he has accumulated a large sum in his pension plan. Thien's wife supports his decision toretire early. She is 49 and in good health, and plans to continue working and earning a lucrativeincome at her current position as a divorce lawyer at a prestigious law firm, at least until she reaches65 years of age.What type of annuity would BEST suit Thien's needs?