RELIABLE IFSE INSTITUTE LLQP DUMPS SHEET | RELIABLE LLQP TEST SIMULATOR

Reliable IFSE Institute LLQP Dumps Sheet | Reliable LLQP Test Simulator

Reliable IFSE Institute LLQP Dumps Sheet | Reliable LLQP Test Simulator

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Tags: Reliable LLQP Dumps Sheet, Reliable LLQP Test Simulator, Upgrade LLQP Dumps, Test LLQP Questions, Valid LLQP Exam Forum

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IFSE Institute LLQP Exam Syllabus Topics:

TopicDetails
Topic 1
  • Accident and Sickness Insurance: Aimed at insurance professionals offering individual and group health insurance, this section emphasizes the importance of financial protection in the case of serious illness or injury.
Topic 2
  • Life Insurance: This section assesses the expertise of insurance professionals, including financial advisors and life insurance agents, in understanding the financial impact of death. It explains how life insurance helps address those financial needs and introduces various life insurance products, along with their features and benefits.
Topic 3
  • Ethics and Professional Practice: This part of the exam focuses on the legal and ethical responsibilities of life insurance professionals. It outlines the legal framework for life insurance in common law provinces and territories and stresses the importance of maintaining professionalism.
Topic 4
  • Segregated Funds and Annuities: Targeted at investment advisors and financial planners, this section evaluates their understanding of saving and investment strategies, which are essential for retirement and financial planning.

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Pass Guaranteed Quiz LLQP - Life License Qualification Program (LLQP) –Reliable Reliable Dumps Sheet

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q64-Q69):

NEW QUESTION # 64
Dakota is the owner of Fresh Drapes, a home decoration company. She opened her business five years ago when she quit her day job, took out loans, and put all her life savings into opening herstore. Her business is doing well, so she meets with Tanya, an insurance agent, to start investing for her retirement. After completing a thorough needs analysis, Tanya suggests that Dakota purchase segregated funds and name her husband as the beneficiary of the funds.
Which of the following offers the GREATEST benefit to Dakota by investing in segregated funds over other types of investments?

  • A. Maturity and death benefit guarantees of 100%
  • B. Diversification
  • C. Creditor protection
  • D. Professional management

Answer: C

Explanation:
Creditor protection is a significant advantage of segregated funds over other investment types, especially for business owners like Dakota, who may face potential liability or creditor claims. According to LLQP guidelines, segregated funds, when properly structured with a designated beneficiary, can protect invested assets from creditors in the event of bankruptcy or other financial difficulties. This protection is often a critical benefit for small business owners seeking to shield personal assets.
While options A, B, and C offer benefits of segregated funds, they are not as directly valuable to Dakota's situation as creditor protection, which offers security specific to her needs as a business owner.


NEW QUESTION # 65
Which organization provides protection for holders of segregated fund contracts in copyright if the insurer becomes insolvent?

  • A. Assuris
  • B. Canadian Deposit Insurance Corporation
  • C. OmbudService for Life & Health Insurance
  • D. Canadian Insurance Services Regulatory Organizations

Answer: A

Explanation:
Assuris is the organization in copyright that provides protection to policyholders, including holders of segregated fund contracts, if their insurance company becomes insolvent. LLQP guidelines state that Assuris ensures the continuation of certain benefits and provides a level of coverage to protect the assets within segregated fund contracts.
Assuris is specifically focused on protecting Canadian policyholders of life and health insurance products in cases of insurer insolvency, distinguishing it from organizations like the Canadian Deposit Insurance Corporation, which covers deposits at financial institutions.


NEW QUESTION # 66
Jasper owns TeleVida, a successful production company with over 50 employees. He wants to expand the company by opening an office in another province. Jasper needs to take out a $500,000 20-year loan to make this expansion happen. However, he wants to make sure that if he dies while there's an outstanding balance on the loan, the balance will be paid in full by the insurance company.

  • A. Term-100 life insurance policy.
  • B. 20-year term life insurance.
  • C. Universal life insurance policy.
  • D. 20-year decreasing term life insurance.

Answer: D

Explanation:
In this case, Jasper is concerned with covering a specific loan balance that will decrease over time as the loan is repaid. A20-year decreasing term life insurancepolicy is typically used for situations where the coverage amount decreases over the policy term, aligning with the declining balance of a loan. This is often the most cost-effective option, as the coverage amount decreases in line with the outstanding loan balance, ensuring that the insurance will pay off any remaining loan balance if Jasper dies within the 20-year term.
Other options, such as a standard term policy with a level benefit (Option B), a Term-100 (Option C), or a Universal Life policy (Option D), provide level or flexible coverage not specifically suited to decreasing liabilities like a loan. Therefore,Option Ais the best choice to meet Jasper's needs cost-effectively.


NEW QUESTION # 67
Six years ago, Diu purchased an immediate life annuity with a 10-year guarantee period. The annuity paid her a monthly benefit of $1,800. She named her son Shan as the beneficiary of the policy and her niece Haru as a contingent beneficiary. Shan died four months ago in a motorcycle accident and between grieving and planning the funeral, Diu forgot to update her beneficiary designation. Last week, Diu died of a heart attack.
Who would receive the annuity benefits?

  • A. Shan's estate
  • B. Diu's estate
  • C. Haru
  • D. Shan's widow

Answer: C

Explanation:
Since Diu had designated her son Shan as the primary beneficiary and her niece Haru as the contingent beneficiary, the death benefit from the annuity will pass to Haru, the contingent beneficiary, after Shan's death. In annuity contracts, if the primary beneficiary predeceases the annuitant and no changes are made to the designation, the benefits will typically go to the contingent beneficiary. According to LLQP principles, a contingent beneficiary is entitled to receive the remaining guaranteed payments when the primary beneficiary is no longer able to do so.
Option A is incorrect as Shan's widow is not mentioned as a beneficiary. Option B is incorrect as Shan's estate would not receive the benefits if a contingent beneficiary exists. Option D is incorrect as Diu's estate would only receive the benefits if no beneficiaries were named.


NEW QUESTION # 68
Elizabeth is a seasoned insurance agent. She meets with Harold, a new agent, to help him better understand the industry and the processes that they must follow. Elizabeth tells Harold about a body that administers the regulatory system applicable to insurance intermediaries. Which of the following is Elizabeth referring to?

  • A. Canadian Council of Insurance Regulators (CCIR)
  • B. OmbudService for Life and Health Insurance (OLHI)
  • C. Canadian Insurance Services Regulatory Organizations (CISRO)
  • D. Office of the Privacy Commissioner of copyright

Answer: C

Explanation:
The Canadian Insurance Services Regulatory Organizations (CISRO) is responsible for administering the regulatory framework for insurance intermediaries across copyright. CISRO works with provincial and territorial regulators to ensure consistent standards and practices for insurance agents, helping maintain public trust and professional integrity within the industry. Elizabeth is correctly referencing CISRO as the body that manages the regulatory system applicable toinsurance intermediaries.


NEW QUESTION # 69
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