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LLQP Valid Practice Materials | Test LLQP Dumps Free

Every IFSE Institute aspirant wants to pass the IFSE Institute LLQP exam to achieve high-paying jobs and promotions. The biggest issue LLQP exam applicants face is that they don't find credible platforms to buy real LLQP exam dumps. When candidates don't locate actual Life License Qualification Program (LLQP) (LLQP) exam questions they prepare from outdated material and ultimately lose resources. If you are also facing the same problem then you are at the trusted spot.

IFSE Institute LLQP Exam Syllabus Topics:

Topic
Details

Topic 1

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 2

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 3

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 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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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q162-Q167):

NEW QUESTION # 162
Everett is an insurance of persons representative who works exclusively for Moon Life Insurance. He wants to leave the company and become an independent representative. He knows that before he branches out on his own, he needs to ensure he has sufficient liability insurance.
Which of the following statements about his professional liability insurance is CORRECT?

A. Professional liability insurance covers fraud or misappropriation.
B. His liability insurance must have coverage of not less than $1,500,000 per claim.
C. If a contract has a deductible, it may not exceed $20,000.
D. This insurance covers gross faults committed by an insurance representative.

Answer: C

Explanation:
For an insurance representative such as Everett who intends to transition to an independent role,maintaining adequate professional liability insurance is crucial. According to LLQP guidelines, the requirements for liability insurance coverage mandate that if the policy includes a deductible, it cannot exceed $20,000 per claim. This limit helps ensure that insurance representatives can reasonably cover the deductible amount without facing significant financial hardship in case of a claim.
Regarding the other answer choices:
* A liability insurance policy is typically required to have a minimum coverage of $1,000,000 per claim, not $1,500,000.
* Professional liability insurance does not cover gross negligence, fraud, or intentional misconduct such as fraud or misappropriation. It is designed to cover errors, omissions, and negligence within the scope of professional duties, provided they are not intentional or fraudulent acts.
Therefore, option B accurately reflects LLQP stipulations regarding the deductible limit on professional liability insurance for insurance representatives.

NEW QUESTION # 163
Danny purchases a $1,000,000 whole life insurance policy. He names his three daughters, Donna-Joe, Stephanie, and Michelle, as revocable beneficiaries with each receiving one-third of the death benefit.
If Michelle predeceases Danny, and Danny did not have a chance to modify his beneficiary designation, how will Danny's death benefit be paid out?

A. Donna-Joe and Stephanie will each receive $500,000.
B. Donna-Joe and Stephanie will each receive $333,333 and Danny's estate will receive $333,333.
C. Donna-Joe and Stephanie will each receive $333,333 and Michelle's estate will receive $333,333.
D. Danny's estate will receive the entire $1,000,000 death benefit.

Answer: A

Explanation:
When a beneficiary predeceases the policyholder and no alternate or contingent beneficiary has been named, the portion allocated to the deceased beneficiary is typically redistributed among the surviving beneficiaries.
Since Michelle was named as a revocable beneficiary and predeceased Danny, her one-third share will be divided equally between the remaining two beneficiaries, Donna-Joe and Stephanie.
Thus, Donna-Joe and Stephanie will each receive half of the total death benefit ($500,000 each), as per LLQP guidelines which state that a predeceased beneficiary's share is typically redistributed among surviving beneficiaries unless otherwise specified.

NEW QUESTION # 164
Brian gives his lawyer Dave $200,000 that will be used as a down payment to purchase a condo. Brian received these funds from his mother's life insurance death benefit. The money is deposited into Dave's trust account. Unbeknownst to Brian, Dave is going through financial hardship. If Dave files for bankruptcy while Brian's funds are still in his trust account, can the bankruptcy trustee seize the funds?

A. Yes, because life insurance benefits, once paid out, are seizable.
B. Yes, because the account is in Dave's name.
C. No, because trust accounts are protected from seizure by creditors.
D. No, because the money does not belong to Dave.

Answer: D

Explanation:
Funds placed in a lawyer's trust account are legally considered to be held in trust for the client, meaning they remain the property of the client, not the lawyer. In the case of Dave's bankruptcy, his creditors cannot claim Brian's money, as it is not an asset of Dave's estate but is held specifically for Brian's use. LLQP guidelines recognize the principle that assets held in trust are protected from the trustee's personal creditors.
Hence, Brian's funds in Dave's trust account would not be seizable by Dave's bankruptcy trustee.

NEW QUESTION # 165
(Gertrude wishes to invest her savings while having creditor protection and minimizing risk.
What type of segregated fund would be most suitable for her?)

A. Money market funds
B. Equity funds
C. Index funds
D. Real estate funds

Answer: A

Explanation:
Money market segregated fundsare considered the least risky because they invest in short-term, high-quality investments and offer principal preservation features. They also benefit from thecreditor protection associated with segregated fund contracts.
Exact Extract:
"Money market funds aim to preserve capital by investing in highly liquid, low-risk instruments. Segregated fund contracts may also offer creditor protection if structured appropriately." (Reference:Segfunds-E313-2020-12-7ED, Chapter 2.2.1 Money Market Funds)

NEW QUESTION # 166
(Priscilla is worried about losing her job in six months. She invests $1,000 per month in segregated equity funds but has limited cash savings.
What should her insurance agent, Arthur, advise?)

A. She should leverage her segregated funds immediately to provide cash for an emergency fund.
B. She should sell her segregated funds immediately to provide an emergency fund.
C. She should stop buying the segregated funds only if she loses her job.
D. She should stop buying the segregated funds now and build an emergency fund.

Answer: D

Explanation:
Facing potential job loss, the priority for Priscilla should bebuilding an emergency fundrather than continuing to invest. Emergency funds provide essential liquidity in the event of unexpected income loss.
Exact Extract:
"Establishing an emergency fund to cover living expenses during unforeseen circumstances is fundamental before committing to longer-term investments like segregated funds." (Reference:Segfunds-E313-2020-12-7ED, Chapter 1.1.2.5 Liquidity)

NEW QUESTION # 167
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