Ultimate Guide to LLQP Dumps – Enhance Your Future Career Now [Q110-Q129]

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[Mar 10, 2026] IFSE Institute Dumps – Learn How To Deal With The (LLQP) Exam Anxiety

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IFSE Institute LLQP Exam Syllabus Topics:

Topic	Details
Topic 1	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 2	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.
Topic 3	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 4	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.

QUESTION 110
Maryse, an insurance of persons representative, meets with Anita, an actress, to complete a life insurance proposal. Maryse asks her for proof of age and identity. Anita does not like giving out her personal information and asks Maryse if she really needs to ask for these documents. Under what legislation is Maryse able to ask for these documents?

i) Charter of Rights and Freedoms and ii) Respecting the distribution of financial products and services (Distribution Act)

ii) Respecting the distribution of financial products and services (Distribution Act) and iii) Act respecting the protection of personal information in the private sector (APPIPS)

iii) Act respecting the protection of personal information in the private sector (APPIPS) and iv) Proceeds of Crime (Money Laundering) and Terrorist Financing Act

iv) Proceeds of Crime (Money Laundering) and Terrorist Financing Act and v) The Insurers Act respecting insurance and the Regulation under the Act respecting insurance

QUESTION 111
Abishola purchases segregated funds from her insurance agent Bob. Before finalizing the transaction, she tells Bob that she will need the funds in a few months to make a down payment on a condo. Later, when Abishola calls to withdraw her funds, Bob informs her that she will incur a fee for withdrawing her funds prematurely.
Abishola complains to Bob, and then to Bob’s supervisor, without receiving a satisfactory response. To which organization can Abishola escalate her complaint?

Office of the Privacy Commissioner of Canada.

Assuris.

Canadian Council of Insurance Regulators.

OmbudService for Life and Health Insurance.

QUESTION 112
Barry, a life insurance agent, is meeting his client Diane who came to Canada 26 years ago. Diane is turning
60 years old and is considering purchasing a non-registered life annuity to supplement her retirement income.
Barry presented the quote to her and it was quickly accepted. During the application process, he recorded Diane’s contact information, used her Social Insurance card to ascertain her identity, and collected a cheque of $120,000 from a joint account. The names written on the cheque were Diane and Geoffrey. Diane explained that this was a joint account with her brother. What should Barry do to comply with FINTRAC’s guidelines regarding ascertaining identity?

Complete a third-party form because it involves her brother as well.

Report this transaction to FINTRAC because it exceeds $10,000.

Use another ID to ascertain her identity, because the Social Insurance card is prohibited.

Nothing, because there is no suspicious activity involved.

QUESTION 113
Seven years ago, Amber invested $150,000 in a non-registered equity segregated fund. Her investment grew, and today, the market value of her fund is $165,000. She places an order to redeem her fund and she wants to know how her investment will be taxed.

The $15,000 of capital gains will receive preferential tax treatment.

The $15,000 of capital gains will be 100% taxable.

The entire $165,000 will be taxed as income.

The investment will not be taxed.

QUESTION 114
Alana, Meaghan, and Beatrice are equal shareholders of Advanced Tech Inc. They each own 100 shares of the company. Each share is currently worth $5,000. They recently signed a cross-purchase buy-sell agreement that is funded by life insurance. What will happen under this agreement if Alanadies today?

Each share would now be worth $7,500.

Alana’s estate would receive a total of $500,000.

There would now be 200 outstanding shares of the company.

Meaghan and Beatrice would each still own 100 shares of the company.

QUESTION 115
Pierre-Marc, aged 32, is a dentist with a rich clientele. His income is substantial. Five years ago, he purchased an “any occupation” disability insurance policy. Today he meets with Joseph, his life insurance agent, to determine whether this type of coverage is still adequate. What should Joseph tell him?

This type of coverage is adequate because it is more flexible. Pierre-Marc will be entitled to disability benefits even if he can work in another profession and chooses to do so.

This type of coverage is adequate. Pierre-Marc will be entitled to disability benefits even if he can work in another profession, provided he chooses not to do so.

This type of coverage is no longer adequate. Pierre-Marc should purchase an accidental death and dismemberment rider, which would allow him to collect a lump-sum benefit if he injures his hands.

This type of coverage is no longer adequate. Pierre-Marc should purchase “own occupation” coverage, which would allow him to collect benefits even if he can work in another profession and chooses to do so.

QUESTION 116
Andre, an insurance agent, meets with his client Jasper to discuss his $150,000 whole life insurance policy.
Jasper is deeply indebted and needs at least $40,000 to cover his debt. Andre tells him about a company he knows that will be willing to give him $75,000 if he assigns his policy to them. Did Andre act appropriately?

No, because Jasper is not allowed to assign his policy to an arms-length entity.

No, because trafficking in insurance is discouraged by the insurance industry.

Yes, because he is helping his client pay off his debt.

Yes, as long as this practice is not illegal in his province of residence.

QUESTION 117
Bea is a married 65-year-old woman applying for a life insurance policy. She meets with Stanley, her insurance agent, to review her insurance needs. Stanley inquires if Bea has started receiving Old Age Security (OAS) and Canada Pension Plan (CPP) benefits. Why is it important for Stanley to know this?

These funds are taxable and may increase her need for life insurance.

Her life insurance needs may decrease if she is retired.

Her spouse may be eligible for survivor benefits upon her death.

To calculate her retirement income.

QUESTION 118
Manitoba resident Patrice works for ABC Inc. where he is covered by group life insurance. He consults Louise, his insurance agent, because he wants to maintain some life insurance coverage when he retires at age
65.
How much of Patrice’s group life insurance can he convert to individual life insurance coverage when he retires?

None, because he must leave the plan.

The amount of his group life insurance coverage by providing proof of insurability.

Up to $200,000 without proof of insurability.

Up to $200,000 with proof of insurability.

QUESTION 119
Maeve is an Ontario resident. Fifteen years ago, she purchased a $250,000 whole life insurance policy and named her husband Guillaume as the primary beneficiary and her 4-year-old son Edwin as the contingent beneficiary. Last week, Tasha, Maeve’s insurance agent called her to ask if she has had any life changes that would warrant a meeting to review her insurance coverage. Maeve informs her that over the last year she divorced Guillaume and that she is now living with her new boyfriend Eduardo. Tasha asks to meet Maeve to review her beneficiary designation. Who will receive Maeve’s death benefit if she dies today?

Guillaume

Edwin

Eduardo

Maeve’s estate

QUESTION 120
Cassie applies for a $100,000 renewable 10-year term insurance policy through Mason, her insurance of persons representative. A month later, when Mason meets with Cassie again to deliver her contract, Cassie says she had to have a biopsy the previous week for a persistent cough. Mason tells her not to worry because the policy is already accepted. He completes the policy delivery. Six months later, Mason receives a call from Cassie’s boyfriend informing him that Cassie died of stage 4 throat cancer.
How will the insurance company handle the claim?

No death benefit will be paid because Cassie died within 2 years of obtaining the policy.

No death benefit will be paid because Mason did not inform the insurance company of the change in Cassie’s insurability.

The death benefit will be paid because Cassie visited the doctor after filling out the application form.

The death benefit will be paid although Mason was negligent for delivering the policy and he would be liable towards the insurer.

QUESTION 121
Zaid married Baheya five years ago in Montreal. A year later, Zaid purchased two individual term-life insurance policies, one on his life and the second on Baheya’s life, each with a death benefit of $250,000. The marriage didn’t last long, and the couple divorced shortly thereafter. Baheya went on to marry Omar, and the new couple had a baby together, named Darwish.
Last week, Baheya died in a car accident. While settling her estate, Omar discovered that no beneficiary was designated on Baheya’s life insurance policy.
To whom will Baheya’s death benefit be paid?

Zaid

Omar

Darwish

Baheya’s succession

QUESTION 122
(Jim is buying a life annuity with insurance settlement money due to a disabling accident. He declines a guarantee period to maximize monthly payments.
Which of the following must the agent be sure to note on the application?)

Marilyn as the joint annuitant.

Marilyn as the beneficiary.

Jim as the annuitant.

Jim as the beneficiary.

QUESTION 123
Life insurance agent Alexandra completes a life insurance application with her client, Joshua. After three months in underwriting, the application is accepted and the policy is issued on a standard rate. Alexandra goes to deliver the policy. When she gets to Joshua’s, he tells her how he just got out of the hospital with a serious blood clot.
What should Alexandra do?

Simply deliver the policy to Joshua, as his application has already been accepted.

Deliver the policy to Joshua, but notify the underwriter of the new medical information.

Tell Joshua that, because of the new medical information, she cannot deliver the policy and must put an end to the entire application process.

Tell Joshua that, because of the new medical information, she cannot deliver the policy and must notify the underwriter for further consideration.

QUESTION 124
Kalei owns a $250,000 life insurance policy with an accumulated cash surrender value of $75,000. She meets with her insurance agent Pamela to inform her that she quit her job last week. She wants to start an online business and needs $40,000 to fund the inventory and cover her living expenses for a few months. She heard that it was possible to obtain a loan using her policy at a 5% interest rate. Which of the following statements about collateral assignment is CORRECT?

Upon Kalei’s death, the insurance company will only reimburse the bank the entire $40,000 that she borrowed.

Kalei is prohibited from doing anything with her policy that could affect the value of the security.

Kalei must name the bank as an irrevocable beneficiary of the policy until the debt is paid off.

The bank is the new policyholder and beneficiary of the policy.

QUESTION 125
Wesley is a self-employed plumber. He meets with a licensed life insurance agent to explore his options regarding disability insurance. Wesley’s earnings have been stable over the past few years.His business generates gross income of $120,000 annually and write-off expenses of $30,000. Wesley’s average income tax rate is 30%. What income amount should be used to calculate the maximum disability benefits Wesley is entitled to?

$120,000

$90,000

$84,000

$63,000

QUESTION 126
(Business owner Timothy is reviewing information that his life insurance agent provided for him to establish a group savings plan for his employees. Timothy then meets the agent for some advice. He wants to avoid having to deal with pension credit adjustments.
Which of the following types of plans would meet this requirement?)

GRRSPs and DPSPs.

GRRSPs and group TFSAs.

Group TFSAs and DPSPs.

Group TFSAs and DCPPs.

QUESTION 127
Oliver, an insurance agent, meets with Roman and Julie. They are a married couple with a five-year-old son William. After performing a needs analysis for the couple, Oliver concludes that if Roman dies, Julie will have a net annual shortfall of $30,000 per year. Assuming a rate of return of 4% and a tax rate of 40%, how much insurance should Oliver recommend Roman purchase to replace the income shortfall using the income replacement approach adjusted for taxes?

$390,000

$750,000

$1,250,000

$1,875,000

QUESTION 128
Samya and Gary, who are both insurance representatives, are having lunch together. Gary has been very successful for several years and proposes a scheme to Samya to get insurance proposals signed for a fictional company they would create together. He believes that this system would make them millionaires in about ten years. Gary advises Samya to keep their conversation a secret. If Samya agrees to Gary’s proposal, what sanctions could she face?

A sanction from the CSF’s discipline committee that could be a fine, suspension, or both

Pursuant to the Distribution Act, penal proceedings with the Court of Quebec could result in a fine of up to $1,000,000

Pursuant to the Criminal Code, sanctions could go as far as imprisonment

Since liability insurance protects the consumer, the clients’ losses will be covered and thesanctions will be reduced based on real harm

QUESTION 129
The primary and secondary beneficiaries of Rachel and Chad’s joint first-to-die permanent life insurance policy are each other and their adult children, respectively. Within a year of Rachel and Chad’s divorce, Rachel unexpectedly passes away. The policy beneficiaries remained as originally designated. Whose claim will be paid by the insurer?

Chad and the couple’s adult children jointly, as they were all designated as beneficiaries.

The couple’s adult children, as they submitted a claim before Chad.

Chad, as he was designated primary beneficiary.

Rachel’s parents, as Rachel and Chad were divorced.