PASS GUARANTEED IFSE INSTITUTE - HIGH-QUALITY LLQP RELIABLE TEST DUMPS

Pass Guaranteed IFSE Institute - High-quality LLQP Reliable Test Dumps

Pass Guaranteed IFSE Institute - High-quality LLQP Reliable Test Dumps

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Tags: LLQP Reliable Test Dumps, Exam LLQP Revision Plan, LLQP New Study Materials, LLQP Valid Braindumps Free, LLQP Hot Spot Questions

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Get Latest IFSE Institute LLQP PDF Questions For Instant Success

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IFSE Institute LLQP Exam Syllabus Topics:

TopicDetails
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
  • 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
  • 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 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.

IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q153-Q158):

NEW QUESTION # 153
Naomie meets with her new client, Keisha, to review her investment portfolio. Keisha is a 43-year-old sales representative who has been with Belmont Inc., a large pharmaceutical company, for 15 years. She earns a generous salary, plus bonuses. She also has a group tax-free savings account (TFSA) and a defined contribution pension plan (DCPP), all of which are invested in Belmont common shares.
What main need does Naomie have to address regarding Keisha's investments?

  • A. Income.
  • B. Diversification.
  • C. Saving for an emergency fund.
  • D. Liquidity.

Answer: B

Explanation:
Keisha's investment portfolio is highly concentrated in Belmont Inc. common shares, which include her TFSA and defined contribution pension plan (DCPP). This significant exposure to a single company's stock poses a risk because the value of her investments is directly tied to the financial performance of Belmont Inc.
Diversification is a key strategy to mitigate risk by spreading investments across various asset classes, industries, or geographic regions. This can reduce the impact of poor performance in any one area on the overall portfolio. According to LLQP content, one of the primary goals in managing an investment portfolio is to ensure appropriate diversification to avoid over-reliance on a single asset or asset type.
While other needs, like liquidity and emergency fund savings, are important, Keisha's immediate concern should be diversification. Her current investments do not provide adequate protection against company- specific risks, such as the potential downturns specific to Belmont Inc. Thisaligns with LLQP principles, which emphasize diversification as a way to manage risk effectively and achieve a more stable financial outcome.


NEW QUESTION # 154
Sergei meets with his insurance agent Nikita to purchase a $50,000 critical illness policy. Nikita explains that to apply for the policy Sergei would have to answer a series of personal questions about his finances, health, and lifestyle. Sergei is uncomfortable giving Nikita such detailed personal information. Nikita reassures Sergei by telling him that the insurer must follow stringent rules about how they can collect and handle this information. Which organization legislates privacy statutes pertaining to insurance companies?

  • A. Human rights legislation
  • B. Personal Information Protection and Electronic Documents Act (PIPEDA)
  • C. Criminal Code
  • D. Privacy Act

Answer: B

Explanation:
PIPEDA governs how private sector organizations, including insurance companies, collect, use, and disclose personal information in copyright. This Act mandates that insurers adhere to strict guidelines to ensure the protection of client information. Nikita is correct in assuring Sergei that his personal information is protected by privacy legislation, as PIPEDA sets out these obligations for private sector companies handling personal data.


NEW QUESTION # 155
Josephine visits her dentist in downtown Victoria, BC, to have a cavity filled. The procedure costs her $550 but the maximum fee for a standard filling, according to the provincial dental schedule, is $400. Josephine works for a company that offers employees group dental coverage with a yearly maximum of $1,000 and an
80% co-insurance factor.
How much will Josephine receive from the insurer for her procedure?

  • A. $440
  • B. $400
  • C. $320
  • D. $0

Answer: C

Explanation:
Josephine's group dental plan pays a percentage (80%) of theprovincial dental schedulefee, not the actual cost. For her filling, the schedule maximum is $400. Therefore, the insurer will cover 80% of $400, which amounts to $320. Although the procedure costs her $550, her coverage only applies to the schedule rate, meaning she will receive $320 from the insurer, while she covers the remainder out of pocket.


NEW QUESTION # 156
Lily works for Cloud 9 Inc. She earned $120,000 in Year 1 and $125,000 in Year 2. Lily contributes 5% of her income into a defined contribution pension plan (DCPP), and this contribution is matched by the employer. Lily has unused contribution room of $15,000 and wants to know how much she can contribute to her registered retirement savings plan (RRSP) in Year 2.

  • A. $31,250
  • B. $25,000
  • C. $24,600
  • D. $30,600

Answer: C

Explanation:
Lily's RRSP contribution room is reduced by her DCPP contributions. Her total income for Year 2 was
$125,000, and she contributed 5% ($6,250) to the DCPP, matched by the employer, for a total of $12,500.
The Pension Adjustment (PA) for her DCPP contribution would be $12,500, which reduces her RRSP contribution room.
Calculation:
* RRSP limit based on previous year's income (18% of $120,000): $21,600
* PA reduction: $12,500
* Remaining RRSP contribution room for Year 2: $21,600 - $12,500 = $9,100
* Including her unused contribution room: $9,100 + $15,000 = $24,100
So, Lily can contribute $24,600 to her RRSP in Year 2.


NEW QUESTION # 157
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?

  • A. There would now be 200 outstanding shares of the company.
  • B. Meaghan and Beatrice would each still own 100 shares of the company.
  • C. Each share would now be worth $7,500.
  • D. Alana's estate would receive a total of $500,000.

Answer: D

Explanation:
In a cross-purchase buy-sell agreement funded by life insurance, each shareholder purchases a life insurance policy on the lives of the other shareholders. Upon the death of a shareholder, the surviving shareholders use the proceeds from the insurance to buy out the deceased shareholder's shares at the agreed value. Since each share is valued at $5,000, Alana's 100 shares would be worth:
100 shares×5,000=500,000100 text{ shares} times 5,000 = 500,000100 shares×5,000=500,000 Thus, Meaghan and Beatrice would collectively purchase Alana's shares from her estate, providing her estate with a total of$500,000. Each surviving shareholder will then own an additional 50 shares, resulting in each now holding 150 shares of Advanced Tech Inc. This option aligns with the principles of cross-purchase agreements discussed in the LLQP.


NEW QUESTION # 158
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