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  3. LLQP

IFSE Institute LLQP Exam (page: 7)
IFSE Institute Life License Qualification Program (LLQP)
Updated on: 31-Mar-2026

Viewing Page 7 of 39
LLQP PDF 298 Questions

Donald finds out from his doctor that he only has about 10 months to live. He owns a $100,000 life insurance policy with a terminal illness benefit of $50,000. Donald has named Yvana as the policy's irrevocable beneficiary.
Donald wants to know whether he has to obtain Yvana's consent concerning the amount he will be paid as the terminal illness benefit. He would also like to know how much Yvana will receive after his death.
What should his insurance agent tell him?

  1. He does not have to obtain Yvana's consent. He will collect $50,000 before taxes and Yvana will receive $50,000 tax free.
  2. He does not have to obtain Yvana's consent. Both he and Yvana will receive $50,000 before taxes.
  3. He must obtain Yvana's consent. He will collect $50,000 tax free and Yvana will receive $50,000 before taxes.
  4. He must obtain Yvana's consent. Each of them will collect $50,000 tax free.

Answer(s): A



Dennis, aged 56, is an actuary. He owns both a disability insurance policy and a renewable term life insurance policy. His life insurance policy includes a supplementary benefit: the waiver of premium for total disability benefit. Following a motorcycle accident, Dennis suffers a traumatic brain injury. His disability benefits begin after the waiting period.
While receiving those benefits, his term life insurance policy comes up for renewal.
How will the supplementary benefit included in that policy help Dennis?

  1. It will pay the premiums for the disability insurance.
  2. It will increase the amount Dennis receives as a disability benefit.
  3. It will pay his life insurance premiums up until the policy's renewal, but not after.
  4. It will pay his life insurance premiums before and after the policy's renewal, so long as he is disabled.

Answer(s): D



John purchased a permanent life insurance policy for his grandson, Richard, when Richard was born 28 years ago. This policy has increased in death benefit over time and holds sizeable cash value. Now that Richard is older, John would like to transfer this policy to him as he now is working and has a family.
What does John need to know about this transfer in relation to tax implication?

  1. The transfer will be done with tax implication as Richard isn't his child.
  2. The transfer will be done when Richard pays consideration to John for fair market value of the policy.
  3. John is not responsible for any disposition triggered by Richard as they will be taxable to Richard only.
  4. John should roll this policy over to Richard's father first, then Richard's father should roll it over to Richard without tax implication.

Answer(s): D



Six years ago, Gerard, aged 28, purchased a life insurance policy. Gerard just got married to Tanya, and they both want to purchase more insurance. Reviewing Gerard's policy, Tanya notices that Gerard neglected to mention that he had migraines due to concussions suffered from playing football when he was a teenager. Gerard did not intentionally neglect to mention the migraines as the migraines were never an ongoing issue once he stopped playing football.
Which statement is true?

  1. Since the policy was taken out six years ago, the insurance company would have to prove that Gerard made a fraudulent material misrepresentation, or pay the policy's death benefit.
  2. The insurance company can void the contract under the contestability clause, and nopremiums would be returned to Gerard.
  3. Gerard can admit the mistake to the insurance company to ensure they cannot void the policy due to incomplete information at time of application.
  4. Since the policy was taken out six years ago, the insurance company can void the policy under the mistake clause.

Answer(s): A



Rene and Christine are 42-year-old twins. They are currently in the middle of a career change and have decided to become entrepreneurs by buying a food franchise. They are both in excellent health and only Rene is an average smoker. In setting up the financial structure of their business, they each decided to take out a $400,000 10- year term life insurance policy, designating each other as irrevocable beneficiary.
What can we say about the premiums for the life insurance policies that will be issued?

  1. Both policies will have the same premium because Rene and Christine are twins.
  2. The premium for Christine's policy will be higher because statistics indicate that she will live longer than Rene.
  3. The premium for Rene's policy will be higher because statistics indicate that he will live longer than Christine.
  4. The premium for Rene's policy will be higher because he is a man and an average smoker.

Answer(s): D



Nelson is turning 46 and wants to explore additional tax planning opportunity. He is an avid investor and has invested into a lot of mutual funds and stocks. His RRSP is currently maxed out. He is meeting with Andrew, his financial advisor with life insurance license, to discuss on his financial future and some life insurance policy options. As a risk taker, Nelson would like tohave a plan that would allow him to supplement his retirement income when he reaches 70. However, his employment income is very high and his marginal tax rate will remain at the top bracket even after his retirement.
What recommendation should Andrew make in order to fit Nelson's need?

  1. Purchase a universal life insurance and access its cash value with a policy loan.
  2. Purchase a universal life insurance and leverage the cash value with a collateral loan.
  3. Purchase a whole life insurance and access its cash value by policy loan.
  4. Purchase a whole life insurance and leverage the cash value with a collateral loan.

Answer(s): B



Ben and Pam, both aged 37, are married with three young triplets, Lucas, Jack, and William. Ben works as a pharmaceutical rep, and Pam is a stay-at-home mom. Ben's monthly salary is $6,000. An unforeseen accident happening, where Ben were to die, would leave Pam and the kids in serious financial trouble. Ben and Pam want to address this, so they meet with a licensed life insurance agent to discuss purchasing a life insurance policy. The agent, assuming an interest rate of 4%, shows Ben and Pam the capitalized value of his lost income.
Based on the above information, using the income replacement approach, how much life insurance does Ben need?

  1. $72,000
  2. $150,000
  3. $720,000
  4. $1,800,000

Answer(s): D



Ashley meets with her life insurance agent for a needs analysis. She wants her two kids, currently nine and seven, to be well provided for in the event of her untimely death. Ashley is also concerned about the tax liability that her RRSPs will create for her children. Her need for life insurance is determined to be $800,000 to support the children and $50,000 for the tax liability. Ashley decides to purchase a term life insurance policy to provide for her young children if need be, and a permanent policy for the tax liability.
How should Ashley set up the beneficiary designations?

  1. Name her estate as the beneficiary of both policies.
  2. Name the children, with a trustee, as the beneficiaries of both policies.
  3. Name her estate as the beneficiary of the term policy and the children, with a trustee, as the beneficiaries of the permanent policy.
  4. Name her estate as the beneficiary of the permanent policy and the children, with a trustee, as the beneficiaries of the term policy.

Answer(s): C



Viewing Page 7 of 39



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