IFSE Institute LLQP Life License Qualification Program (LLQP) Online Training
IFSE Institute LLQP Online Training
The questions for LLQP were last updated at Jul 18,2025.
- Exam Code: LLQP
- Exam Name: Life License Qualification Program (LLQP)
- Certification Provider: IFSE Institute
- Latest update: Jul 18,2025
Ontario residents, Juan and Maria, are a married couple approaching retirement. They have asked their representative Carlow to review the details of Maria’s defined benefit plan (DBPP).
Which of the following statements about Maria’s pension is CORRECT?
- A . Maria would be entitled to an increased benefit if Juan waived his survivor benefit.
- B . Juan would be entitled to receive at least 50% of Maria’s pension upon Maria’s death.
- C . With Juan’s consent, Maria can choose to reduce the survivor benefit to 25% of her normal pension amount.
- D . Juan will be entitled to the survivor benefit even if they are separated at the time of Maria’s death.
Which organization provides protection for holders of segregated fund contracts in Canada if the insurer becomes insolvent?
- A . Canadian Deposit Insurance Corporation
- B . Canadian Insurance Services Regulatory Organizations
- C . Assuris
- D . OmbudService for Life & Health Insurance
Last week, at a dinner party, Dario, an insurance agent, met Andrew, a successful businessperson with a net worth of over $10 million. Dario spent the evening following Andrew around, telling him how he could help him manage his finances. The day after the meeting, Dario sent a fruit basket to Andrew’s office. Every day since, Dario has been calling and urging Andrew to meet with him and take advantage of his services and insurance products.
Which duties and obligations did Dario break?
- A . Duties and obligations towards the public
- B . Duties and obligations towards clients
- C . Duties and obligations towards other representatives, firms, independent partnerships, insurers and financial institutions
- D . Duties and obligations towards the profession
After completing a thorough needs analysis, Dimitri, an insurance agent with Health Assure, recommends that his client Chandler purchase a deferred annuity contract and contribute monthly to a balanced segregated fund to build up savings that Chandler can use as retirement income. Dimitri explains to Chandler that the type of annuity contract he is recommending has two distinct phases.
What are those two phases?
- A . Immediate and deferred.
- B . Accumulation and capitalization.
- C . Accumulation and investment.
- D . Capitalization and payment.
Ming-Na is a McGill University graduate interested in pursuing a career as an insurance of persons representative. She wants to know which piece of legislation sets out the definition and role of insurance of persons representatives.
Which of the options below is CORRECT?
- A . The Insurers Act.
- B . The Distribution Act.
- C . The Act respecting insurance.
- D . The Act respecting prescription drug insurance.
Following the death of her sister Sarah last year, Yesha, the liquidator of Sarah’s estate, had been in contact with Sarah’s insurance agent Monique on several occasions to claim the death benefit on Sarah’s life insurance policy.
Yesterday, Yesha noticed that Sarah also had a disability insurance policy with a return of premium option which stated that a portion of the premiums can be reimbursed upon her death. Yesha contacted Monique again and asked her for more details about the disability policy and return of premium option but Monique replied that she could not help her as her firm had destroyed Sarah’s files shortly after paying out the death benefit.
Did Sarah’s firm act appropriately?
- A . Yes, because the death benefit was paid.
- B . Yes, because the life insurance company will still have a copy of the contract.
- C . No, because the file has to be kept for 5 years.
- D . No, because the file has to be kept for 7 years.
Chloe is a newly licensed financial security adviser. She is diligently learning about the profession and wants to do her job properly. She wonders when she is required to renew her certificate.
Which of the following answers is CORRECT?
- A . Within 45 days following its expiry date.
- B . Within 15 days following its expiry date.
- C . Before it expires.
- D . If and when her personal situation changes.
Paulette earns a modest income working as a delivery driver for FastFlowers Inc. in Quebec. The florist company has over 80 employees, 20 of whom are delivery drivers. The employees benefit from a group short- and long-term disability plan. One morning, while delivering flowers, Paulette’s truck is struck by a bus. Paulette is taken to the hospital, where a doctor deems that she will be unable to work for at least 4 months. Paulette contacts Jade, the human resources manager, to ask her who will pay her disability benefits.
Which of the following answers is CORRECT?
- A . Employment insurance (EI).
- B . Her group insurance.
- C . Société de l’assurance automobile du Québec (SAAQ).
- D . Commission des normes, de l’équité, de la santé et de la sécurité du travail (CNESST).
Samir applied for a life insurance policy 18 months ago. At the time of the application, he was employed as an accountant. Samir quit his accounting job 6 months ago to become a professional scuba diver.
Which of the following statements about Samir’s life insurance policy is CORRECT?
- A . Samir must inform his insurer about his change of occupation within 6 months of the change.
- B . Samir is not required to declare his change in occupation because the policy is less than 2 years old.
- C . Regardless of whether Samir informs his insurer of his change in occupation, if he dies while scuba diving, he would not be covered.
- D . Samir has no obligation to notify the insurer of his change of occupation regardless of how old the policy is.
Paola, an employee at Horizon Pharmaceuticals, was recently diagnosed with depression. She is unable to work and is receiving tax-free disability insurance benefits due to her condition. Paola is deeply indebted, and her creditors have been garnishing a portion of her pay for the last year. She is worried about her creditors also garnishing her disability benefit.
Can her disability benefits be seized by her creditors?
- A . Yes, disability insurance benefits are seizable.
- B . Yes, but creditors can only seize up to 50% of her benefit.
- C . No, because the benefits are tax-free.
- D . No, because she is disabled.
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