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Reliable IFSE Institute LLQP Exam Answers, Valid LLQP Test Dumps

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IFSE Institute LLQP Exam Syllabus Topics:

Topic
Details

Topic 1

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 2

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 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

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.

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q129-Q134):

NEW QUESTION # 129
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?

A. i) Charter of Rights and Freedoms and ii) Respecting the distribution of financial products and services (Distribution Act)
B. 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)
C. 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
D. iii) Act respecting the protection of personal information in the private sector (APPIPS) and iv) Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Answer: C

Explanation:
Comprehensive and Detailed In-Depth Explanation: Maryse's request for proof of age and identity is tied to legal obligations beyond standard insurance practice. The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA, Section 9) mandates financial professionals, including insurance representatives, to verify client identity to prevent money laundering, requiring documents like a birth certificate or driver's license. The Insurers Act (Section 93) and its Regulation complement this by requiring insurers (and their representatives) to confirm insurability and identity for underwriting accuracy, such as age affecting premiums. Option D correctly identifies these laws. Option A's Charter (Sections 1-4) protects rights but doesn't mandate ID collection. Option B's Distribution Act (Section 16) and APPIPS (Section 10) govern advisor conduct and privacy but don't specifically require ID for proposals. OptionC's APPIPS pairing with PCMLTFA is incomplete without insurer-specific rules. The Ethics manual supports compliance with anti-money laundering and insurer requirements.
References: PCMLTFA, Section 9; Insurers Act, Section 93; Ethics and Professional Practice (Civil Law) Manual, Section on Client Identification.

NEW QUESTION # 130
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. Privacy Act
B. Personal Information Protection and Electronic Documents Act (PIPEDA)
C. Human rights legislation
D. Criminal Code

Answer: B

Explanation:
PIPEDA governs how private sector organizations, including insurance companies, collect, use, and disclose personal information in Canada. 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 # 131
(Justin purchased a single life annuity contract with no guaranteed period and no survivor benefit. He is now hospitalized.
If Justin passes away, who could make a claim on behalf of his estate regarding the annuity?)

A. Only the executor of Justin's estate could make the claim.
B. Only Justin's spouse, as the contingent annuitant, could make the claim.
C. A death claim could not be made for the annuity Justin purchased.
D. Any person with a power of attorney could make the claim.

Answer: C

Explanation:
Since Justin's annuity hadno guaranteed periodandno survivor benefit,payments stop at death. Thus,no death claim can be made.
Exact Extract:
"For a single life annuity with no guarantee period, payments cease upon the death of the annuitant, and no death claim can be made." (Reference:Segfunds-E313-2020-12-7ED, Chapter 3.2.2.1 Single Life Contract#49:4 Segfunds-E313-2020-
12-7ED.pdf**)

NEW QUESTION # 132
Levi is a newly licensed financial security advisor in Quebec City, meeting with Mason, the compliance officer at Yes Insurance Inc. Mason stresses the importance of being professional and complying with the code of ethics. Levi asks who enacted the code of ethics.
Which of the following is Mason's CORRECT response?

A. Canadian Council of Insurance Regulators (CCIR).
B. Canadian Insurance Services Regulatory Organizations (CISRO).
C. Autorite des marches financiers (AMF).
D. Chambre de la securite financiere (CSF).

Answer: D

Explanation:
In Quebec, theChambre de la securite financiere(CSF) is responsible for enacting and enforcing the Code of Ethics for financial security advisors. The CSF ensures that professionals, like financial security advisors, adhere to ethical standards and provide clients with competent and honest services.
The Autorite des marches financiers (AMF) oversees the financial market in Quebec, but the CSF specifically regulates the ethical conduct of financial advisors, including those selling life insurance and financial security products.

NEW QUESTION # 133
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 beunable 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. Her group insurance.
B. Employment insurance (EI).
C. Commission des normes, de l'equite, de la sante et de la securite du travail (CNESST).
D. Societe de l'assurance automobile du Quebec (SAAQ).

Answer: A

Explanation:
As Paulette is injured during work and is covered by her employer's group disability plan, her disability benefits would be paid out under this group insurance policy. Group disability insurance provides both short- and long-term coverage, as outlined in her employer's benefits plan. This plan typically covers income replacement for non-workplace injuries or illnesses. However, since this was an on-the-job accident, it may be covered by the CNESST, but group insurance often still serves as the primary provider in situations where a workplace injury results in short-term disability exceeding standard workplace injury benefits. The SAAQ would only cover injuries directly related to road accidents within its jurisdiction. Employment insurance (EI) provides general income replacement but is secondary to employer-provided group disability benefits.

NEW QUESTION # 134
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