FREE PDF IFSE INSTITUTE - LLQP - LIFE LICENSE QUALIFICATION PROGRAM (LLQP)–VALID RELIABLE REAL TEST

Free PDF IFSE Institute - LLQP - Life License Qualification Program (LLQP)–Valid Reliable Real Test

Free PDF IFSE Institute - LLQP - Life License Qualification Program (LLQP)–Valid Reliable Real Test

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Tags: Reliable LLQP Real Test, LLQP Valid Exam Bootcamp, LLQP New Exam Braindumps, LLQP Valid Mock Exam, Accurate LLQP Answers

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IFSE Institute LLQP Valid Exam Bootcamp - LLQP New Exam Braindumps

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q42-Q47):

NEW QUESTION # 42
Elizabeth is a seasoned insurance agent. She meets with Harold, a new agent, to help him better understand the industry and the processes that they must follow. Elizabeth tells Harold about a body that administers the regulatory system applicable to insurance intermediaries. Which of the following is Elizabeth referring to?

  • A. Canadian Insurance Services Regulatory Organizations (CISRO)
  • B. Canadian Council of Insurance Regulators (CCIR)
  • C. Office of the Privacy Commissioner of copyright
  • D. OmbudService for Life and Health Insurance (OLHI)

Answer: A

Explanation:
The Canadian Insurance Services Regulatory Organizations (CISRO) is responsible for administering the regulatory framework for insurance intermediaries across copyright. CISRO works with provincial and territorial regulators to ensure consistent standards and practices for insurance agents, helping maintain public trust and professional integrity within the industry. Elizabeth is correctly referencing CISRO as the body that manages the regulatory system applicable toinsurance intermediaries.


NEW QUESTION # 43
Monique meets with Tyra, an insurance agent, to review her insurance needs. Tyra explains the different types of policies and asks Monique for more information on her sources of income and expenses to properly evaluate her needs.
Which document should Tyra review to better understand Monique's sources of income?

  • A. Cash flow statement.
  • B. Registered investment account statement.
  • C. Net worth statement.
  • D. Non-registered investment account statement.

Answer: A

Explanation:
Acash flow statementprovides a detailed view of an individual's sources of income and expenses over a certain period, making it the best document for Tyra to review in order to understand Monique's financial position. This statement outlines both inflows (such as wages, rental income, or dividends) and outflows (such as rent, mortgage payments, and living expenses), allowing Tyra to gauge Monique's ability to handle insurance costs and identify any potential gaps in coverage.


NEW QUESTION # 44
Dale meets with his last appointment of a busy workday. He is helping his client Larry fill out a disability insurance claim form. Larry suffered a heart attack a week ago and is at home recuperating. Larry will be unable to work for the next 6 months and needs the benefits as soon as possible to cover his expenses. The at- home appointment takes a little longer than scheduled and Dale finds himself rushing to his son's big hockey tournament. In his haste, he puts Larry's form in his briefcase and subsequently forgets to submit the form.
Which responsibility did Dale breach?

  • A. Duty of care
  • B. Integrity
  • C. Disclosure
  • D. Competence

Answer: A

Explanation:
Dale breached his duty of care by failing to submit Larry's disability claim form in a timely manner. The duty of care requires insurance agents to act diligently and responsibly, ensuring that they prioritize their clients' needs and act in a timely manner, especially in situations where benefits are urgently needed. By neglecting to submit the form promptly, Dale did not fulfill this responsibility, potentially delaying Larry's benefits during his recovery period.


NEW QUESTION # 45
Laekyn purchased an individual disability insurance policy 3 years ago from Awah, her insurance agent.
Today, Awah receives a call from Laekyn, who says she is hospitalized following a suicide attempt. Laekyn says her doctor diagnosed her with bipolar disorder and expects she will be able to return to work in 3 months.
Will Awah be able to help Laekyn receive disability benefits?

  • A. No, because the minimum waiting period on an individual disability policy is 90 days.
  • B. Yes, because the event occurred more than 2 years after the policy was purchased.
  • C. No, because she is disabled due to a suicide attempt.
  • D. Yes, because Laekyn contacted her as soon as she received her diagnosis.

Answer: B

Explanation:
Most individual disability insurance policies include atwo-year incontestability clause, after which the insurer cannot deny claims due to misrepresentations on the application, unless they involve fraud. Since Laekyn's policy was purchased over three years ago, and assuming there was no fraudulent application, she should be eligible for benefits. The fact that her disability is related to a suicide attempt is not an automatic disqualification beyond this period unless specifically excluded by the policy. Therefore, the insurer should process her claim under the standard disability terms of the policy.


NEW QUESTION # 46
Sebastian is a 44-year-old sales representative employed at Premier Aqua. He wants to take a year off to travel and relax. He has worked for the company for 25 years and accumulated $230,000 in a deferred profit sharing plan (DPSP). He would like to know if he can use some of the funds in his DPSP to fund his sabbatical.

  • A. No, the funds can only be transferred to a life income fund (LIF).
  • B. Yes, he can withdraw the funds if he wants to.
  • C. Yes, he can withdraw the funds if he gets permission from his employer.
  • D. No, the funds can only be transferred to a locked-in retirement account (LIRA).

Answer: D

Explanation:
As with most Deferred Profit Sharing Plan (DPSP) funds, Sebastian's accumulated balance is generally locked-in, which means it cannot be withdrawn in cash while still under the plan. Instead, he may transfer it to a Locked-In Retirement Account (LIRA) upon leaving his employment or retiring, ensuring the funds remain tax-deferred. LLQP guidelines state that DPSP funds are generally subject to locking-in provisions, which restrict withdrawals and are specifically aimed at providing retirement income.
Thus, contrary to options A and B, Sebastian cannot withdraw the DPSP funds for discretionary purposes, such as funding his sabbatical, because of these restrictions. Option C is incorrect, as transferring to a Life Income Fund (LIF) would only be appropriate once the funds are in a LIRA, typically when Sebastian is closer to retirement age and ready to begin income withdrawals.


NEW QUESTION # 47
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