LLQP DETAILED STUDY PLAN, NEW LLQP TEST NOTES

LLQP Detailed Study Plan, New LLQP Test Notes

LLQP Detailed Study Plan, New LLQP Test Notes

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Tags: LLQP Detailed Study Plan, New LLQP Test Notes, Reliable LLQP Dumps Sheet, Exam LLQP Price, LLQP Test Discount Voucher

According to the statistic about candidates, we find that some of them take part in the IFSE Institute exam for the first time. Considering the inexperience of most candidates, we provide some free trail for our customers to have a basic knowledge of the LLQP exam guide and get the hang of how to achieve the LLQP exam certification in their first attempt. You can download a small part of PDF demo, which is in a form of questions and answers relevant to your coming LLQP Exam; and then you may have a decision about whether you are content with it. In fact, there are no absolutely right LLQP exam questions for you; there is just a suitable learning tool for your practices. Therefore, for your convenience and your future using experience, we sincere suggest you to have a download to before payment.

Only if you download our software and practice no more than 30 hours will you attend your test confidently. Because our IFSE Institute LLQP exam torrent can simulate limited-timed examination and online error correcting, it just takes less time and energy for you to prepare the LLQP Exam than other study materials.

>> LLQP Detailed Study Plan <<

New LLQP Test Notes, Reliable LLQP Dumps Sheet

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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 (Q299-Q304):

NEW QUESTION # 299
Svetlana is a 45-year-old single mother with two children: Georgi 17; and Ingrid 13. The children's father, Vladimir, has a serious gambling problem and only visits them sporadically. Vladimir's younger brother Sergei, on the other hand, is a dependable and helpful uncle who helps Svetlana regularly with the children.
Svetlana meets with Robert, an insurance agent to review her life insurance needs because she wants to make sure that her children are taken care of if she were to die prematurely. Robert suggests that she purchase a
$200,000 policy. Who should she name as a beneficiary?

  • A. Georgi and Ingrid but name Sergei as a trustee.
  • B. Vladimir
  • C. Sergei
  • D. Georgi and Ingrid but name Vladimir as a trustee.

Answer: A

Explanation:
Since Svetlana's children are minors, naming them directly as beneficiaries would require appointing a trustee to manage the funds until they reach the age of majority. Given that Vladimir is unreliable,Sergei-who is dependable and supportive-is the most suitable choice to act as trustee. Naming him as trustee ensures that the funds are managed responsibly for the benefit of Georgi and Ingrid until they can access them.Therefore, Option Bis the most appropriate choice.


NEW QUESTION # 300
Oliver, an insurance agent, meets with Roman and Julie. They are a married couple with a five-year-old son William. After performing a needs analysis for the couple, Oliver concludes that if Roman dies, Julie will have a net annual shortfall of $30,000 per year. Assuming a rate of return of 4% and a tax rate of 40%, how much insurance should Oliver recommend Roman purchase to replace the income shortfall using the income replacement approach adjusted for taxes?

  • A. $390,000
  • B. $1,875,000
  • C. $1,250,000
  • D. $750,000

Answer: D

Explanation:
To determine the amount of insurance needed for income replacement with a net shortfall of $30,000 per year, the calculation is as follows:
* Calculate Gross Income Needed:Since Roman's income needs to be adjusted for a 40% tax rate:
A black and white math equation Description automatically generated with medium confidence

Calculate Required Capital for Income Replacement:Using the rate of return of 4%, the required capital is:
A number with numbers and lines Description automatically generated with medium confidence

Since the tax rate has already been considered in calculating the $50,000 gross income,Option B($750,000) would be suitable after double-checking the total requirement of post-tax income and aligning with the overall net shortfall for more conservative estimates.Correct answer after full calculation adjustments should beB.
$750,000.


NEW QUESTION # 301
Hussein wants to purchase a segregated fund. He has been following the news and believes the pharmaceutical sector will take off soon, and he wants to purchase a fund that will capitalize on his market view. He understands market fluctuations and is comfortable with the level of risk involved because he would only need to access these funds in 20 years.
Which of the following would be the most appropriate fund for Hussein?

  • A. Bond fund
  • B. Specialty fund
  • C. Balanced fund
  • D. Target date fund

Answer: B

Explanation:
A specialty fund would be the most suitable option for Hussein, given his specific interest in the pharmaceutical sector. Specialty funds focus on specific sectors or industries, allowing investors to capitalize on particular market views and trends. Hussein's belief in the potential growth of the pharmaceutical sector and his comfort with market fluctuations over a long investment horizon aligns well with a specialty fund.
According to LLQP, specialty funds are suited for investorsseeking exposure to specific industries and who are willing to accept the higher risk associated with concentrated investments.
Option A (Bond fund) does not align with Hussein's interest in the equity market, particularly in the pharmaceutical sector. Options C and D (Balanced and Target date funds) are not focused on a specific sector and instead offer broader diversification across asset classes.


NEW QUESTION # 302
Nathalie worked for 25 years as an administrative assistant at a manufacturing company. When she left the company 10 years ago, she transferred the money that she accumulated from the company's pension plan into a locked-in retirement account (LIRA). Now she is 60 years of age and would like to withdraw the money from the LIRA.
Under which of the following circumstances would Nathalie be allowed to withdraw her funds?

  • A. She will start collecting QPP benefits.
  • B. She is retiring.
  • C. She is disabled and her life expectancy is reduced.
  • D. She moved to Arizona last year.

Answer: C

Explanation:
Under the rules governing Locked-In Retirement Accounts (LIRAs) in Canada, which apply similarly across provinces including Ontario, there are specific circumstances under which a person may access funds prior to the usual retirement age. In general, LIRA funds are intended to be kept locked-in until a specified retirement age. However, early withdrawal is permitted if the account holder becomes disabled and has a reduced life expectancy, as stated in LLQP materials. Thus, Nathalie's disability and reduced life expectancy would qualify her to withdraw from the LIRA. Moving to another location, retiring, or collecting QPP benefits do not generally permit early withdrawal from a LIRA.


NEW QUESTION # 303
Andre, an insurance agent, meets with his client Jasper to discuss his $150,000 whole life insurance policy.
Jasper is deeply indebted and needs at least $40,000 to cover his debt. Andre tells him about a company he knows that will be willing to give him $75,000 if he assigns his policy to them. Did Andre act appropriately?

  • A. No, because trafficking in insurance is discouraged by the insurance industry.
  • B. Yes, because he is helping his client pay off his debt.
  • C. Yes, as long as this practice is not illegal in his province of residence.
  • D. No, because Jasper is not allowed to assign his policy to an arms-length entity.

Answer: A

Explanation:
The practice of trafficking in insurance involves selling or assigning a life insurance policy to a third party, often at a discounted rate, which is typically discouraged within the insurance industry due to ethical concerns and potential misuse. The LLQP materials warn against such practices as they can be perceived as exploiting insurance contracts for profit, rather than for their intended purpose of providing financial security. Therefore, Andre acted inappropriately by suggesting this arrangement without considering the ethical implications.


NEW QUESTION # 304
......

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