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| Topic |
Details |
| Topic 1 |
- 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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| 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.
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| 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.
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| Topic 4 |
- 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.
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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q229-Q234):
NEW QUESTION # 229
Melissa, a La Tranquillite representative, is meeting with a client who tells her about something that happened to one of her friends. While she was taking part in an outdoor weekend at Mont-Tremblant Park, a forest fire broke out and one of the participants was never found. The client isabout to take out life insurance with Melissa. She asks Melissa what would happen to her insurance capital in such a situation. What can Melissa tell the client?
- A. The insurer would pay the insurance face amount within 30 days of the claim
- B. It would be impossible to pay the insurance face amount if the victim's body is not found
- C. The contract premiums would be reimbursed to the beneficiary because the contract would be null and void
- D. The beneficiary could receive the insurance face amount after a certain number of years and after receiving the judgment for the declaration of death
Answer: D
Explanation:
Comprehensive and Detailed In-Depth Explanation: In life insurance, a death benefit requires proof of death, typically a death certificate. Under Quebec law (Civil Code, Article 92), if a person disappears and death cannot be immediately confirmed (e.g., no body found), a court can issue a declaratory judgment of death after a waiting period-usually 7 years, or sooner with evidence of peril (e.g., forest fire). The LLQP notes that insurers delay payment until this legal determination, as premature payment risks fraud. Option D correctly states that the beneficiary could receive the face amount after this process. Option A (30-day payment) assumes immediate proof, which isn't available here. Option B (premium refund) is incorrect, as the contract remains valid, not void. Option C (impossible payment) overstates the issue-payment is possible post-judgment. The Ethics manual mandates advisors to clarify claim processes, especially in uncertain scenarios.
References: Civil Code of Quebec, Article 92; LLQP Module on Claims; Ethics and Professional Practice (Civil Law) Manual, Section on Death Benefits.
NEW QUESTION # 230
Over the years, Agnes, a disciplined investor with a modest income, was able to save over $140,000 in an accumulation annuity. She plans on using the funds in a few years to travel the world and enjoy life while she is still healthy.
Which of the following statements about her annuity is TRUE?
- A. The annuity permits both withdrawals, subject to minimum and maximum amounts, and surrender.
- B. An accumulation annuity is not flexible.
- C. A market value adjustment will be charged by the insurer each time she withdraws her funds.
- D. A surrender can only be made at specific times.
Answer: A
Explanation:
An accumulation annuity offers flexibility in terms of access to funds. According to LLQP guidelines, accumulation annuities permit both periodic withdrawals and the option for full surrender, though withdrawals are generally subject to minimum and maximum limits, depending on the contract. Furthermore, such annuities often allow for flexibility in accessing funds without the need for strict schedules, unlike some other products that may restrict surrenders to specific times. Therefore, option A accurately describes the flexibility associated with accumulation annuities, making it the correct answer.
Option B is incorrect because surrenders in accumulation annuities are not usually restricted to specific times.
Option C is inaccurate as accumulation annuities are designed for flexibility. OptionD is incorrect as market value adjustments are not automatically applied; these depend on the contract terms and market conditions.
NEW QUESTION # 231
Marcel is 16 years old and attends a boarding school in Ontario. He is a resident of New Brunswick and lives there with his parents in the summer months. After a recent family death, his father has been reviewing the family's life insurance coverage and suggests that Marcel apply for a policy on himself. He tells his son that he will pay the premium while he remains a student. Since Marcel won't be home for some time, his father asks him to meet with an agent in Ontario to apply for coverage. Which one of the following statements is correct regarding Marcel's application?
- A. At least one of his parents must witness his signature as policy owner.
- B. At least one of his parents must be the owner of the policy.
- C. Marcel must sign the application in New Brunswick, where he is a resident.
- D. Marcel can be both the owner and insured of the policy.
Answer: D
Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
Under Canadian common law and insurance principles, a minor who has reached the age of 16 can enter into an insurance contract on their own life, provided they have the capacity to understand the contract. Marcel, at
16, is legally able to apply for and own a life insurance policy where he is also the insured. TheIFSE Ethics and Professional Practice Course (Common Law)emphasizes that the policy owner must have an insurable interest in the insured, which Marcel inherently has in himself. There is no requirement for the application to be signed in his province of residence (New Brunswick), nor is there a need for a parent to witness his signature or act as the policy owner, as long as Marcel consents and understands the contract. His father paying the premiums does not affect ownership, as premium payments can be made by a third party without transferring ownership. Option A is correct because Marcel can legally be both the owner and the insured.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 2: Insurance Contracts, Section on
"Capacity to Contract" and "Insurable Interest."
NEW QUESTION # 232
(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 Justin's spouse, as the contingent annuitant, could make the claim.
- B. Only the executor of Justin's estate 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 # 233
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 Insurance Services Regulatory Organizations (CISRO).
- B. Canadian Council of Insurance Regulators (CCIR).
- 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 # 234
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