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Life License Qualification Program Life License Qualification Program (LLQP)

Life License Qualification Program (LLQP)

Last Update Apr 29, 2025
Total Questions : 262

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Questions 2

Alexandre, a financial security advisor, recently left FinCode Inc. because of an unresolved dispute with the company. He is continuing his career as an independent advisor. This week, he has an appointment with a client who tells him that he met with another FinCode Inc. employee. However, that employee has a disciplinary record at the CSF for fraudulently copying a signature on a form. Since the client does not work in insurance and the information is public knowledge, Alexandre provides him with some clarification regarding the other advisor’s case. How can Alexandre encourage the client to do business with him without denigrating his competitor?

Options:

A.  

By telling the client to always check an advisor’s record with the CSF

B.  

By informing the client of his recent departure from FinCode Inc. owing to an unresolved dispute

C.  

By emphasizing his unique approach that sets him apart from his competitors

D.  

By talking about his experience with the other advisor when they worked for the same firm

Discussion 0
Questions 3

Jean, who is in business, would like to understand why his segregated funds, which resemble mutual funds, allow this type of asset to be sheltered from creditors. How should Patrice, his financial security advisor, answer?

Options:

A.  

The reason is that segregated funds are offered through an annuity policy, and by law, annuities offer a certain measure of protection if the beneficiary is the legal spouse or the policyholder’s ascendant or descendant, or an irrevocable beneficiary

B.  

The reason is that segregated funds are governed by the AMF’s Guideline on Individual Variable Insurance Contracts Relating to Segregated Funds, which states that these products are exempt from seizure

C.  

The reason is that anything offered by a life insurer can be exempt from seizure if a beneficiary is designated, except for contributions in the last year

D.  

The reason is that mutual funds do not offer a guarantee and it’s the guarantee offered by segregated funds, which ensures it is an insurance contract and which therefore allows funds to be free from creditors

Discussion 0
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Questions 4

Danny purchases a $1,000,000 whole life insurance policy. He names his three daughters, Donna-Joe, Stephanie, and Michelle, as revocable beneficiaries with each receiving one-third of the death benefit.

If Michelle predeceases Danny, and Danny did not have a chance to modify his beneficiary designation, how will Danny’s death benefit be paid out?

Options:

A.  

Donna-Joe and Stephanie will each receive $500,000.

B.  

Donna-Joe and Stephanie will each receive $333,333 and Michelle's estate will receive $333,333.

C.  

Donna-Joe and Stephanie will each receive $333,333 and Danny's estate will receive $333,333.

D.  

Danny’s estate will receive the entire $1,000,000 death benefit.

Discussion 0
Questions 5

Claudie’s mother has been the policyholder and beneficiary of an insurance policy on the life of Claudie since she was five years of age. Claudie is now the mother of a three-month-old boy. Claudie would like for Marc-André, her de facto spouse, to be the beneficiary of the policy. What steps need to be taken in order for this to happen?

Options:

A.  

As the policyholder, Claudie’s mother must make a written request for a change of beneficiary and designate Marc-André

B.  

As the beneficiary, Claudie’s mother must make a written request for a change of beneficiary and designate Marc-André

C.  

As the insured, Claudie must make a written request for a change of beneficiary and designateMarc-André

D.  

As the insured, Claudie must make a written request for a change of policyholder and designate Marc-André

Discussion 0
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