Authentic IFSE Institute LLQP Exam Questions

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q257-Q262):

NEW QUESTION # 257
Alex, aged 35, has worked for many years as a salesman in a small used car dealership. He earns $70,000 a year. He has no group insurance at work and no individual insurance. Single and without children, his priority is to save enough money to retire at age 60. He makes regular contributions to his RRSPs, in which he has accumulated $400,000. He owns a condo valued at $250,000 on which he has an uninsured mortgage of
$150,000. What financial risk is Alex most exposed to?

A. Loss of income.
B. Drop in standard of living.
C. Longevity.
D. Inflation.

Answer: A

Explanation:
Comprehensive and Detailed Explanation:
Alex's $70,000 income supports his RRSP contributions and $150,000 mortgage. With no disability insurance, a loss of income due to disability is his greatest risk (Chapter 2:Insurance to Protect Income).
Option A: Inflation affects savings value but isn't immediate.
Option B: Correct; no income protection threatens his mortgage and savings plan.
Option C: Longevity is a retirement risk, not current.
Option D: Standard of living drops if income is lost, but loss of income is the root risk.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 2:Insurance to Protect Income.

NEW QUESTION # 258
(Beth, aged 73, has a RRIF with a current market value of $380,000. The account is managed by her bank, and Beth has been disappointed with its performance so far. She is therefore thinking of transferring the RRIF to her insurance company and purchasing a registered annuity with those funds.
This would be the first time Beth is making an investment outside of the bank environment. She wonders what kind of information the insurance agent would keep on file to document the transaction.
To process the application and comply with FINTRAC requirements, which of the following records would the agent need to create and keep on file?)

A. 2 and 3 (A large cash transaction record and a third-party determination form)
B. None, as the transaction would be exempt from FINTRAC requirements.
C. 3 and 4 (A third-party determination form and a Politically Exposed Person determination form)
D. 1 and 2 (A suspicious transaction report and a large cash transaction record)

Answer: B

Explanation:
Since Beth's transaction involves transferringregistered funds(RRIF) directly between financial institutions, and nocash movementis involved outside regulated channels, the transaction isexemptfrom FINTRAC reporting requirements.
Exact Extract:
"Transfers between registered accounts (e.g., RRIFs, RRSPs) handled institution to institution are exempt from FINTRAC record-keeping requirements such as large cash transaction records and third-party determination forms." (Reference:Segfunds-E313-2020-12-7ED, Chapter 4.3 Compliance Requirements#53:0 Segfunds-E313-
2020-12-7ED.pdf**)

NEW QUESTION # 259
Karine receives $200,000 from her mother's estate and decides to purchase an annuity. Her insurance agent Serge goes over her options with her, and she chooses the annuity that best suits her needs. Serge proceeds with the transaction.
Which of the following statements about the transaction is TRUE?

A. Karine may make a cash deposit.
B. Serge should provide a receipt for all deposits he receives as cash, cheque, or bank draft.
C. If Karine writes a cheque, it should be made payable to Serge.
D. Serge has 3 business days to forward the payment to the insurer.

Answer: B

Explanation:
As per LLQP regulations, insurance agents like Serge are required to provide receipts for any deposits they receive, regardless of the payment method, to ensure transparency and proper documentation of client transactions. This applies to cash, cheques, or bank drafts, offering proof of the transaction to Karine and helping maintain accurate records.
Option A is incorrect as it lacks specific relevance to the transaction process. Option B is incorrect, as agents generally need to remit funds to the insurer as promptly as possible, with timing requirements varying by jurisdiction but typically within days. Option D is incorrect because cheques should be made payable to the insurer, not the agent, to prevent misappropriation of funds.

NEW QUESTION # 260
(Priscilla is worried about losing her job in six months. She invests $1,000 per month in segregated equity funds but has limited cash savings.
What should her insurance agent, Arthur, advise?)

A. She should stop buying the segregated funds now and build an emergency fund.
B. She should stop buying the segregated funds only if she loses her job.
C. She should leverage her segregated funds immediately to provide cash for an emergency fund.
D. She should sell her segregated funds immediately to provide an emergency fund.

Answer: A

Explanation:
Facing potential job loss, the priority for Priscilla should bebuilding an emergency fundrather than continuing to invest. Emergency funds provide essential liquidity in the event of unexpected income loss.
Exact Extract:
"Establishing an emergency fund to cover living expenses during unforeseen circumstances is fundamental before committing to longer-term investments like segregated funds." (Reference:Segfunds-E313-2020-12-7ED, Chapter 1.1.2.5 Liquidity)

NEW QUESTION # 261
Josh is an established advisor who specializes in group benefits. He recently hired Bryan as a marketing manager. Bryan will be responsible for advertising and creating a social media platform for Josh's company.
Among other things, Bryan is developing a monthly electronic newsletter, which he plans to email to potential and existing clients. However, because this is a brand new initiative, none of the would-be recipients has subscribed to the newsletter or asked to receive any such communication from Josh's company. What law should Josh and Bryan be mindful of before sending their newsletter?

A. The rules governing the National Do Not Call List.
B. The Canadian Anti-Spam Legislation.
C. The Personal Information Protection and Electronic Documents Act.
D. The Privacy Act.

Answer: B

Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
TheCanadian Anti-Spam Legislation (CASL)governs the sending of commercial electronic messages (CEMs), such as emails or newsletters, to recipients in Canada. According to CASL, businesses must obtain consent- either express or implied-before sending CEMs to individuals. Since Bryan's newsletter is a new initiative and none of the recipients have subscribed or requested it, Josh and Bryan lack consent, making CASL the primary law they must comply with. TheIFSE Ethics and Professional Practice Course (Common Law) highlights CASL under ethical businesspractices, noting that non-compliance can result in significant penalties. The Personal Information Protection and Electronic Documents Act (PIPEDA) deals with the collection and use of personal information, not unsolicited messages specifically. The Privacy Act applies to federal government institutions, and the National Do Not Call List pertains to telemarketing calls, not emails.
Thus, option B is correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 4: Regulatory Environment, Section on "Canadian Anti-Spam Legislation (CASL)."

NEW QUESTION # 262
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