Latest LLQP Exam Real Tests Free Updated Today [Q145-Q168]

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Latest LLQP Exam Real Tests Free Updated Today

LLQP Real Exam Question Answers Updated [Sep 07, 2025]

NEW QUESTION 145
Li Jun, 50, applies for a $250,000 critical illness (CI) insurance policy with his insurance agent Ming. On the application, Li Jun states that he must take pills daily to manage his hypertension. Aside from this, his health is good. Given his age and hypertension issue, he is worried that the insurer may refuse his application.
What does Ming CORRECTLY advise him?

The policy will likely be denied.

The policy will likely be issued with an exclusion.

The policy will likely be issued with a premium rating.

The policy will likely be issued with a lower benefit.

NEW QUESTION 146
Jasper owns TeleVida, a successful production company with over 50 employees. He wants to expand the company by opening an office in another province. Jasper needs to take out a $500,000 20-year loan to make this expansion happen. However, he wants to make sure that if he dies while there’s an outstanding balance on the loan, the balance will be paid in full by the insurance company.

20-year decreasing term life insurance.

20-year term life insurance.

Term-100 life insurance policy.

Universal life insurance policy.

NEW QUESTION 147
Enzo meets with his insurance agent Theo to discuss his investment needs. When Theo asks Enzo about his liabilities, Enzo tells him that he purchased a house for $750,000 four years ago and his current mortgage balance is $600,000. He has a fixed interest rate on the mortgage of 3.5% for 5 years.
Which of the following statements about his mortgage is TRUE?

A mortgage is considered a bad debt.

An increase in interest rates will increase the mortgage cost when the mortgage is renewed.

The mortgage will contribute positively to Enzo’s net worth.

The mortgage balance should not be included in the review of liabilities.

NEW QUESTION 148
Leonard and Ashley, a couple in their early 30s, meet with Howard, an insurance agent, to review their investment needs. Leonard earns $60,000 a year as a research physicist, and Ashley earns $25,000 as an actress. They each have $3,000 in their respective chequing accounts. Leonard also has $40,000 invested in his group registered retirement savings plan (RRSP). Ashley has a Subaru WRX worth $20,000 with a car loan of $10,000. Leonard does not own a car, but he has an outstanding student loan of $30,000.
What is the couple’s net worth?

$23,000

$26,000

$56,000

$111,000

NEW QUESTION 149
Donald finds out from his doctor that he only has about 10 months to live. He owns a $100,000 life insurance policy with a terminal illness benefit of $50,000. Donald has named Yvana as the policy’s irrevocable beneficiary.
Donald wants to know whether he has to obtain Yvana’s consent concerning the amount he will be paid as the terminal illness benefit. He would also like to know how much Yvana will receive after his death.
What should his insurance agent tell him?

He does not have to obtain Yvana’s consent. He will collect $50,000 before taxes and Yvana will receive $50,000 tax free.

He does not have to obtain Yvana’s consent. Both he and Yvana will receive $50,000 before taxes.

He must obtain Yvana’s consent. He will collect $50,000 tax free and Yvana will receive $50,000 before taxes.

He must obtain Yvana’s consent. Each of them will collect $50,000 tax free.

NEW QUESTION 150
(Ted purchased an IVIC 10 years ago. His original deposit was $10,000. The current market value is
$15,500 at maturity.
What will the new maturity guarantee be?)

$11,625, and the new maturity date will depend on Ted’s age.

$10,000, with the new maturity date set 10 years from now.

$15,500, and the new maturity date will depend on Ted’s age.

$12,000, with the new maturity date set 10 years from now.

NEW QUESTION 151
Which organization provides protection for holders of segregated fund contracts in Canada if the insurer becomes insolvent?

Canadian Deposit Insurance Corporation

Canadian Insurance Services Regulatory Organizations

Assuris

OmbudService for Life & Health Insurance

NEW QUESTION 152
Spouses Larry and Madge both work at the same pay grade for the federal government. Each of their group benefits packages includes family health and dental coverage, disability insurance with a $3,000 a month benefit, and $150,000 of life insurance with spouse as beneficiary.
If Larry were to die while still employed, how will his group benefits be treated?

The health and dental coverage and disability insurance would stop and Madge can claim $150,000 from Larry’s life insurance.

The health and dental coverage would stop, the disability insurance would roll over to Madge, and Madge can claim $150,000 from Larry’s life insurance.

The health and dental coverage and disability insurance would roll over to Madge and Madge can claim
$150,000 from Larry’s life insurance.

The health and dental coverage, disability insurance, and Larry’s life insurance would all roll over to Madge.

NEW QUESTION 153
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?

$390,000

$750,000

$1,250,000

$1,875,000

NEW QUESTION 154
Trisha is new to the insurance industry and wants to understand the primary responsibility of the Canadian Insurance Services Regulatory Organizations (CISRO). Which of the followingstatements about CISRO is CORRECT?

To administer the regulatory system, applicable to insurance intermediaries.

To administer the enforcement of the federal Personal Information Protection and Electronic Documents Act (PIPEDA).

To help protect the integrity of the Canadian financial system.

To provide clients with assistance to their enquiries and complaints pertaining to Canadian life and health insurance products and services.

NEW QUESTION 155
Melissa owns a disability insurance policy from Clarity Life. She makes her premium payment on the second day of each month, but this month, she misses the payment deadline. A week passes before she realizes her oversight. She makes a frantic call to Jonathan, a Clarity Life customer service representative. Jonathan explains about notices of termination. Which of the following responses is CORRECT?

Melissa’s policy was cancelled 24 hours after she missed her payment, and Clarity mailed her a notice of termination.

Melissa’s policy would only be cancelled 30 days after the due date of her missed premium payment.

Melissa’s policy has a grace period and would not be cancelled until 10 days after Clarity Life mails her a notice of termination.

Melissa’s policy has a grace period and would not be cancelled until 15 days after Clarity Life mails her a notice of termination.

NEW QUESTION 156
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?

The annuity permits both withdrawals, subject to minimum and maximum amounts, and surrender.

A surrender can only be made at specific times.

An accumulation annuity is not flexible.

A market value adjustment will be charged by the insurer each time she withdraws her funds.

NEW QUESTION 157
Everett is an insurance of persons representative who works exclusively for Moon Life Insurance. He wants to leave the company and become an independent representative. He knows that before he branches out on his own, he needs to ensure he has sufficient liability insurance.
Which of the following statements about his professional liability insurance is CORRECT?

His liability insurance must have coverage of not less than $1,500,000 per claim.

If a contract has a deductible, it may not exceed $20,000.

This insurance covers gross faults committed by an insurance representative.

Professional liability insurance covers fraud or misappropriation.

NEW QUESTION 158
Benjamin is a financial security advisor working for the Larson Group. He is following a mandatory compliance training session given by Andrew, the compliance manager. Andrew explains the importance of following the Chambre de la securite financiere code of ethics, and Benjamin would like to know to whom the code of ethics applies.
What is Andrew’s CORRECT response?

Financial planners and financial security advisors.

Financial security advisors and their administrative assistants.

Claims adjusters and group insurance plan advisors.

Damage insurance agents and accident and sickness insurance representatives.

NEW QUESTION 159
Joshua took out key person disability insurance for his computer engineer, Younes. Monthly benefits after a
60-day waiting period amount to $5,000 a month for 12 months with a replacement expense benefit rider of
$2,500 a month. Following a ski accident, Younes remainedin a coma. It took Joshua six months to find a replacement with the same knowledge and skills as Younes. How much did Joshua receive from the insurer?

$75,000

$65,000

$60,000

$50,000

NEW QUESTION 160
Jasper is the sole breadwinner in his family. His wife Stephanie has chosen to dedicate all of her time to raising their 3 young children. Luckily, Jasper earns a monthly after-tax income of $25,000 working as a family doctor in the local clinic. Jasper meets with his insurance agent Odda to purchase a life insurance policy that will ensure his family will be able to continue toenjoy their current lifestyle in the event of his death. If his average tax rate is 40% and the investment return is 4%, how much life insurance should Jasper purchase based on the income replacement approach?

$625,000

$1,041,666

$7,500,000

$12,500,000

NEW QUESTION 161
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?

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

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

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

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

NEW QUESTION 162
Sasha is an employee at PranaTech. The company offers all employees a pension plan. PranaTech must contribute into the plan, but employee contributions are not mandatory. Sasha chooses where his funds will be invested.

Defined contribution pension plan.

Defined benefit pension plan.

Deferred profit sharing plan.

Group registered retirement savings plan.

NEW QUESTION 163
Claire, Yvon’s client, wants to make changes to her insurance portfolio. In addition to her group insurance, which provides coverage for twice her salary, she has a participating whole life policy, and a 20-year term insurance to cover her debts and provide financial protection for her son. She explains that her job has been abolished and that her employer plans to offer her something else in six months. For now, her budget is significantly affected and she also thinks she has too much insurance. She asks that Yvon cancel her insurance contracts until she starts her new job and to replace them with the least-expensive term insurance possible.
Further to Claire’s request, what should Yvon do?

Fill out a new needs analysis because she is losing her group insurance coverage. She could take advantage of the cash values and the dividends left on deposit and borrow, leaving her policy as collateral.

Do what Claire wants, because it is up to the client to decide. Yvon could explain to her that starting over will be more expensive, assuming that she remains insurable. Her group insurance provides her with some coverage, at least.

Cancel her coverage, since the cash value and accumulated dividends will provide her with enough liquidity to replace her lost salary. Ten-year term insurance would be cheaper and she will not have to fill out a life insurance replacement declaration.

Encourage Claire to keep her coverage. Yvon must show her, with an updated needs analysis, that she is temporarily losing her group coverage and that different options on her whole life policy could help her financially.

NEW QUESTION 164
Maverick meets with Alyssa, an insurance agent, to review his life insurance needs. After completing the needs analysis, Alyssa suggests that Maverick purchase a $100,000 whole life insurance policy and add a critical illness (CI) benefit rider. Which of the following options is an advantage of adding the CI coverage as a rider instead of purchasing an individual CI policy?

It covers more illnesses than an individual policy.

Benefits are paid out as soon as the individual is diagnosed with a covered condition.

It is less expensive than an individual policy.

If he is diagnosed with a debilitating illness that does not endanger his life, he may still receive coverage.

NEW QUESTION 165
Rowan works for a construction company that employs 40 employees. The company is newly established, and the owners have yet to implement a group insurance policy. Rowan falls off the side of a building and breaks his collar bone. The doctor informs him that he will be unable to work for five months.
Who will pay him disability benefits while he is recuperating?

His employer.

Employment Insurance.

Canada Pension Plan.

Workers’ Compensation.

NEW QUESTION 166
A few months ago, Urmish filed a complaint to the Autorite des marches financiers (AMF) about the services he received from his insurance agent, Jaba. The complaint was heard by the discipline committee, and Jaba was found guilty and ordered to pay a $10,000 fine. Jaba is upset and does not agree with the verdict. She would like to appeal the verdict.
Which of the following statements is CORRECT?

A decision made by the discipline committee cannot be appealed.

A decision made by the discipline committee may be appealed to the AMF.

A decision made by the discipline committee may be appealed to the Court of Quebec.

A decision made by the discipline committee may be appealed to the Chambre de la securite financiere (CSF).

NEW QUESTION 167
(Ulysses, aged 35, is a risk taker who likes to concentrate investments in specific industries expecting higher returns long term.
Which feature of segregated funds will be most appealing to Ulysses?)

Creditor protection

Death benefit guarantee

Right of rescission

Resets

NEW QUESTION 168
Konrad is the owner of CrossBoy, a manufacturing company employing over 50 employees. Konrad recently took out a $500,000 loan to expand his business. Terrence works as a sales manager and is responsible for roughly 40% of the company’s revenue. Konrad recognizes the importance of Terrence’s contributions to the success of the company. Therefore, in addition to a sizeable basesalary, CrossBoy also pays Terrence regular performance-based bonuses. Konrad understands that if Terrence dies prematurely, CrossBoy would suffer financially. What should he do to protect his company?

Offer Terrence group life insurance plan.

Purchase business-owned buy-agreement with Terrence.

Purchase key person life insurance on Terrence.

Purchase criss-cross insurance with Terrence.

IFSE Institute LLQP Exam Syllabus Topics:

Topic	Details
Topic 1	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 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	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 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.