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Newly Released IFSE Institute LLQP Exam PDF

Page: 4 / 17
Total 227 questions

Life License Qualification Program (LLQP) Questions and Answers

Question 13

Aaliyah is a 37-year-old account manager at a large pharmaceutical company. She earns $300,000 a year plus bonuses. She meets with Theo, an insurance agent, to review her life insurance needs. Theo deduces that Aaliyah needs a $250,000 universal life (UL) insurance policy. Aaliyah agrees but states that she wants to keep her premiums low. Which of the following UL death benefit options would BEST suit her needs?

Options:

A.

Level death benefit.

B.

Level death benefit plus account value.

C.

Level death benefit plus cumulative premiums.

D.

Indexed death benefit.

Question 14

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?

Options:

A.

Offer Terrence group life insurance plan.

B.

Purchase business-owned buy-agreement with Terrence.

C.

Purchase key person life insurance on Terrence.

D.

Purchase criss-cross insurance with Terrence.

Question 15

Abishola purchases segregated funds from her insurance agent Bob. Before finalizing the transaction, she tells Bob that she will need the funds in a few months to make a down payment on a condo. Later, when Abishola calls to withdraw her funds, Bob informs her that she will incur a fee for withdrawing her funds prematurely. Abishola complains to Bob, and then to Bob's supervisor, without receiving a satisfactory response. To which organization can Abishola escalate her complaint?

Options:

A.

Office of the Privacy Commissioner of Canada.

B.

Assuris.

C.

Canadian Council of Insurance Regulators.

D.

OmbudService for Life and Health Insurance.

Question 16

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?

Options:

A.

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

B.

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

C.

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

D.

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

Page: 4 / 17
Total 227 questions