Free Life License Qualification Program (LLQP) Exam LLQP Exam Practice Test

Chloe is a newly licensed financial security adviser. She is diligently learning about the profession and wants to do her job properly. She wonders when she is required to renew her certificate.Which of the following options is CORRECT?

• Within 45 days following its expiry date.
• Within 15 days following its expiry date.
• Before it expires.
• If and when her personal situation changes.

Arthur is a 79-year-old long-term care (LTC) policyholder whose daughter, Sheila, visits daily to help him get dressed and prepare meals. Sheila wants him to enter a nursing home because he is unable to dress himself. Though he cannot prepare his own meals, he can still feed himself, and once undressed, he can wash himself, seated in the bathtub.Is Arthur eligible to receive LTC benefits?

• Yes, Arthur is eligible because he cannot dress himself or prepare his own meals.
• Yes, Arthur is eligible because he is unable to dress himself and he must sit in the bathtub to wash himself.
• No, Arthur is not eligible because even though he cannot prepare his own meals, he is able to feed himself.
• No, because except for dressing himself, Arthur can perform all the other activities of daily living.

Kimeni meets with Orion, an insurance agent, to purchase segregated funds. After assessing Kimeni's needs, Orion suggests an index segregated fund. Kimeni agrees to invest $5,000 in the fund now and$200 every month.With relation to this transaction, which of the following options is CORRECT about the Fund Facts document?

• Orion must deliver the document to Kimeni within 3 days after the purchase.
• Kimeni must acknowledge that he received the document.
• Orion can only deliver the document to Kimeni electronically.
• It is Kimeni’s responsibility to ask for the document.

On February 5, Ayla started working at Larson Group Inc. as an administrative assistant. Larson Group offers all employees a group health, dental and life insurance plan that commences after a 3-month waiting period. On April 7, Ayla felt ill and drove herself to the hospital. The doctor diagnosed two clogged arteries and performed an emergency surgery. Ayla was unable to work for 2 months, then died of complications on June 9. Will the group insurance plan pay the death benefit?

• Yes, because she died of natural causes.
• Yes, because her group life coverage started on May 5.
• No, because Ayla was not actively at work when the coverage started.
• No, because Ayla did not provide the insurer with any proof of insurability.

Nathalie worked for 25 years as an administrative assistant at a manufacturing company. When she left the company 10 years ago, she transferred the money that she accumulated from the company’s pension plan into a locked-in retirement account (LIRA). Now she is 60 years of age and would like to withdraw the money from the LIR

• Under which of the following circumstances would Nathalie be allowed to withdraw her funds?
• She moved to Arizona last year.
• She is disabled and her life expectancy is reduced.
• She is retiring.
• She will start collecting QPP benefits.

Emery is a healthy wife and mother of two who spends her days caring for her children and volunteering at the local food bank. Emery would like to purchase disability insurance coverage because she is worried about how she would be able to take care of her family if she becomes disabled.What type of disability policy, if any, is likely to be issued to her?

• Guaranteed renewable policy.
• Cancellable policy.
• Non-traditional disability insurance.
• None. Emery is uninsurable.

Last week, at a dinner party, Dario, an insurance agent, met Andrew, a successful businessperson with a net worth of over $10 million. Dario spent the evening following Andrew around, telling him how he could help him manage his finances. The day after the meeting, Dario sent a fruit basket to Andrew's office. Every day since, Dario has been calling and urging Andrew to meet with him and take advantage of his services and insurance products.Which duties and obligations did Dario break?

• Duties and obligations towards the public
• Duties and obligations towards clients
• Duties and obligations towards other representatives, firms, independent partnerships, insurers, and financial institutions
• Duties and obligations towards the profession

Coraline owns a $250,000 whole life insurance policy. She purchased the policy last year and does not have any funds accumulated in her cash surrender value (CSV). On December 30, Coraline assigns the policy to the cancer foundation, and she plans on continuing to pay the $200 monthly premium. Coraline calls her accountant James to ask him how much of her donation she will be able to use to obtain a charitable tax credit this year.

• $0
• $200
• $2,400
• $250,000

Planet Source decides to implement a defined contribution pension plan (DCPP) for its 75 employees. The company's president appoints Josie, the human resources director, as the plan administrator.Which of the following BEST describes Josie's responsibility as a plan administrator?

• To manage the pension plan
• To amend the pension plan
• To address funding shortfalls
• To set the benefit structure

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?

• Autorité des marchés financiers (AMF).
• Chambre de la sécurité financière (CSF).
• Canadian Insurance Services Regulatory Organizations (CISRO).
• Canadian Council of Insurance Regulators (CCIR).