About this exam
LLQP is the IFSE Institute exam Life License Qualification Program (LLQP).
Paid practice material for this exam is not available yet, but you can try its free sample questions.
- Exam code
- LLQP
- Vendor
- IFSE Institute
- Practice questions
- Not available yet
- Free sample questions
- 6
- Question bank last updated
- Not available yet
Try 2 sample questions
Taken from the free sample set for LLQP.
Question 1
Maeve is an Ontario resident. Fifteen years ago, she purchased a $250,000 whole life insurance policy and named her husband Guillaume as the primary beneficiary and her 4-year-old son Edwin as the contingent beneficiary. Last week, Tasha, Maeve ' s insurance agent called her to ask if she has had any life changes that would warrant a meeting to review her insurance coverage. Maeve informs her that over the last year she divorced Guillaume and that she is now living with her new boyfriend Eduardo. Tasha asks to meet Maeve to review her beneficiary designation. Who will receive Maeve ' s death benefit if she dies today?
- AOption A:
Guillaume
- BOption B:
Edwin
- COption C:
Eduardo
- DOption D:
Maeve’s estate
Show answer and explanation
Correct answer: A
In Ontario, unless a beneficiary designation is changed formally through the policyholder or as part of a court order, the originally designated beneficiary remains entitled to the death benefit. Since Maeve has not updated her beneficiary designation following her divorce, Guillaume remains the primary beneficiary. Divorce does not automatically revoke a beneficiary designation in life insurance policies. Therefore, if Maeve dies today, Guillaume would receive the death benefit. Edwin, the contingent beneficiary, would only receive the benefit if Guillaume were unable to (e.g., predeceased).
Question 2
Goran and Tanja married two years ago. Last year, they purchased and moved into a three-bedroom
house in the suburbs. The current balance on their mortgage is $655,000. They meet with Ljubomir,
an insurance agent, to purchase a joint term life insurance policy to cover the mortgage. When
Ljubomir asks about their existing coverage, Goran shares that he has none. Tanja explains that she
owns a universal life (UL) policy with a level death benefit of $50,000 and a cash surrender value
(CSV) of $5,000, purchased 6 years ago from another agent. Tanja would like to surrender her UL
policy and use the $5,000 CSV to pay for a trip to Europe. What additional information about Tanja's
UL policy does Ljubomir need to collect?
- AOption A:
The investment vehicle of the policy's CSV
- BOption B:
The adjusted cost basis (ACB) and surrender charges of the policy's CSV.
- COption C:
The dividends and paid-up additions.
- DOption D:
The premiums upon renewal.
Show answer and explanation
Correct answer: B
See all 6 free sample questions