Free IFSE Institute LLQP Actual Exam Questions
The questions for this exam were last updated on January 7, 2026
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Question No. 1
Ben and Pam, both aged 37, are married with three young triplets, Lucas, Jack, and William. Ben
works as a pharmaceutical rep, and Pam is a stay-at-home mom. Ben’s monthly salary is $6,000. An
unforeseen accident happening, where Ben were to die, would leave Pam and the kids in serious
financial trouble. Ben and Pam want to address this, so they meet with a licensed life insurance agent
to discuss purchasing a life insurance policy. The agent, assuming an interest rate of 4%, shows Ben
and Pam the capitalized value of his lost income.
Based on the above information, using the income replacement approach, how much life insurance
does Ben need?
works as a pharmaceutical rep, and Pam is a stay-at-home mom. Ben’s monthly salary is $6,000. An
unforeseen accident happening, where Ben were to die, would leave Pam and the kids in serious
financial trouble. Ben and Pam want to address this, so they meet with a licensed life insurance agent
to discuss purchasing a life insurance policy. The agent, assuming an interest rate of 4%, shows Ben
and Pam the capitalized value of his lost income.
Based on the above information, using the income replacement approach, how much life insurance
does Ben need?
Select one option, then reveal solution.
Question No. 2
After completing a thorough needs analysis, Dimitri, an insurance agent with Health Assure,
recommends that his client Chandler purchase a deferred annuity contract and contribute monthly
to a balanced segregated fund to build up savings that Chandler can use as retirementincome.
Dimitri explains to Chandler that the type of annuity contract he is recommending has two distinct
phases.
What are those two phases?
recommends that his client Chandler purchase a deferred annuity contract and contribute monthly
to a balanced segregated fund to build up savings that Chandler can use as retirementincome.
Dimitri explains to Chandler that the type of annuity contract he is recommending has two distinct
phases.
What are those two phases?
Select one option, then reveal solution.
Question No. 3
Dominic suffers a heart attack on October 1 and dies a little over a month later, on November 7. At
the time of his death, he owned a $150,000 critical illness (CI) insurance policy, purchased 10 years
earlier. Dominic never failed to pay the $100 monthly premium. When he died, the insurer had not
yet issued the benefit payment.
How will the CI benefit be treated?
the time of his death, he owned a $150,000 critical illness (CI) insurance policy, purchased 10 years
earlier. Dominic never failed to pay the $100 monthly premium. When he died, the insurer had not
yet issued the benefit payment.
How will the CI benefit be treated?
Select one option, then reveal solution.
Question No. 4
(Eric, aged 28, currently works for an accounting firm. He still lives with his parents but is saving to
buy a place of his own. Seven years ago, his grandparents gave him a significant cash gift following
his college graduation. He deposited it into a segregated fund that invests in the natural resources
sector. However, real estate prices are rapidly increasing. Eric is concerned that if he does not buy a
place in the next three to five years, it might become altogether unaffordable. In addition, the shares
of the segregated fund he holds have seen a sharp drop in market value two years ago and they have
not recovered yet.Eric questions his current choice of investment and asks his life insurance agent if
he should switch to a different type of segregated fund.
What should the agent recommend?)
buy a place of his own. Seven years ago, his grandparents gave him a significant cash gift following
his college graduation. He deposited it into a segregated fund that invests in the natural resources
sector. However, real estate prices are rapidly increasing. Eric is concerned that if he does not buy a
place in the next three to five years, it might become altogether unaffordable. In addition, the shares
of the segregated fund he holds have seen a sharp drop in market value two years ago and they have
not recovered yet.Eric questions his current choice of investment and asks his life insurance agent if
he should switch to a different type of segregated fund.
What should the agent recommend?)
Select one option, then reveal solution.
Question No. 5
Dorothy, age 36, is an architect. She runs her own office with the help of two assistants. She owns her
own condo, has an active social life, and travels regularly for pleasure. She has a net annual income
of approximately $125,000, once all the business, rent, salary, and car expenses have been paid.
Dorothy is well aware of the significant financial problems that she would face for any absences from
the office due to illness or disability. What are Dorothy’s main protection needs in this respect?
own condo, has an active social life, and travels regularly for pleasure. She has a net annual income
of approximately $125,000, once all the business, rent, salary, and car expenses have been paid.
Dorothy is well aware of the significant financial problems that she would face for any absences from
the office due to illness or disability. What are Dorothy’s main protection needs in this respect?
Select one option, then reveal solution.
Question No. 6
On June 5, Karl completed an application for critical illness coverage and paid an annual premiumof
$1,250. On June 25, the underwriter approved the policy under standard conditions and sent it to the
agent, who received it on July 7. The agent contacted the client on August 8 and the date for delivery
was set at August 10. On August 12, Karl learns that he will lose his job at the end of the month. As
such, he decides to cancel the policy, returning it to the insurer on August 15. What is the rule
governing Karl’s right to have his premium refunded?
$1,250. On June 25, the underwriter approved the policy under standard conditions and sent it to the
agent, who received it on July 7. The agent contacted the client on August 8 and the date for delivery
was set at August 10. On August 12, Karl learns that he will lose his job at the end of the month. As
such, he decides to cancel the policy, returning it to the insurer on August 15. What is the rule
governing Karl’s right to have his premium refunded?
Select one option, then reveal solution.
Question No. 7
Wesley is a self-employed plumber. He meets with a licensed life insurance agent to explore his
options regarding disability insurance. Wesley’s earnings have been stable over the past few
years.His business generates gross income of $120,000 annually and write-off expenses of $30,000.
Wesley’s average income tax rate is 30%. What income amount should be used to calculate the
maximum disability benefits Wesley is entitled to?
options regarding disability insurance. Wesley’s earnings have been stable over the past few
years.His business generates gross income of $120,000 annually and write-off expenses of $30,000.
Wesley’s average income tax rate is 30%. What income amount should be used to calculate the
maximum disability benefits Wesley is entitled to?
Select one option, then reveal solution.
Question No. 8
Pierre-Marc, aged 32, is a dentist with a rich clientele. His income is substantial. Five years ago, he
purchased an “any occupation” disability insurance policy. Today he meets with Joseph, his life
insurance agent, to determine whether this type of coverage is still adequate. What should Joseph
tell him?
purchased an “any occupation” disability insurance policy. Today he meets with Joseph, his life
insurance agent, to determine whether this type of coverage is still adequate. What should Joseph
tell him?
Select one option, then reveal solution.
Question No. 9
Rene, age 39, is a framing carpenter at a company that builds doors and windows. He has group
disability insurance equivalent to 60% of his annual salary, which is $70,000. His monthly living
expenses are $3,500. Since he has no pension plan at work, Rene has enrolled in an individual RRSP
through payroll deductions ($1,000 per month). His RRSP savings currently amount to $45,000. In
addition, Rene has $10,000 in a non-registered savings account. What should Rene’s life insurance
agent advise him?
disability insurance equivalent to 60% of his annual salary, which is $70,000. His monthly living
expenses are $3,500. Since he has no pension plan at work, Rene has enrolled in an individual RRSP
through payroll deductions ($1,000 per month). His RRSP savings currently amount to $45,000. In
addition, Rene has $10,000 in a non-registered savings account. What should Rene’s life insurance
agent advise him?
Select one option, then reveal solution.
Question No. 10
A few months ago, Urmish filed a complaint to the Autorité des marchés financiers (AMF) about the
services he received from his insurance agent, Jab
a. 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?
services he received from his insurance agent, Jab
a. 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?
Select one option, then reveal solution.
Question No. 11
Kevin owns a construction business and wants to take out accident and sickness insurance to protect
his income in the event of disability. On his application form, he indicated that he had competed in
motocross races over the past five years. What requirements does Kevin need to comply with before
the insurer can issue the policy?
his income in the event of disability. On his application form, he indicated that he had competed in
motocross races over the past five years. What requirements does Kevin need to comply with before
the insurer can issue the policy?
Select one option, then reveal solution.
Question No. 12
Maxine meets with Toshiko, an insurance agent for United Life, to purchase a $10 million universal
life insurance policy. Once United Life reviews Maxine's file, they agree to insure her for $3 million.
United Life then contacts Extra Life Company, who agrees to insure Maxine forthe additional $7
million. Toshiko asks his supervisor Bob how the death benefit will be paid to Maxine's beneficiary
when she dies.
life insurance policy. Once United Life reviews Maxine's file, they agree to insure her for $3 million.
United Life then contacts Extra Life Company, who agrees to insure Maxine forthe additional $7
million. Toshiko asks his supervisor Bob how the death benefit will be paid to Maxine's beneficiary
when she dies.
Select one option, then reveal solution.
Question No. 13
Surjit and Rajbir got married in 2010, and Surjit named Rajbir as the irrevocable beneficiary of his life
insurance contract. In 2017, the couple divorced amicably, and Surjit met with his insurance
representative, Ivan, to review his plans. Surjit tells Ivan that he would like to keep Rajbir as his
beneficiary.
What should Ivan counsel his client to do?
insurance contract. In 2017, the couple divorced amicably, and Surjit met with his insurance
representative, Ivan, to review his plans. Surjit tells Ivan that he would like to keep Rajbir as his
beneficiary.
What should Ivan counsel his client to do?
Select one option, then reveal solution.
Question No. 14
Mordecai's life insurance lapsed four years after the policy was issued because he failed to make
premium payments. The insurer reinstated the policy several months later when he made the
required payments and provided the medical and financial information the insurer required. Twelve
months later, Mordecai commits suicide and his beneficiaries ask Larry, his insurance agent, whether
the claim will be paid. What should Larry tell the beneficiaries?
premium payments. The insurer reinstated the policy several months later when he made the
required payments and provided the medical and financial information the insurer required. Twelve
months later, Mordecai commits suicide and his beneficiaries ask Larry, his insurance agent, whether
the claim will be paid. What should Larry tell the beneficiaries?
Select one option, then reveal solution.
Question No. 15
France is a daycare owner who has an employer group benefits plan in place for her employees.
During her annual renewal meeting with her insurance agent, she is told that the plan’s rates are
increasing by a surprisingly large percentage. Her agent explains that although most of her staff are
young females in their 20s, the claims experience is higher than the industry norm. What
amendment to the group plan could France’s agent suggest to help control the cost?
During her annual renewal meeting with her insurance agent, she is told that the plan’s rates are
increasing by a surprisingly large percentage. Her agent explains that although most of her staff are
young females in their 20s, the claims experience is higher than the industry norm. What
amendment to the group plan could France’s agent suggest to help control the cost?
Select one option, then reveal solution.