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IFSE Institute LLQP Exam Questions
Life License Qualification Program (LLQP) (Page 10 )

Updated On: 28-Feb-2026
Page 10 of 61
PDF with 298 Questions

Julie and her spouse, Vincent, have two children, the youngest of whom is 5. Their salaries are roughly equivalent, at around $65,000 each. If Julie loses her spouse, she would receive, each month, $700 from the government plan and an orphan's pension of $230 for each of her two children. She would also receive a monthly pension of $790 from her spouse's pension plan. The monthly expenses after her spouse's death are estimated at $4,000. Julie's disposable income will be about $1,500 a month. She is worried about the impact on her children's standard of living, especially over the next 10 years.
What is the annual shortfall if Vincent dies?

  1. $550.
  2. $6,600.
  3. $13,200.
  4. $39,600.

Answer(s): D



Agatha and Peter run a successful sole proprietorship. They are 68 and 70 respectively. Peter has a huge registered investment portfolio that will result in significant tax consequences upon his death.
When both of them have passed away they would like their registered investment portfolio to go to their son, Alexander, who is 48 years old. The family would like to purchase life insurance to offset the tax liability.
Which of the following plans would best suit the family?

  1. A joint first-to-die plan with Agatha and Peter as the insured
  2. Two separate permanent single life policies with Agatha and Peter as the insured
  3. A joint last-to-die plan with Agatha and Peter as the insured
  4. A joint first-to-die plan with Peter and Alexander as the insured

Answer(s): C



Andrea, owner of Andrea's Fashions Inc., employs her designer daughter Judy, who will carry on the business after Andrea is gone. Wishing to ensure that the business would not suffer financially when Andrea passes away, Andrea decides at age 50 to have her business own, pay for, and be the beneficiary of life insurance on Andrea's life. The type of insurance that best suits is non-convertible Term 10 life insurance renewable until age 80.
What should her life insurance agent advise regarding this policy?

  1. The coverage will end at Andrea's age 80.
  2. The coverage can be converted to permanent insurance at any time.
  3. The coverage can only be renewed once.
  4. The coverage will pay a benefit to Judy upon Andrea's death.

Answer(s): A



Andrew and Julie are married and are currently doing some tax and estate planning. They have acquired several properties over the years, many of which are rental properties.
When Andrew and Julie pass away, they would like to pass these properties on to their kids. They realize there will be a large tax disposition on the final estate after they have both passed away and would like to fund that through a permanent life insurance strategy. They would like a simple solution and cash value is not important to them.
What type of life policy should Andrew and Julie consider purchasing?

  1. Joint last-to-die T100
  2. Joint last-to-die Universal Life
  3. Joint first-to-die T100
  4. Joint last-to-die Whole Life

Answer(s): A



Elizabeth has a universal life policy and has been diligent in funding it over the last several years. As a part of this, the investment account within the policy has done quite well. Elizabeth met with her financial advisor as she would like a refresher on the benefits of the accumulating fund, as it has been a while since they last discussed this; flexibility with and access to cash flow are important to her as she would like to use this as part of her retirement planning in the future.
What benefits of the accumulating account apply to Elizabeth's situation?

  1. 3 and 4
  2. 1 and 2
  3. 1, 3 and 4
  4. 1, 2 and 3

Answer(s): D






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