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IFSE Institute LLQP Exam Questions
Life License Qualification Program (LLQP) (Page 11 )

Updated On: 28-Feb-2026
Page 11 of 61
PDF with 298 Questions

Pete is the owner of Blenheim News Tribune Inc, a company responsible for producing the local newspaper. He has owned the family-run business for 30 years, and he currently employs 10 people. Peter wants to offer a group benefits plan to his staff, so he meets with Daphne, a licensed insurance agent to go over some options. He would be willing to cover 75% of each employee's required premium and ask that each employee be responsible for their remaining 25%. Based on the information provided, which statement is true regarding Blenheim News Tribune Inc's group insurance premiums?

  1. Since Peter does not want to pay the entire premium, Blenheim News Tribune Inc is unable to claim any paid premiums as a business expense.
  2. All premiums paid by Blenheim News Tribune Inc are eligible to be deducted as a business expense.
  3. The premiums paid by Blenheim News Tribune Inc are not considered a taxable benefit for the employees.
  4. The premiums paid by an employee are a deductible expense to the employee.

Answer(s): B



Alex is meeting with his financial advisor, Shannon, to discuss potential life insurance options. Alex's need for insurance will increase gradually over time due to growth on his investment properties. He would like the mortgages and taxable gains paid off if he were to pass away. Shannon recommends a permanent policy, as Alex's need is long-term, and could extend beyondany period of time a term policy would cover. Alex also wants to add an extra coverage onto this policy as he wants to be provided with additional growth over time he needs.
Which rider would work for Alex?

  1. Paid-up additions rider with restriction
  2. Guaranteed insurability benefit rider
  3. Term insurance rider
  4. Accidental death rider

Answer(s): A



Donald is married and has two children, ages 3 and 5, one of whom is severely disabled and will never be able to live independently. He is considering buying $500,000 of life insurance to guarantee care for his disabled child for his lifetime. He also wishes to insure his 20-year mortgage of $250,000 to ensure that his family can remain in their home in the event of his death.
What life insurance policy would you recommend to Donald?

  1. A participating whole life insurance policy of $750,000
  2. A T-20 life insurance policy of $750,000
  3. A non-participating whole life insurance policy of $500,000 with a T-20 insurance rider of $250,000
  4. A participating whole life insurance policy of $250,000 with a T-20 insurance rider of $500,000

Answer(s): C



Donald finds out from his doctor that he only has about 10 months to live. He owns a $100,000 life insurance policy with a terminal illness benefit of $50,000. Donald has named Yvana as the policy's irrevocable beneficiary.
Donald wants to know whether he has to obtain Yvana's consent concerning the amount he will be paid as the terminal illness benefit. He would also like to know how much Yvana will receive after his death.
What should his insurance agent tell him?

  1. He does not have to obtain Yvana's consent. He will collect $50,000 before taxes and Yvana will receive $50,000 tax free.
  2. He does not have to obtain Yvana's consent. Both he and Yvana will receive $50,000 before taxes.
  3. He must obtain Yvana's consent. He will collect $50,000 tax free and Yvana will receive $50,000 before taxes.
  4. He must obtain Yvana's consent. Each of them will collect $50,000 tax free.

Answer(s): A



Dennis, aged 56, is an actuary. He owns both a disability insurance policy and a renewable term life insurance policy. His life insurance policy includes a supplementary benefit: the waiver of premium for total disability benefit. Following a motorcycle accident, Dennis suffers a traumatic brain injury. His disability benefits begin after the waiting period.
While receiving those benefits, his term life insurance policy comes up for renewal.
How will the supplementary benefit included in that policy help Dennis?

  1. It will pay the premiums for the disability insurance.
  2. It will increase the amount Dennis receives as a disability benefit.
  3. It will pay his life insurance premiums up until the policy's renewal, but not after.
  4. It will pay his life insurance premiums before and after the policy's renewal, so long as he is disabled.

Answer(s): D






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