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IFSE Institute LLQP Exam Questions
Life License Qualification Program (LLQP) (Page 3 )

Updated On: 27-Feb-2026
Page 3 of 61
PDF with 298 Questions

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.

  1. United Life and Extra Life will each directly pay the beneficiary.
  2. Extra Life will issue a cheque for $10 million.
  3. United will issue a cheque for $10 million.
  4. The full death benefit will be paid by Assuris.

Answer(s): A



Maverick meets with Alyssa, an insurance agent, to review his life insurance needs. After completing the needs analysis, Alyssa suggests that Maverick purchase a $100,000 whole life insurance policy and add a critical illness (CI) benefit rider.
Which of the following options is an advantage of adding the CI coverage as a rider instead of purchasing an individual CI policy?

  1. It covers more illnesses than an individual policy.
  2. Benefits are paid out as soon as the individual is diagnosed with a covered condition.
  3. It is less expensive than an individual policy.
  4. If he is diagnosed with a debilitating illness that does not endanger his life, he may still receive coverage.

Answer(s): C



Axel owns a $150,000 whole life insurance policy with an accumulated cash surrender value (CSV) of $20,000. His monthly premiums are $300, due on the fifth day of each month. Axel misses his November 5 premium payment and then dies a few weeks later, on November 20.

  1. $0
  2. $149,700
  3. $150,000
  4. $169,700

Answer(s): C



Germain is a life insurance agent. This morning, he receives a call from Jason, whose wife, Rosalie owned a $50,000 life insurance policy that she purchased from Germain seven years ago. Jason explains that Rosalie had a heart attack and died last week. Germain promises to help as much as he can.

  1. He can provide the claim form to Jason and help him fill it out.
  2. He can assure Jason that the payment will be made within 5 days after receipt of the claim.
  3. He can inform Jason that the death benefit will be paid within 30 days of Rosalie's death.
  4. He can assure Jason that he will settle the death benefit as quickly as possible.

Answer(s): A



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?

  1. Guillaume
  2. Edwin
  3. Eduardo
  4. Maeve's estate

Answer(s): A






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