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IFSE Institute LLQP Exam Questions
Life License Qualification Program (LLQP) (Page 5 )

Updated On: 27-Feb-2026
Page 5 of 61
PDF with 298 Questions

Three years ago, Douglas purchased a whole life insurance policy with numerous supplementary benefits and riders. Today, he meets with his doctor who informs him that he has late-stage colon cancer and has only a few months to live. Even with surgery, his chances of survival are low. Douglas calls his insurance agent, Penny, to ask her what he should do to obtain a benefit immediately.

  1. Dread disease benefit.
  2. Terminal illness benefit.
  3. Policy loan.
  4. Policy withdrawal.

Answer(s): B



Joseph, a retired jeweler, meets with Larry, an insurance agent with Summit Life Co., to review Joseph's life insurance needs. Joseph has made it clear in his will that upon his death, his son will inherit his collection of diamond necklaces, valued at $1.8 million.
What type of asset is Joseph's diamond necklace collection considered to be?

  1. Liquid asset.
  2. Investment asset.
  3. Fixed asset.
  4. Pension asset.

Answer(s): B



Oliver, an insurance agent, meets with Roman and Julie. They are a married couple with a five-year- old son William. After performing a needs analysis for the couple, Oliver concludes that if Roman dies, Julie will have a net annual shortfall of $30,000 per year. Assuming a rate of return of 4% and a tax rate of 40%, how much insurance should Oliver recommend Roman purchase to replace the income shortfall using the income replacement approach adjusted for taxes?

  1. $390,000
  2. $750,000
  3. $1,250,000
  4. $1,875,000

Answer(s): B



Dr. Kumar owns a 10-year term life insurance policy with a level death benefit of $500,000 issued by Expert Health & Life Inc. The policy is renewable, convertible to age 70, and contains no additional riders. Dr. Kumar is the life insured. She is single, has no dependents, and her estate is named as the policy's beneficiary. The current premiums are $365 per year, based on standard health, non-smoker rates. As the policy is due to renew in a few months, Dr. Kumar meets with Kavya, an insurance agent referred to her by a mutual friend. Kavya reviews all of the information presented above, but notices a missing detail.

What additional information about Dr. Kumar's policy does Kavya need to complete her review?

  1. The policy conversion age.
  2. The policy death benefit amount at renewal.
  3. The policy cash surrender value (CSV).
  4. The policy premiums upon renewal.

Answer(s): D



Aari and Jonila are a married couple in their late sixties. They both enjoy a comfortable retirement. Both receive regular payments from their pension plans, Old Age Security (OAS) and Canada Pension Plan (CPP). They own a house and a cottage that are both mortgage-free. They also have over $500,000 in savings and investments. They know that if one of them dies, the surviving spouse will be financially comfortable. The couple has two grown children to whom they would like to leave all their assets when they die. The couple informs Herbert, their insurance agent, that they want to make sure when they die that their children have the funds needed to pay the taxes on the assets that they will bequeath them.
Which life insurance policy would be most suited to meet the couple's needs?

  1. A permanent joint last-to-die policy on Aari and Jonila.
  2. A permanent joint first-to-die policy on Aari and Jonila.
  3. A term joint last-to-die policy on Aari and Jonila.
  4. A term joint first-to-die policy on Aari and Jonila.

Answer(s): A






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