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IFSE Institute LLQP Exam Questions
Life License Qualification Program (LLQP) (Page 7 )

Updated On: 27-Feb-2026
Page 7 of 61
PDF with 298 Questions

Larissa is a 65-year-old retired marketing executive. She is single and has no dependents. Larissa accepted a generous retirement package from her employer five years ago and used her early retirement cash bonus to consolidate her financial affairs. She paid off mortgages on both her principal residence (a condo) and her vacation cottage. The fair market value (FMV) of the real estate increased significantly over the years. She named her sister Natalya as the sole beneficiary of her estate. In addition to the two properties, Larissa's estate includes a registered retirementsavings plan (RRSP) and shares of Apple Inc. that she purchased in her tax-free savings account (TFSA) 10 years ago. If Larissa were to pass away today, which of her assets would be fully taxable on her final income tax return?

  1. The condo.
  2. The cottage.
  3. The TFSA.
  4. The RRSP.

Answer(s): D



Svetlana is a 45-year-old single mother with two children: Georgi 17; and Ingrid 13. The children's father, Vladimir, has a serious gambling problem and only visits them sporadically. Vladimir's younger brother Sergei, on the other hand, is a dependable and helpful uncle who helps Svetlana regularly with the children. Svetlana meets with Robert, an insurance agent to review her life insurance needs because she wants to make sure that her children are taken care of if she were to die prematurely. Robert suggests that she purchase a $200,000 policy.
Who should she name as a beneficiary?

  1. Georgi and Ingrid but name Vladimir as a trustee.
  2. Georgi and Ingrid but name Sergei as a trustee.
  3. Sergei
  4. Vladimir

Answer(s): B



Edna is a 62-year-old widow living in Quebec. She meets with Yolanda, her insurance agent. Ednaworked part-time her whole life as a seamstress and has no savings. Her husband Donald had been working as a greeter at the local box store until his death 2 months ago at the age of 67. Since his passing, Edna has been struggling financially. She would like to know which of the following organizations will immediately pay her a benefit?

  1. Workers' Compensation.
  2. Old Age Security (OAS) allowance for surviving spouse.
  3. Canada Pension Plan (CPP) survivor benefits.
  4. She will not receive any benefit.

Answer(s): C



On February 5, Ayla started working at Larson Group Inc. as an administrative assistant. Larson Group offers all employees a group health, dental and life insurance plan that commences after a 3-month waiting period. On April 7, Ayla felt ill and drove herself to the hospital. The doctor diagnosed two clogged arteries and performed an emergency surgery. Ayla was unable to work for 2 months, then died of complications on June 9. Will the group insurance plan pay the death benefit?

  1. Yes, because she died of natural causes.
  2. Yes, because her group life coverage started on May 5.
  3. No, because Ayla was not actively at work when the coverage started.
  4. No, because Ayla did not provide the insurer with any proof of insurability.

Answer(s): C



Bea is a married 65-year-old woman applying for a life insurance policy. She meets with Stanley, her insurance agent, to review her insurance needs. Stanley inquires if Bea has started receiving Old Age Security (OAS) and Canada Pension Plan (CPP) benefits.
Why is it important for Stanley to know this?

  1. These funds are taxable and may increase her need for life insurance.
  2. Her life insurance needs may decrease if she is retired.
  3. Her spouse may be eligible for survivor benefits upon her death.
  4. To calculate her retirement income.

Answer(s): B






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