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IFSE Institute LLQP Exam Questions
Life License Qualification Program (LLQP) (Page 9 )

Updated On: 27-Feb-2026
Page 9 of 61
PDF with 298 Questions

Angela works in a biomedical research lab where she has been assigned to discover possible antidotes to the anthrax virus.
While the discovery process of testing possible antidotes would expose her to the deadly virus, she is excited about the assignment.

Knowing that anthrax can be contracted through infected food, air, or contact with skin, what risk management strategy would Angela employ by wearing protective gear over her mouth and skin?

  1. Risk transfer
  2. Risk retention
  3. Risk avoidance
  4. Risk reduction

Answer(s): D



Angela works in a biomedical research lab where she has been assigned to discover possible antidotes to the anthrax virus.
While the discovery process of testing possible antidotes would expose her to the deadly virus, she is excited about the assignment. Knowing that anthrax can be contracted through infected food, air or contact with skin, what risk management strategy would Angela employ by wearing protective gear over her mouth and skin?

  1. Risk transfer.
  2. Risk retention.
  3. Risk avoidance.
  4. Risk reduction.

Answer(s): D



Georges is a widower and sole shareholder of the firm Distribution Beluga. Upon his death, he will bequeath the firm to his son, Kevin. During a recent discussion with his accountant, the accountant told Georges that when he dies, Kevin will face a significant tax burden because the fair market value of the firm (a Canadian-controlled private corporation), once the ACB is deducted, is $4,600,000. Furthermore, Georges has never taken advantage of the lifetime capital gains exemption, which will be estimated to be $1,250,000. George's tax rate is 48%.
What will Kevin's tax debt be upon George's death?

  1. $2,234,450.
  2. $1,608,000.
  3. $1,072,536.
  4. $1,052,496.

Answer(s): B



Antonin and Magali are common-law partners in their thirties. They have two children together: a five-year-old daughter and a two-year-old son. Divorced from ex-wife Vanina, Antonin must pay her $1,500 a month in child support until their 10-year-old son reaches 25 years of age. Antonin is covered under a group life insurance policy equal to one year of his $75,000 annual salary. Magali does not currently earn any income, as she takes care of their two children full-time. Antonin is the sole owner of their residence, which will be fully paid off in 25 years.
What life insurance coverage do Antonin and Magali need in their situation?

  1. Permanent coverage to replace Antonin's income.
  2. Permanent coverage to replace Antonin's income and 15-year term coverage to support the child from his previous relationship.
  3. Mortgage payment coverage, term-to-age 65 coverage to replace Antonin's income and 15-year term coverage to support the child from his previous relationship.
  4. Mortgage payment coverage, group insurance coverage equal to twice Antonin's annual salary and 15-year term coverage to support the child from his previous relationship.

Answer(s): C



Natalie and Ted, who are both 40, meet with an insurance agent to discuss their life insurance needs. They have four major concerns. Their first concern is that Natalie is the primary income earner: if something happened to her, Ted would not be able to provide their two young children with the life they are accustomed to. Their second concern is that if something were to happen to Ted, Natalie would have to pay for childcare. The third issue is that they want to make sure the mortgage on their primary residence is paid off in the event something happened to either of them. Lastly, Natalie is concerned about the tax liability on the family cottage when it gets passed on to the kids. The family cottage is fully paid. The agent notes that most of the couple's concerns could be addressed with term life insurance products.
Which of their concerns can only be addressed with a permanent life insurance product?

  1. Replacing Natalie's income.
  2. Paying for childcare.
  3. Paying off the mortgage.
  4. Covering the tax liability on the family cottage.

Answer(s): D






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