IFSE Institute LLQP practice materials Questions Answers

Exam Code:
LLQP
Exam Name:
Life License Qualification Program (LLQP) Exam
Last Update:
Jun 01,2026

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IFSE Institute LLQP Questions for Life License Qualification Program Certification Exam 2026

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Life License Qualification Program (LLQP) Exam LLQP practice questions with explanations

 

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Page: 1 / 30
Total Questions: 150

Questions & Answers PDF

• Question 1

  

  Six years ago, Diu purchased an immediate life annuity with a 10-year guarantee period. The annuity paid her a monthly benefit of $1,800. She named her son Shan as the beneficiary of the policy and her niece Haru as a contingent beneficiary. Shan died four months ago in a motorcycle accident and between grieving and planning the funeral, Diu forgot to update her beneficiary designation. Last week, Diu died of a heart attack.Who would receive the annuity benefits?

  • Shan's widow
  • Shan's estate
  • Haru
  • Diu’s estate

  Reveal Answer Answer: C Next Question

• Question 2

  

  Which organization provides protection for holders of segregated fund contracts in Canada if the insurer becomes insolvent?

  • Canadian Deposit Insurance Corporation
  • Canadian Insurance Services Regulatory Organizations
  • Assuris
  • OmbudService for Life & Health Insurance

  Reveal Answer Answer: C Next Question

• Question 3

  

  Chloe is a newly licensed financial security adviser. She is diligently learning about the profession and wants to do her job properly. She wonders when she is required to renew her certificate.Which of the following options is CORRECT?

  • Within 45 days following its expiry date.
  • Within 15 days following its expiry date.
  • Before it expires.
  • If and when her personal situation changes.

  Reveal Answer Answer: C Next Question

• Question 4

  

  Caleb meets with Miles, his insurance agent, to invest for his retirement. Caleb tells Miles that he will not need his funds for the next 25 years, he is comfortable with market fluctuations, and he would like a fund that mimics the S&P/TSX Composite index.Which of the following funds will best suit Caleb's needs?

  • Equity fund
  • Target date fund
  • Dividend fund
  • Index fund

  Reveal Answer Answer: D Next Question

• Question 5

  

  Ontario residents, Juan and Maria, are a married couple approaching retirement. They have asked their representative Carlow to review the details of Maria’s defined benefit plan (DBPP).Which of the following statements about Maria’s pension is CORRECT?

  • Maria would be entitled to an increased benefit if Juan waived his survivor benefit.
  • Juan would be entitled to receive at least 50% of Maria’s pension upon Maria's death.
  • With Juan's consent, Maria can choose to reduce the survivor benefit to 25% of her normal pension amount.
  • Juan will be entitled to the survivor benefit even if they are separated at the time of Maria's death.

  Reveal Answer Answer: B Next Question

• Question 6

  

  Levi is a newly licensed financial security advisor in Quebec City, meeting with Mason, the compliance officer at Yes Insurance Inc. Mason stresses the importance of being professional and complying with the code of ethics. Levi asks who enacted the code of ethics.Which of the following is Mason's CORRECT response?

  • Autorité des marchés financiers (AMF).
  • Chambre de la sécurité financière (CSF).
  • Canadian Insurance Services Regulatory Organizations (CISRO).
  • Canadian Council of Insurance Regulators (CCIR).

  Reveal Answer Answer: B Next Question

• Question 7

  

  Arianna, a healthy 61-year-old university professor, is retiring this year and wants to transfer the funds she accumulated in her registered retirement savings plan (RRSP) into an annuity. She is looking at different options and would like to know which of the following annuities will pay the highest monthly benefit.

  • A life annuity
  • A life annuity with a 10-year guarantee
  • An indexed annuity
  • A joint life annuity

  Reveal Answer Answer: A Next Question

• Question 8

  

  Elizabeth is a seasoned insurance agent. She meets with Harold, a new agent, to help him better understand the industry and the processes that they must follow. Elizabeth tells Harold about a body that administers the regulatory system applicable to insurance intermediaries. Which of the following is Elizabeth referring to?

  • OmbudService for Life and Health Insurance (OLHI)
  • Canadian Council of Insurance Regulators (CCIR)
  • Office of the Privacy Commissioner of Canada
  • Canadian Insurance Services Regulatory Organizations (CISRO)

  Reveal Answer Answer: D Next Question

• Question 9

  

  Zaid married Baheya five years ago in Montreal. A year later, Zaid purchased two individual term-life insurance policies, one on his life and the second on Baheya’s life, each with a death benefit of$250,000. The marriage didn't last long, and the couple divorced shortly thereafter. Baheya went on to marry Omar, and the new couple had a baby together, named Darwish.Last week, Baheya died in a car accident. While settling her estate, Omar discovered that no beneficiary was designated on Baheya’s life insurance policy.To whom will Baheya’s death benefit be paid?

  • Zaid
  • Omar
  • Darwish
  • Baheya’s succession

  Reveal Answer Answer: D Next Question

• Question 10

  

  Nathalie worked for 25 years as an administrative assistant at a manufacturing company. When she left the company 10 years ago, she transferred the money that she accumulated from the company’s pension plan into a locked-in retirement account (LIRA). Now she is 60 years of age and would like to withdraw the money from the LIR

  • Under which of the following circumstances would Nathalie be allowed to withdraw her funds?
  • She moved to Arizona last year.
  • She is disabled and her life expectancy is reduced.
  • She is retiring.
  • She will start collecting QPP benefits.

  Reveal Answer Answer: B Next Question

Page: 1 / 30
Total Questions: 150

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