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Guide for IFSE Institute Life License Qualification Program (LLQP)

Quiz IFSE Institute Life License Qualification Program (LLQP)

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/ 10

Quiz

1/10
Harold is a 66-year-old retired school bus mechanic. He receives $900 a month from his defined
benefit pension plan (DBPP). His husband Karl is also retired and receives his own pension benefit.
Harold would like to know the minimum monthly pension benefit from his DBPP that Karl will receive
upon Harold's death.
Select the answer
1 correct answer
A.
$0
B.
$450 to $495 depending on the province they reside.
C.
$540 to $594 depending on the province they reside.
D.
$900

Quiz

2/10
Jasper is the sole breadwinner in his family. His wife Stephanie has chosen to dedicate all of her time
to raising their 3 young children. Luckily, Jasper earns a monthly after-tax income of $25,000 working
as a family doctor in the local clinic. Jasper meets with his insurance agent Odda to purchase a life
insurance policy that will ensure his family will be able to continue toenjoy their current lifestyle in
the event of his death. If his average tax rate is 40% and the investment return is 4%, how much life
insurance should Jasper purchase based on the income replacement approach?
Select the answer
1 correct answer
A.
$625,000
B.
$1,041,666
C.
$7,500,000
D.
$12,500,000

Quiz

3/10
Jasper owns TeleVida, a successful production company with over 50 employees. He wants to expand
the company by opening an office in another province. Jasper needs to take out a $500,000 20-year
loan to make this expansion happen. However, he wants to make sure that if hedies while there’s an
outstanding balance on the loan, the balance will be paid in full by the insurance company.
Select the answer
1 correct answer
A.
20-year decreasing term life insurance.
B.
20-year term life insurance.
C.
Term-100 life insurance policy.
D.
Universal life insurance policy.

Quiz

4/10
Alana, Meaghan, and Beatrice are equal shareholders of Advanced Tech Inc. They each own 100
shares of the company. Each share is currently worth $5,000. They recently signed a cross-purchase
buy-sell agreement that is funded by life insurance. What will happen under this agreement if
Alanadies today?
Select the answer
1 correct answer
A.
Meaghan and Beatrice would each still own 100 shares of the company.
B.
There would now be 200 outstanding shares of the company.
C.
Each share would now be worth $7,500.
D.
Alana’s estate would receive a total of $500,000.

Quiz

5/10
Goran and Tanja married two years ago. Last year, they purchased and moved into a three-bedroom
house in the suburbs. The current balance on their mortgage is $655,000. They meet with Ljubomir,
an insurance agent, to purchase a joint term life insurance policy to cover the mortgage. When
Ljubomir asks about their existing coverage, Goran shares that he has none. Tanja explains that she
owns a universal life (UL) policy with a level death benefit of $50,000 and a cash surrender value
(CSV) of $5,000, purchased 6 years ago from another agent. Tanja would like to surrender her UL
policy and use the $5,000 CSV to pay for a trip to Europe. What additional information about Tanja's
UL policy does Ljubomir need to collect?
Select the answer
1 correct answer
A.
The investment vehicle of the policy's CSV.
B.
The adjusted cost basis (ACB) and surrender charges of the policy's CSV.
C.
The dividends and paid-up additions.
D.
The premiums upon renewal.

Quiz

6/10
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.
Select the answer
1 correct answer
A.
United Life and Extra Life will each directly pay the beneficiary.
B.
Extra Life will issue a cheque for $10 million.
C.
United will issue a cheque for $10 million.
D.
The full death benefit will be paid by Assuris.

Quiz

7/10
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?
Select the answer
1 correct answer
A.
It covers more illnesses than an individual policy.
B.
Benefits are paid out as soon as the individual is diagnosed with a covered condition.
C.
It is less expensive than an individual policy.
D.
If he is diagnosed with a debilitating illness that does not endanger his life, he may still receive coverage.

Quiz

8/10
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.
Select the answer
1 correct answer
A.
$0
B.
$149,700
C.
$150,000
D.
$169,700

Quiz

9/10
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.
Select the answer
1 correct answer
A.
He can provide the claim form to Jason and help him fill it out.
B.
He can assure Jason that the payment will be made within 5 days after receipt of the claim.
C.
He can inform Jason that the death benefit will be paid within 30 days of Rosalie’s death.
D.
He can assure Jason that he will settle the death benefit as quickly as possible.

Quiz

10/10
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?
Select the answer
1 correct answer
A.
Guillaume
B.
Edwin
C.
Eduardo
D.
Maeve’s estate
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  • Quiz name:IFSE Institute Life License Qualification Program (LLQP)
  • Total number of questions:298
  • Number of questions for the test:50
  • Pass score:80%

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