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LLQP Exam Dumps : Life License Qualification Program (LLQP)

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Life License Qualification Program (LLQP) Questions and Answers

Question 1

Six years ago, when Kacey was working as an active firefighter, she purchased a $200,000 30-year term life insurance policy. At the time, the insurance company rated her policy. Recently, she changed roles and now works for the fire department’s public relations office, answering media calls and filling out paperwork. She meets with her insurance agent, Bernice, to ask if the insurer would consider reducing her premiums.

Options:

A.

The premiums cannot be increased once the policy is issued.

B.

The insurer cannot reduce the premium, but Kacey can apply for a new policy at a lower premium.

C.

The premiums can be reduced only if the policy has been in force for more than two years.

D.

Her premiums can be reduced since she is no longer a firefighter.

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Question 2

Valerie, age 42, recently left her job after 15 years of service. She participated in a defined contribution pension plan and had accumulated benefits amounting to $88,000, eligible for transfer into a registered contract. What must Valerie do with this money?

Options:

A.

Transfer this sum into an RRSP and convert the accumulated value into a life annuity or RRIF no later than December 31 of the year she turns 71

B.

Transfer this sum into a LIRA and convert the accumulated value into a life annuity or RRIF no later than December 31 of the year she turns 71

C.

Transfer this sum into a RRIF and start withdrawing annuity payments no later than the end of the following calendar year

D.

Transfer this sum into a LIRA and convert the accumulated value into a life annuity or LIF no later than December 31 of the year she turns 71

Question 3

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?

Options:

A.

OmbudService for Life and Health Insurance (OLHI)

B.

Canadian Council of Insurance Regulators (CCIR)

C.

Office of the Privacy Commissioner of Canada

D.

Canadian Insurance Services Regulatory Organizations (CISRO)