Free IFSE Institute LLQP Exam Questions

Larson, an insurance agent, meets with Julia, a real estate agent, to review her insurance needs. Juliahas $500 in her savings account and does not own a tax-free savings account (TFSA) or registeredretirement savings plan (RRSP). She earns an average of $150,000 a year in sales commissions andrental income from two condo units she owns. The combined value of her income properties is$1,000,000, and the mortgage is $200,000.Larson recommends that Julia open a TFSA and use it to invest $400 a month in a money marketfund.Which of the following personal risks is Larson trying to mitigate with this advice? 

Samira, a 42-year-old single mother of four, owns an individual disability insurance (DI) policy. Lastweek, she was hospitalized because of complications from diabetes. She hired an emergency nannyto care for her children until she was healthy enough to resume her normal activities. To her relief,Samira's DI policy contains a special rider that would cover up to $250 per day for these types ofexpenses.What is the name of the rider contained in Samira's policy? 

Mohammed is an employee at Optima Plus Inc. Over the years, he accumulated $15,000 in thecompany's group plan. He knows that his contributions into the plan are not tax-deductible, and he isnot taxed on the funds when he makes a withdrawal.What type of plan does Mohammed have with his employer?

Sergei meets with his insurance agent Nikita to purchase a $50,000 critical illness policy. Nikitaexplains that to apply for the policy Sergei would have to answer a series of personal questions abouthis finances, health, and lifestyle. Sergei is uncomfortable giving Nikita such detailed personalinformation. Nikita reassures Sergei by telling him that the insurer must follow stringent rules abouthow they can collect and handle this information. Which organization legislates privacy statutespertaining to insurance companies? 

Ten years ago, Anastasia purchased a $125,000 10-year term renewable life insurance policy. Her insurance need has not changed, and she is still in good health. She asks her insurance agent Raphael what she should do.