LLQP Real Exam Questions and Answers FREE

Question 1

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?

A : Personal Information Protection and Electronic Documents Act (PIPEDA)

B : Privacy Act

C : Human rights legislation

D : Criminal Code

Answer: A

Question 2

Jonas recently graduated with his engineering degree and is joining the Alberta EngineeringAssociation. He is informed that the association offers a group plan to all members. Jonas wants tojoin the plan but wishes to know who will pay the premiums for the coverage.Which of the following answers is CORRECT?

A : The members must pay 100% of the premiums.

B : The Association will pay 100% of the premiums.

C : The premiums are split between the members and the association.

D : Initially, the members must pay 100% of the premiums but after 3 years in the plan, the premiums are split with the association.

Answer: A

Question 3

Harold is a 66-year-old retired school bus mechanic. He receives $900 a month from his definedbenefit 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.

A : $0

B : $450 to $495 depending on the province they reside.

C : $540 to $594 depending on the province they reside.

D : $900

Answer: A

Question 4

Sasha is an employee at PranaTech. The company offers all employees a pension plan. PranaTechmust contribute into the plan, but employee contributions are not mandatory. Sasha chooses wherehis funds will be invested.

A : Defined contribution pension plan.

B : Defined benefit pension plan.

C : Deferred profit sharing plan.

D : Group registered retirement savings plan.

Answer: A

Question 5

Jonas recently graduated with his engineering degree and is joining the Alberta EngineeringAssociation. He is informed that the association offers a group plan to all members. Jonas wants tojoin the plan but wishes to know who will pay the premiums for the coverage.Which of the following answers is CORRECT?

A : The members must pay 100% of the premiums.

B : The Association will pay 100% of the premiums.

C : The premiums are split between the members and the association.

D : Initially, the members must pay 100% of the premiums but after 3 years in the plan, the premiums are split with the association.

Answer: A

IFSE Institute LLQP Exam Real Questions