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IFSE Institute LLQP Exam Syllabus Topics:

Topic	Details
Topic 1	Life Insurance: This section assesses the expertise of insurance professionals, including financial advisors and life insurance agents, in understanding the financial impact of death. It explains how life insurance helps address those financial needs and introduces various life insurance products, along with their features and benefits.
Topic 2	Accident and Sickness Insurance: Aimed at insurance professionals offering individual and group health insurance, this section emphasizes the importance of financial protection in the case of serious illness or injury.
Topic 3	Segregated Funds and Annuities: Targeted at investment advisors and financial planners, this section evaluates their understanding of saving and investment strategies, which are essential for retirement and financial planning.
Topic 4	Ethics and Professional Practice: This part of the exam focuses on the legal and ethical responsibilities of life insurance professionals. It outlines the legal framework for life insurance in common law provinces and territories and stresses the importance of maintaining professionalism.

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q74-Q79):

NEW QUESTION # 74
Last week, at a dinner party, Dario, an insurance agent, met Andrew, a successful businessperson with a net worth of over $10 million. Dario spent the evening following Andrew around, telling him how he could help him manage his finances. The day after the meeting, Dario sent a fruit basket to Andrew's office. Every day since, Dario has been calling and urging Andrew to meet with him and take advantage of his services and insurance products.
Which duties and obligations did Dario break?

A. Duties and obligations towards clients
B. Duties and obligations towards the profession
C. Duties and obligations towards other representatives, firms, independent partnerships, insurers, and financial institutions
D. Duties and obligations towards the public

Answer: D

Explanation:
Dario's conduct at the dinner party and afterward constitutes a breach of his duties and obligations towards the public. Insurance professionals are expected to maintain high standards of professionalism and respect the privacy and comfort of individuals they interact with. By persistently following Andrew and subsequently pressuring him with daily calls and unsolicited gifts, Dario failed to demonstrate respect for personal boundaries. This behavior could be seen as unprofessional and could harm the public's trust in the industry.
According to LLQP guidelines and ethical standards, agents must avoid aggressive solicitation and respect the autonomy and privacy of the public.

NEW QUESTION # 75
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?

A. Canadian Council of Insurance Regulators (CCIR)
B. Canadian Insurance Services Regulatory Organizations (CISRO)
C. Office of the Privacy Commissioner of Canada
D. OmbudService for Life and Health Insurance (OLHI)

Answer: B

Explanation:
The Canadian Insurance Services Regulatory Organizations (CISRO) is responsible for administering the regulatory framework for insurance intermediaries across Canada. CISRO works with provincial and territorial regulators to ensure consistent standards and practices for insurance agents, helping maintain public trust and professional integrity within the industry. Elizabeth is correctly referencing CISRO as the body that manages the regulatory system applicable toinsurance intermediaries.

NEW QUESTION # 76
Trisha is new to the insurance industry and wants to understand the primary responsibility of the Canadian Insurance Services Regulatory Organizations (CISRO). Which of the followingstatements about CISRO is CORRECT?

A. To administer the enforcement of the federal Personal Information Protection and Electronic Documents Act (PIPEDA).
B. To provide clients with assistance to their enquiries and complaints pertaining to Canadian life and health insurance products and services.
C. To help protect the integrity of the Canadian financial system.
D. To administer the regulatory system, applicable to insurance intermediaries.

Answer: D

Explanation:
The primary responsibility of the Canadian Insurance Services Regulatory Organizations (CISRO) is to establish and maintain a cohesive regulatory framework for insurance intermediaries, ensuring consistent standards across provincial and territorial jurisdictions in Canada. CISRO does not directly interact with consumers or administer PIPEDA; rather, it collaborates with regional regulators to promote regulatory harmony for insurance professionals.
This responsibility helps uphold public trust and ensures that intermediaries comply with legal and professional standards.

NEW QUESTION # 77
Which organization provides protection for holders of segregated fund contracts in Canada if the insurer becomes insolvent?

A. OmbudService for Life & Health Insurance
B. Canadian Deposit Insurance Corporation
C. Canadian Insurance Services Regulatory Organizations
D. Assuris

Answer: D

Explanation:
Assuris provides protection to Canadian policyholders, including holders of segregated fund contracts, if their insurance company becomes insolvent. Assuris is a not-for-profit organization that safeguards policyholders by ensuring that they continue to receive guaranteed benefits within specified limits. This organization is essential for maintaining confidence in the Canadian insurance industry, offering peace of mind to policyholders that their segregated fund contracts are protectedunder such circumstances. Neither the Canadian Deposit Insurance Corporation nor the OmbudService for Life & Health Insurance provides this specific type of insolvency protection for segregated funds.

NEW QUESTION # 78
Kaamil meets with Omar, his insurance agent, to purchase a whole life insurance policy. Kaamil wants to name his wife Ofra as the irrevocable beneficiary of the policy. Before proceeding, which of the following considerations should Omar CORRECTLY ask his client to reflect on?

A. Ofra will be able to make a cash withdrawal without Kaamil's consent.
B. Kaamil can surrender the policy without obtaining Ofra's consent.
C. Kaamil will need to obtain Ofra's consent if he would like to revoke her as a beneficiary.
D. Ofra will be able to withdraw funds from Kaamil's cash surrender value.

Answer: C

Explanation:
When an irrevocable beneficiary is designated, the policyholder must obtain the beneficiary's consent for any changes that affect the beneficiary's rights, such as revoking their status or making policy alterations. By naming Ofra as an irrevocable beneficiary, Kaamil would be restricted from unilaterally changing this designation or withdrawing policy funds without her agreement. This requirement protects the irrevocable beneficiary's interests, ensuring they retain certain rights in the policy.

NEW QUESTION # 79
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