VCE LLQP EXAM SIMULATOR | LLQP VALID TEST DUMPS

VCE LLQP Exam Simulator | LLQP Valid Test Dumps

VCE LLQP Exam Simulator | LLQP Valid Test Dumps

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Tags: VCE LLQP Exam Simulator, LLQP Valid Test Dumps, LLQP Valid Test Cram, LLQP Authorized Test Dumps, LLQP Reliable Test Practice

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Free PDF Quiz 2025 IFSE Institute LLQP: Latest VCE Life License Qualification Program (LLQP) Exam Simulator

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q175-Q180):

NEW QUESTION # 175
Amani owns Amani's Passions, an eco-friendly cosmetics company she started in her garage three years ago.
The business is booming-so much so that Amani's Passions recently hired over 20 employees to keep up with demand. Now Amani wants to set up a group insurance plan for her staff.
Whose role is it to solicit quotes from insurers and put the right plan in place?

  • A. Amani's Passions' human resources department.
  • B. The group broker.
  • C. The group insurance provider selected by Amani.
  • D. The group plan sponsor.

Answer: B

Explanation:
Thegroup brokeris responsible for soliciting quotes from various insurers and assisting in the selection and setup of the most suitable group insurance plan. This individual works with Amani to evaluate the company's needs, compare offerings, and finalize the group plan that meets her requirements. According to LLQP materials, brokers play a pivotal role in guiding plan sponsors (in this case, Amani) through the setup and implementation process of group insurance plans


NEW QUESTION # 176
Sasha is an employee at PranaTech. The company offers all employees a pension plan. PranaTech must contribute into the plan, but employee contributions are not mandatory. Sasha chooses where his funds will be invested.

  • A. Group registered retirement savings plan.
  • B. Defined contribution pension plan.
  • C. Deferred profit sharing plan.
  • D. Defined benefit pension plan.

Answer: B


NEW QUESTION # 177
Justin decides to lease the personal vehicle of his friend Simon, who owns a window installation company.
They agree on Justin having exclusive use of the vehicle in exchange for some renovations on Simon's house.
What type of contract is this?

  • A. A contract by mutual agreement, synallagmatic, onerous, and commutative
  • B. A contract by mutual agreement, unilateral, onerous, and a consumer contract
  • C. A synallagmatic, commutative, onerous, and instantaneous performance contract
  • D. A contract of adhesion, synallagmatic, gratuitous, and of successive performance

Answer: A

Explanation:
Comprehensive and Detailed In-Depth Explanation: This scenario involves a barter arrangement where Justin leases Simon's vehicle in exchange for renovations, requiring classification under Quebec's Civil Code contract principles (Articles 1378-1424). A "contract by mutual agreement" (or consensual contract) is formed through the mutual consent of both parties, as Justin and Simon negotiate terms directly (Article
1385). It is "synallagmatic" because both parties have reciprocal obligations-Justin provides renovations, and Simon provides the vehicle (Article 1381). It is"onerous" since each party incurs a cost and receives a benefit, distinguishing it from a gratuitous contract (Article 1380). Finally, it is "commutative" because the value of the renovations and vehicle use is presumed equivalent at the outset, with no uncertainty as in aleatory contracts (Article 1382). Option A is incorrect because a "contract of adhesion" involves pre-set terms with no negotiation, and this is not gratuitous. Option C fails as it is not unilateral (only one party obligated) or a consumer contract (a commercial or standard-form transaction). Option D's "instantaneous performance" is incorrect, as the lease and renovations suggest ongoing obligations. The Ethics and Professional Practice manual underscores advisors' duty to accurately interpret contract types for clients.
References: Civil Code of Quebec, Articles 1378-1424; Ethics and Professional Practice (Civil Law) Manual, Section on Contract Law Principles.


NEW QUESTION # 178
Surjit and Rajbir get married in 2010 and Surjit names Rajbir as the irrevocable beneficiary of his life insurance contract. In 2017, the couple divorces amiably and Surjit meets with his insurance representative, Ivan, to review his plans. Surjit tells Ivan that he would like to keep Rajbir as his beneficiary. What should Ivan counsel his client to do?

  • A. Surjit should name a different beneficiary now that he is divorced.
  • B. Surjit cannot make any changes to the policy without Rajbir's consent as she is the irrevocable beneficiary of his policy.
  • C. Surjit does not need to do anything as Rajbir is already the named beneficiary.
  • D. Surjit should once again designate Rajbir as the beneficiary.

Answer: B

Explanation:
When a beneficiary is designated as irrevocable, the policyholder cannot make changes to the beneficiary designation or make other policy modifications that impact the irrevocable beneficiary's rights without their consent. According to LLQP standards, an irrevocable beneficiary has a vested interest in the policy, and any alterations require their permission.
In this case, Surjit would need Rajbir's consent to change or remove her as the beneficiary, regardless of their divorce. This stipulation upholds the binding nature of an irrevocable designation, ensuring that changes can only be made with the beneficiary's agreement to protect their rights in the policy.


NEW QUESTION # 179
Cassie applies for a $100,000 renewable 10-year term insurance policy through Mason, her insurance of persons representative. A month later, when Mason meets with Cassie again to deliver her contract, Cassie says she had to have a biopsy the previous week for a persistent cough. Mason tells her not to worry because the policy is already accepted. He completes the policy delivery. Six months later, Mason receives a call from Cassie's boyfriend informing him that Cassie died of stage 4 throat cancer.
How will the insurance company handle the claim?

  • A. No death benefit will be paid because Cassie died within 2 years of obtaining the policy.
  • B. The death benefit will be paid although Mason was negligent for delivering the policy and he would be liable towards the insurer.
  • C. The death benefit will be paid because Cassie visited the doctor after filling out the application form.
  • D. No death benefit will be paid because Mason did not inform the insurance company of the change in Cassie's insurability.

Answer: D

Explanation:
In this scenario, the policy was accepted and delivered to Cassie by Mason before her biopsy, indicating that she was considered insurable at the time of application. However, the insurance policy is subject to a two-year contestability period, during which the insurer can investigate the claim if they believe relevant information regarding the insured's health was omitted or misrepresented.
According to LLQP guidelines, insurance contracts are built on the principle of utmost good faith, requiring that both the client and the representative disclose all material facts that may affect the insurance risk. If the insured's health status changes significantly between the application and delivery of the policy, it is the representative's duty to inform the insurer to reassess the risk.
In this case, Mason, as the insurance representative, failed to disclose Cassie's new health condition, which is considered a material change to her insurability. Under LLQP ethics and practice standards, non-disclosure of this change can result in the insurer denying the claim, as it affected the underwriting decision.
Therefore, due to the lack of disclosure by Mason, the insurance company would have grounds to deny the claim based on this material change in insurability, aligning with LLQP provisions and insurance contract law.


NEW QUESTION # 180
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