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IFSE Institute Life License Qualification Program (LLQP) Sample Questions (Q183-Q188):

NEW QUESTION # 183
Enzo meets with his insurance agent Theo to discuss his investment needs. When Theo asks Enzo about his liabilities, Enzo tells him that he purchased a house for $750,000 four years ago and his current mortgage balance is $600,000. He has a fixed interest rate on the mortgage of 3.5% for 5 years.
Which of the following statements about his mortgage is TRUE?

A. The mortgage balance should not be included in the review of liabilities.
B. A mortgage is considered a bad debt.
C. An increase in interest rates will increase the mortgage cost when the mortgage is renewed.
D. The mortgage will contribute positively to Enzo's net worth.

Answer: C

Explanation:
Enzo's fixed-rate mortgage protects him from rate fluctuations during the current term. However, upon renewal, if interest rates have risen, his mortgage payments could increase due to a higher rate being applied to his remaining balance. LLQP resources emphasize that fixed-rate mortgages are impacted by prevailing interest rates at the time of renewal, which can influence future costs.
Option A is incorrect as mortgages are generally considered good debt due to their potential for equity growth. Option C is misleading as the mortgage itself is a liability, although the property value could contribute positively to net worth. Option D is incorrect because liabilities like mortgages are essential components of a financial review.

NEW QUESTION # 184
Paulette earns a modest income working as a delivery driver for FastFlowers Inc. in Quebec. The florist company has over 80 employees, 20 of whom are delivery drivers. The employees benefit from a group short- and long-term disability plan. One morning, while delivering flowers, Paulette's truck is struck by a bus.
Paulette is taken to the hospital, where a doctor deems that she will be unable to work for at least 4 months.
Paulette contacts Jade, the human resources manager, to ask her who will pay her disability benefits.
Which of the following answers is CORRECT?

A. Commission des normes, de l'equite, de la sante et de la securite du travail (CNESST).
B. Societe de l'assurance automobile du Quebec (SAAQ).
C. Employment insurance (EI).
D. Her group insurance.

Answer: D

Explanation:
Paulette is covered under her employer's group disability insurance plan, which provides both short- and long- term disability benefits. Since her injury occurred while working, the group insurance provided by FastFlowers Inc. would be responsible for paying her disability benefits. Group insurance plans typically cover workplace injuries for employees and compensate for lost income during recovery.
Although other options like the SAAQ may provide benefits for accidents involving vehicles, Paulette's disability benefit is specifically covered under her employer's insurance because it is job-related.

NEW QUESTION # 185
Edward and Shirley initiated a whole life insurance application for their daughter Christine when she was 15 years of age. As Christine was a student with limited income at the time, the agent set Edward and Shirley jointly as owning and paying the premiums of this policy. Edward was designated beneficiary. Who is the policyholder?

A. Christine, as she is the life insured.
B. Edward and Shirley, as they are paying the premiums.
C. Edward and Shirley, as they are designated owners of the policy.
D. Edward, as he is the designated beneficiary.

Answer: C

Explanation:
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
In insurance terminology, the policyholder (or policy owner) is the person or entity that owns the insurance contract and has the legal rights to make decisions about it, such as changing beneficiaries or cancelling the policy. TheIFSE Ethics and Professional Practice Course (Common Law)clearly distinguishes between the life insured (the person whose life is covered), the beneficiary (who receives the death benefit), and the policy owner. In this case, Edward and Shirley are explicitly designated as the joint owners of the policy, not merely premium payers. Christine, as the insured, has no ownership rights unless specified, and Edward's status as beneficiary does not confer ownership. Paying premiums does not automatically make someone the policyholder unless they are also the designated owner. Therefore, option D is correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 2: Insurance Contracts, Section on
"Policy Ownership and Roles."

NEW QUESTION # 186
Following the death of her sister Sarah last year, Yesha, the liquidator of Sarah's estate, had been in contact with Sarah's insurance agent Monique on several occasions to claim the death benefit on Sarah's life insurance policy.
Yesterday, Yesha noticed that Sarah also had a disability insurance policy with a return of premium option which stated that a portion of the premiums can be reimbursed upon her death. Yesha contacted Monique again and asked her for more details about the disability policy and return of premium option but Monique replied that she could not help her as her firm had destroyed Sarah's files shortly after paying out the death benefit.
Did Sarah's firm act appropriately?

A. No, because the file has to be kept for 7 years.
B. Yes, because the life insurance company will still have a copy of the contract.
C. Yes, because the death benefit was paid.
D. No, because the file has to be kept for 5 years.

Answer: D

Explanation:
In the context of insurance, records related to client policies, including claims and relevant documentation, must generally be retained for a minimum of five years. This requirement ensures that firms maintain adequate records for review or potential claims and can support clients or their representatives in matters related to policy details.
Destroying Sarah's file shortly after paying out the death benefit would violate this five-year record retention requirement, which is part of standard industry practice for insurance providers. The requirement is intended to safeguard client information and provide continuity of service in case further details are needed post-claim.

NEW QUESTION # 187
Pat, a 30-year-old youth worker, meets with his life insurance agent to discuss disability insurancecoverage.
After a thorough analysis of Pat's needs, the agent recommends a policy with a $1,500 a month benefit (50% of Pat's current salary) payable to age 65 after a 31-day waiting period. Pat has put enough money away to cover 6 months' worth of expenses, if necessary, but he would prefer not to dip into his savings. He applies for the policy, with the expectation that the premium will be $75 a month. He already thinks this is pricey and would not want to pay any more than that. Some time later, underwriting informs the agent that the policy has been approved, but with a 125% premium rating due to Pat being overweight. Which one of the following options would make the most sense to reduce the premium to a level Pat would accept without compromising too much on his coverage?

A. Extend the waiting period.
B. Extend the benefit period.
C. Have Pat reapply for coverage after losing the excess weight.
D. Reduce the monthly benefit.

Answer: A

Explanation:
Comprehensive and Detailed Explanation:
A 125% rating increases the $75 premium to $93.75. Extending the waiting period (e.g., to 90 days) lowers premiums while leveraging Pat's 6-month savings, maintaining $1,500/month to age 65 (Chapter 7:Insurance Recommendation, Contract, and Service Needs).
Option A: Correct; cost-effective adjustment.
Option B: Incorrect; reduces coverage.
Option C: Incorrect; increases premiums.
Option D: Impractical; delays coverage.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 7:Insurance Recommendation, Contract, and Service Needs.

NEW QUESTION # 188
......

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