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 LLQP Dumps with Practice Exam Questions Answers

Questions: 227 Questions and Answers With Step-by-Step Explanation

Last Update: Apr 17, 2025

LLQP Question Includes: Single Choice Questions: 227,

LLQP Questions and Answers

Question # 1

The company Xtra is growing. Mr. Trenet, chair of the executive committee, invites his financial security advisor, Noah, to meet with them to underwrite an annuity contract. The treasurer of Xtra offers to invest $2,500,000 of the company’s retained earnings. Before voting on a resolution to designate a policyholder, the treasurer asks Noah if Xtra can be designated as the policyholder instead of Mr. Trenet. What answer should Noah give?

A.

Only an individual can be a policyholder; therefore, Noah can recommend that Mr. Trenet be the policyholder

B.

For Xtra to become the subscriber of the contract, the investment amount must come from aregistered plan, such as a retirement fund

C.

Because Xtra is a legal person, Xtra can be the policyholder; Mr. Trenet must be the subrogated annuitant to approve decisions on behalf of Xtra

D.

If the capital is not registered, Xtra can be the policyholder

Question # 2

Alexandre has just become a father. He wishes to take out a life insurance policy from Antoine, an insurance of persons representative. During their meeting, Alexandre mentions his love of mountain climbing. What should Antoine do?

A.

Warn Alexandre that no insurer covers activities such as mountain climbing, which are considered legal exclusions under the Civil Code of Quebec

B.

Check and explain the policy’s exclusion clauses, because the insurer could turn down the claim if Alexandre dies while mountain climbing

C.

Specify that the Charter of Human Rights and Freedoms only allows exclusions based on age, gender, or civil status in insurance contracts

D.

Explain only the insurance policy’s general coverage clauses

Question # 3

Adèle retired a few months ago. She sold some of her assets and would like to use the funds to take out a term annuity to increase her retirement income. Adèle brings a $300,000 cheque to Germain, her financial security advisor, and wants to begin receiving lifetime guaranteedbenefits in one month with the right to use capital in the event of an emergency. When Germain tells her about alienating capital, the capitalization phase, and the payment phase, Adèle becomes confused and asks for clearer explanations. What can Germain say to help Adèle understand?

A.

If her capital is alienated now, i.e., if ownership of the money is transferred to the insurer, the insurer will be able to guarantee all the conditions of the annuity. Since the first benefit will be paid in a month, the contract will automatically be in the payment phase

B.

The alienation will allow Adèle to keep ownership of the capital and use it in the event of an emergency. The capitalization phase will enable the insurer to grow the capital before paying the annuity

C.

The contract will be a deferred annuity contract for one month and will be in the accumulation phase until the insurer takes possession of the $300,000 in capital. For benefits to be paid, the contract will enter the payment phase

D.

To grow the transferred capital and pay the annuities as planned, the contract will be an immediate annuity contract in the capitalization phase until the annuity’s guaranteed phase expires. The contract will then enter the payment phase

Question # 4

Claudie’s mother has been the policyholder and beneficiary of an insurance policy on the life of Claudie since she was five years of age. Claudie is now the mother of a three-month-old boy. Claudie would like for Marc-André, her de facto spouse, to be the beneficiary of the policy. What steps need to be taken in order for this to happen?

A.

As the policyholder, Claudie’s mother must make a written request for a change of beneficiary and designate Marc-André

B.

As the beneficiary, Claudie’s mother must make a written request for a change of beneficiary and designate Marc-André

C.

As the insured, Claudie must make a written request for a change of beneficiary and designateMarc-André

D.

As the insured, Claudie must make a written request for a change of policyholder and designate Marc-André

Question # 5

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 the public

B.

Duties and obligations towards clients

C.

Duties and obligations towards other representatives, firms, independent partnerships, insurers, and financial institutions

D.

Duties and obligations towards the profession

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