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IFSE Institute LLQP Prüfungsplan:

Thema	Einzelheiten
Thema 1	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.
Thema 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.
Thema 3	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.
Thema 4	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.

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IFSE Institute Life License Qualification Program (LLQP) LLQP Prüfungsfragen mit Lösungen (Q95-Q100):

95. Frage
Vintage Style Inc. is a clothing company with 20 employees participating in its group retirement and group insurance plan. Premiums for the group insurance plan are calculated on previous claims. If the benefits paid are lower than anticipated, the premiums may decrease at renewal. However, if the benefits paid are higher than anticipated, the premiums payable may be subject to an increase.
Which of the following funding formulas does Vintage use in its group insurance plan?

A. Non-refund accounting.
B. Claims experience.
C. Administrative services only.
D. Refund accounting.

Antwort: D

Begründung:
The description of Vintage Style Inc.'s group insurance plan indicates that therefund accountingmethod is used. In refund accounting, premiums are adjusted based on the actual claims experience. If claims are lower than expected, the insurer may issue a refund or reduce future premiums. Conversely, if claims exceed expectations, premiums may increase at renewal. This funding formula is commonly used in group plans to align premium costs with the actual risk and claims experience of the group, which is consistent with the plan characteristics mentioned in the LLQP material.

96. Frage
Lara, owner of Huck's Oil Change Ltd., meets with a life insurance agent to discuss a renewal package for the group benefits plan offered to employees. Lara employs 20 individuals, all of whom are covered under the group plan. The employee turnover rate is 10%, and the insurer has rated the group's claims experience credibility at 20%. In establishing the group's premiums under the new plan, how much weight will the insurer give to the standard manual rate for a comparable group?

A. 20%
B. 90%
C. 10%
D. 80%

Antwort: D

Begründung:
Comprehensive and Detailed Explanation:
Credibility rating (20%) reflects the weight given to the group's claims experience; the remaining 80% (100%
- 20%) is based on the standard manual rate (Chapter 8:Group Plan Specifics).
Option A: Incorrect; too low.
Option B: Incorrect; matches credibility, not manual rate.
Option C: Correct; 80%.
Option D: Incorrect; too high.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 8:Group Plan Specifics.

97. Frage
(Beth, aged 73, has a RRIF with a current market value of $380,000. The account is managed by her bank, and Beth has been disappointed with its performance so far. She is therefore thinking of transferring the RRIF to her insurance company and purchasing a registered annuity with those funds.
This would be the first time Beth is making an investment outside of the bank environment. She wonders what kind of information the insurance agent would keep on file to document the transaction.
To process the application and comply with FINTRAC requirements, which of the following records would the agent need to create and keep on file?)

A. 2 and 3 (A large cash transaction record and a third-party determination form)
B. 1 and 2 (A suspicious transaction report and a large cash transaction record)
C. 3 and 4 (A third-party determination form and a Politically Exposed Person determination form)
D. None, as the transaction would be exempt from FINTRAC requirements.

Antwort: D

Begründung:
Since Beth's transaction involves transferringregistered funds(RRIF) directly between financial institutions, and nocash movementis involved outside regulated channels, the transaction isexemptfrom FINTRAC reporting requirements.
Exact Extract:
"Transfers between registered accounts (e.g., RRIFs, RRSPs) handled institution to institution are exempt from FINTRAC record-keeping requirements such as large cash transaction records and third-party determination forms." (Reference:Segfunds-E313-2020-12-7ED, Chapter 4.3 Compliance Requirements#53:0†Segfunds-E313-
2020-12-7ED.pdf**)

98. Frage
Jean, who is in business, would like to understand why his segregated funds, which resemble mutual funds, allow this type of asset to be sheltered from creditors. How should Patrice, his financial security advisor, answer?

A. The reason is that segregated funds are offered through an annuity policy, and by law, annuities offer a certain measure of protection if the beneficiary is the legal spouse or the policyholder's ascendant or descendant, or an irrevocable beneficiary
B. The reason is that anything offered by a life insurer can be exempt from seizure if a beneficiary is designated, except for contributions in the last year
C. The reason is that segregated funds are governed by the AMF's Guideline on Individual Variable Insurance Contracts Relating to Segregated Funds, which states that these products are exempt from seizure
D. The reason is that mutual funds do not offer a guarantee and it's the guarantee offered by segregated funds, which ensures it is an insurance contract and which therefore allows funds to be free from creditors

Antwort: A

Begründung:
Comprehensive and Detailed In-Depth Explanation: Segregated funds are investment products offered by life insurers, combining insurance and investment features. Under Quebec's Civil Code (Article 2457), proceeds from life insurance contracts, including annuities, are exempt from seizure if the beneficiary is the policyholder's spouse, ascendant, descendant, or an irrevocable beneficiary. Segregated funds qualify for this protection because they are structured as annuity contracts, distinguishing them from mutual funds. Option A correctly identifies this legal protection tied to beneficiary designation. Option B misattributes the protection to the AMF Guideline, which regulates segregated funds but does not grant seizure exemption-that stems from the Civil Code. Option C overgeneralizes, as not all insurance products are exempt (e.g., recent contributions may be contested under Article 2459). Option D focuses on the guarantee, which is a feature of segregated funds, but the creditor protection hinges on the insurance contract status and beneficiary rules, not the guarantee alone. The Ethics manual requires advisors to explain legal protections accurately.
References: Civil Code of Quebec, Articles 2457-2459; Ethics and Professional Practice (Civil Law) Manual, Section on Segregated Funds and Creditor Protection.

99. Frage
Which organization provides protection for holders of segregated fund contracts in Canada if the insurer becomes insolvent?

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

Antwort: A

Begründung:
Assuris is the organization in Canada that provides protection to policyholders, including holders of segregated fund contracts, if their insurance company becomes insolvent. LLQP guidelines state that Assuris ensures the continuation of certain benefits and provides a level of coverage to protect the assets within segregated fund contracts.
Assuris is specifically focused on protecting Canadian policyholders of life and health insurance products in cases of insurer insolvency, distinguishing it from organizations like the Canadian Deposit Insurance Corporation, which covers deposits at financial institutions.

100. Frage
......

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