Exam Overview
| Exam Code | LLQP |
| Exam Name | Life License Qualification Program (LLQP) |
| Vendor | IFSE Institute |
| Total Questions | 298 |
| Last Updated | 26-Oct, 2026 |
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Free LLQP Practice Questions
Explore 6 free practice questions for the IFSE Institute LLQP exam and review the answers and explanations to support your preparation.
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Question 1
Single answerMaeve is an Ontario resident. Fifteen years ago, she purchased a $250,000 whole life insurance policy and named her husband Guillaume as the primary beneficiary and her 4-year-old son Edwin as the contingent beneficiary. Last week, Tasha, Maeve ' s insurance agent called her to ask if she has had any life changes that would warrant a meeting to review her insurance coverage. Maeve informs her that over the last year she divorced Guillaume and that she is now living with her new boyfriend Eduardo. Tasha asks to meet Maeve to review her beneficiary designation. Who will receive Maeve ' s death benefit if she dies today?
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Option A:Correct
Guillaume
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Option B:Correct
Edwin
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Option C:Correct
Eduardo
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Option D:Correct
Maeve’s estate
Show Answer & Explanation Hide Answer & Explanation
Correct Answer: A
Explanation
In Ontario, unless a beneficiary designation is changed formally through the policyholder or as part of a court order, the originally designated beneficiary remains entitled to the death benefit. Since Maeve has not updated her beneficiary designation following her divorce, Guillaume remains the primary beneficiary. Divorce does not automatically revoke a beneficiary designation in life insurance policies. Therefore, if Maeve dies today, Guillaume would receive the death benefit. Edwin, the contingent beneficiary, would only receive the benefit if Guillaume were unable to (e.g., predeceased).
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Question 2
Single answerGoran and Tanja married two years ago. Last year, they purchased and moved into a three-bedroom
house in the suburbs. The current balance on their mortgage is $655,000. They meet with Ljubomir,
an insurance agent, to purchase a joint term life insurance policy to cover the mortgage. When
Ljubomir asks about their existing coverage, Goran shares that he has none. Tanja explains that she
owns a universal life (UL) policy with a level death benefit of $50,000 and a cash surrender value
(CSV) of $5,000, purchased 6 years ago from another agent. Tanja would like to surrender her UL
policy and use the $5,000 CSV to pay for a trip to Europe. What additional information about Tanja's
UL policy does Ljubomir need to collect?-
Option A:Correct
The investment vehicle of the policy's CSV
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Option B:Correct
The adjusted cost basis (ACB) and surrender charges of the policy's CSV.
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Option C:Correct
The dividends and paid-up additions.
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Option D:Correct
The premiums upon renewal.
Show Answer & Explanation Hide Answer & Explanation
Correct Answer: B
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Question 3
Single answerOscar is a chartered accountant who owns and operates his own firm, Tax Time Ltd., with the help of five employees. The provincial accountants ' association offers group benefits plans to its members ' firms. Oscar recently contacted the association to have a group benefits plan quoted and put in place for his firm. Who will be the plan sponsor?
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Option A:Correct
Oscar.
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Option B:Correct
Tax Time Ltd.
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Option C:Correct
The provincial accountants ' association.
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Option D:Correct
Show Answer & Explanation Hide Answer & Explanation
Correct Answer: B
Explanation
Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
In group insurance, the plan sponsor is typically the employer or entity that establishes and maintains the group benefits plan for its employees or members. TheIFSE Ethics and Professional Practice Course (Common Law)explains that the sponsor is responsible for arranging the plan, often in collaboration with an insurer or association, but it is the employer (or firm) that formally sponsors it for its employees. Here, Tax Time Ltd., as Oscar’s firm, is the employer entity setting up the plan for its five employees, making it the plan sponsor. Oscar, as an individual, is not thesponsor; the association facilitates the plan but does not sponsor it for Tax Time Ltd.’s employees; and the insurer provides the coverage but does not act as the sponsor. Thus, option B is correct.
[References:, IFSE Ethics and Professional Practice Course (Common Law), Module 3: Group Insurance, Section on "Roles in Group Plans.", , ] -
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Question 4
Single answerAlana, Meaghan, and Beatrice are equal shareholders of Advanced Tech Inc. They each own 100
shares of the company. Each share is currently worth $5,000. They recently signed a cross-purchase
buy-sell agreement that is funded by life insurance. What will happen under this agreement if
Alana dies today?-
Option A:Correct
Meaghan and Beatrice would each still own 100 shares of the company.
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Option B:Correct
There would now be 200 outstanding shares of the company.
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Option C:Correct
Each share would now be worth $7,500.
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Option D:Correct
Alana’s estate would receive a total of $500,000.
Show Answer & Explanation Hide Answer & Explanation
Correct Answer: D
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Question 5
Single answerCandace, an insurance agent, met with her client Rebecca on March 15th to complete a life insurance application form. Rebecca applied for a T-10 $200,000 life insurance policy, she told Candace that she will wait for her policy to be accepted before making a premium payment. On April 10th, the application was accepted by the insurance company and Candace promptly called Rebecca to give her the good news. Candace delivered the policy to Rebecca on April 15th during the meeting, Rebecca gave Candace a cheque to cover her first premium and a void cheque to cover subsequent premium payments. Candace submitted the cheques to her manager on April 21st. When did Rebecca’s policy come into force?
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Option A:Correct
March 15th
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Option B:Correct
April 10th
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Option C:Correct
April 15th
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Option D:Correct
Show Answer & Explanation Hide Answer & Explanation
Correct Answer: C
Explanation
A life insurance policy generally comes into force when the policy is delivered to the applicant and the first premium is paid. In this case, Rebecca’s policy was officially delivered on April 15th, at which time she paid the initial premium. As per LLQP guidelines, the contract becomes effective upon the meeting of these two conditions: delivery of the policy and payment of the first premium.
Therefore, since Rebecca met both conditions on April 15th, that is the date her policy came into force.
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Question 6
Single answerJasper owns TeleVida, a successful production company with over 50 employees. He wants to expand
the company by opening an office in another province. Jasper needs to take out a $500,000 20-year
loan to make this expansion happen. However, he wants to make sure that if hedies while there’s an
outstanding balance on the loan, the balance will be paid in full by the insurance company.-
Option A:Correct
20-year decreasing term life insurance.
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Option B:Correct
20-year term life insurance.
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Option C:Correct
Term-100 life insurance policy.
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Option D:Correct
Universal life insurance policy.
Show Answer & Explanation Hide Answer & Explanation
Correct Answer: A
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