2026 Free IFSE Institute LLQP Exam Files Downloaded Instantly [Q66-Q82]

Q66. Lily works for Cloud 9 Inc. She earned $120,000 in Year 1 and $125,000 in Year 2. Lily contributes 5% of her income into a defined contribution pension plan (DCPP), and this contribution is matched by the employer. Lily has unused contribution room of $15,000 andwants to know how much she can contribute to her registered retirement savings plan (RRSP) in Year 2.

$24,600

$25,000

$30,600

$31,250

Q67. (Ten years ago, Yamina invested $2,500 in a segregated fund contract with a 75%/100% guarantee structure. The market value of the contract peaked at $4,500 but then fell. Now, at maturity, the units are worth $2,250.
How much can Yamina expect to receive?)

$3,375

$2,500

$2,250

$1,875

Q68. Aaliyah is a 37-year-old account manager at a large pharmaceutical company. She earns $300,000 a year plus bonuses. She meets with Theo, an insurance agent, to review her life insurance needs. Theo deduces that Aaliyah needs a $250,000 universal life (UL) insurance policy. Aaliyah agrees but states that she wants to keep her premiums low. Which of the following UL death benefit options would BEST suit her needs?

Level death benefit.

Level death benefit plus account value.

Level death benefit plus cumulative premiums.

Indexed death benefit.

Q69. Oliver, an insurance agent, meets with Roman and Julie. They are a married couple with a five-year-old son William. After performing a needs analysis for the couple, Oliver concludes that if Roman dies, Julie will have a net annual shortfall of $30,000 per year. Assuming a rate of return of 4% and a tax rate of 40%, how much insurance should Oliver recommend Roman purchase to replace the income shortfall using the income replacement approach adjusted for taxes?

$390,000

$750,000

$1,250,000

$1,875,000

Q70. Johann owns a $250,000 whole life insurance policy. The policy has a cash surrender value (CSV) of $55,000 and an adjusted cost basis (ACB) of $30,000. Johann would like to cancel his policy and use the cash surrender value to fund a new business. If his marginal tax rate is 40%, how much will he have left after cancelling his policy?

$30,000

$33,000

$45,000

$55,000

Q71. (Jim is buying a life annuity with insurance settlement money due to a disabling accident. He declines a guarantee period to maximize monthly payments.
Which of the following must the agent be sure to note on the application?)

Marilyn as the joint annuitant.

Marilyn as the beneficiary.

Jim as the annuitant.

Jim as the beneficiary.

Q72. Concilius has had a whole life (permanent) insurance policy for the past eight years. He decides he no longer wants this policy and stops paying the premiums. The cash value keeps the policy in effect for 28 months, after which it lapses. However, 46 months later, Concilius regrets his decision and applies to reinstate his policy. He is prepared to prove that he still meets the insurability conditions and to pay the overdue premiums plus interest, the cash value used, and the interest. Under what conditions will Concilius’ policy be reinstated?

With the addition of a new premium based on his current age

With the same initial conditions

With an increase in the price of the premium

With a reduction in the insured amount

Q73. Svetlana is a 45-year-old single mother with two children: Georgi 17; and Ingrid 13. The children’s father, Vladimir, has a serious gambling problem and only visits them sporadically. Vladimir’s younger brother Sergei, on the other hand, is a dependable and helpful uncle who helps Svetlana regularly with the children.
Svetlana meets with Robert, an insurance agent to review her life insurance needs because she wants to make sure that her children are taken care of if she were to die prematurely. Robert suggests that she purchase a
$200,000 policy. Who should she name as a beneficiary?

Georgi and Ingrid but name Vladimir as a trustee.

Georgi and Ingrid but name Sergei as a trustee.

Sergei

Vladimir

Q74. Elizabeth is a seasoned insurance agent. She meets with Harold, a new agent, to help him better understand the industry and the processes that they must follow. Elizabeth tells Harold about a body that administers the regulatory system applicable to insurance intermediaries. Which of the following is Elizabeth referring to?

OmbudService for Life and Health Insurance (OLHI)

Canadian Council of Insurance Regulators (CCIR)

Office of the Privacy Commissioner of Canada

Canadian Insurance Services Regulatory Organizations (CISRO)

Q75. (Matthew, 40 years old, is leaving his employer (XYZ Corp) and has $100,000 in a group RRSP.
What should Shawn, the advisor, do?)

Provide Matthew with forms to transfer his group RRSP holdings to an individual RRSP.

Calculate the commuted value of Matthew’s group RRSP account and arrange transfer to the DPSP.

Arrange for the transfer of the cash value of Matthew’s group RRSP to the group TFSA.

Arrange for the transfer of Matthew’s group RRSP to his wife’s group RRSP.

Q76. (Justin purchased a single life annuity contract with no guaranteed period and no survivor benefit. He is now hospitalized.
If Justin passes away, who could make a claim on behalf of his estate regarding the annuity?)

Only the executor of Justin’s estate could make the claim.

Only Justin’s spouse, as the contingent annuitant, could make the claim.

Any person with a power of attorney could make the claim.

A death claim could not be made for the annuity Justin purchased.

Q77. Jasper is the sole breadwinner in his family. His wife Stephanie has chosen to dedicate all of her time to raising their 3 young children. Luckily, Jasper earns a monthly after-tax income of $25,000 working as a family doctor in the local clinic. Jasper meets with his insurance agent Odda to purchase a life insurance policy that will ensure his family will be able to continue toenjoy their current lifestyle in the event of his death. If his average tax rate is 40% and the investment return is 4%, how much life insurance should Jasper purchase based on the income replacement approach?

$625,000

$1,041,666

$7,500,000

$12,500,000

Q78. Seven years ago, Amber invested $150,000 in a non-registered equity segregated fund. Her investment grew, and today, the market value of her fund is $165,000. She places an order to redeem her fund and she wants to know how her investment will be taxed.

The $15,000 of capital gains will receive preferential tax treatment.

The $15,000 of capital gains will be 100% taxable.

The entire $165,000 will be taxed as income.

The investment will not be taxed.

Q79. Hussein wants to purchase a segregated fund. He has been following the news and believes the pharmaceutical sector will take off soon, and he wants to purchase a fund that will capitalize on his market view. He understands market fluctuations and is comfortable with the level of risk involved because he would only need to access these funds in 20 years.
Which of the following would be the most appropriate fund for Hussein?

Bond fund

Specialty fund

Balanced fund

Target date fund

Q80. 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?

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

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

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

Explain only the insurance policy’s general coverage clauses

Q81. Dominic suffers a heart attack on October 1 and dies a little over a month later, on November 7. At the time of his death, he owned a $150,000 critical illness (CI) insurance policy, purchased 10 years earlier. Dominic never failed to pay the $100 monthly premium. When he died, the insurer had not yet issued the benefit payment.
How will the CI benefit be treated?

It will not be paid.

It will be paid to Dominic’s next of kin.

It will be payable to Dominic’s estate.

Dominic’s estate will receive a return of premiums.

Q82. Maverick meets with Alyssa, an insurance agent, to review his life insurance needs. After completing the needs analysis, Alyssa suggests that Maverick purchase a $100,000 whole life insurance policy and add a critical illness (CI) benefit rider. Which of the following options is an advantage of adding the CI coverage as a rider instead of purchasing an individual CI policy?

It covers more illnesses than an individual policy.

Benefits are paid out as soon as the individual is diagnosed with a covered condition.

It is less expensive than an individual policy.

If he is diagnosed with a debilitating illness that does not endanger his life, he may still receive coverage.