ifse LLQP Exam Questions

Questions for the LLQP were updated on : Nov 21 ,2025

Page 1 out of 20. Viewing questions 1-15 out of 298

Question 1

(Gregory and Vanessa married at an early age and had three children, who are now in their forties:
Eve, Rick and Max. When the couple retired five years ago, they purchased a joint life annuity. They
also had a will drawn up naming the three children as equal beneficiaries of their estate. The will
specifies that Eve will act as executor of the estate.
Last week, Gregory and Vanessa both died in a car accident.
Who could make a death claim as regards the annuity?)

  • A. Eve
  • B. Rick and Max
  • C. Eve, Rick and Max
  • D. No claim can be made
Answer:

D

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Question 2

(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. 1 and 2 (A suspicious transaction report and a large cash transaction record)
  • B. 2 and 3 (A large cash transaction record and a third-party determination form)
  • 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.
Answer:

D

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Question 3

(Business owner Timothy is reviewing information that his life insurance agent provided for him to
establish a group savings plan for his employees. Timothy then meets the agent for some advice. He
wants to avoid having to deal with pension credit adjustments.
Which of the following types of plans would meet this requirement?)

  • A. GRRSPs and DPSPs.
  • B. GRRSPs and group TFSAs.
  • C. Group TFSAs and DPSPs.
  • D. Group TFSAs and DCPPs.
Answer:

B

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Question 4

(At 60 years of age, Pierre recently retired for health reasons: he suffers from leukemia and is only
expected to live three or four more years, according to his oncologist. A friend advised Pierre to
purchase an annuity with his RRSP, as he has no immediate family to leave money to and wants a
guaranteed monthly payout.
What type of annuity would be best suited for Pierre?)

  • A. A term annuity.
  • B. A life annuity.
  • C. An enhanced annuity.
  • D. A deferred annuity.
Answer:

A

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Question 5

(Eric, aged 28, currently works for an accounting firm. He still lives with his parents but is saving to
buy a place of his own. Seven years ago, his grandparents gave him a significant cash gift following
his college graduation. He deposited it into a segregated fund that invests in the natural resources
sector. However, real estate prices are rapidly increasing. Eric is concerned that if he does not buy a
place in the next three to five years, it might become altogether unaffordable. In addition, the shares
of the segregated fund he holds have seen a sharp drop in market value two years ago and they have
not recovered yet.Eric questions his current choice of investment and asks his life insurance agent if
he should switch to a different type of segregated fund.
What should the agent recommend?)

  • A. Switch to a bond fund.
  • B. Switch to a dividend fund.
  • C. Switch to a balanced fund.
  • D. Hold on to his natural resources fund.
Answer:

C

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Question 6

(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?)

  • A. Only the executor of Justin's estate could make the claim.
  • B. Only Justin’s spouse, as the contingent annuitant, could make the claim.
  • C. Any person with a power of attorney could make the claim.
  • D. A death claim could not be made for the annuity Justin purchased.
Answer:

D

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Question 7

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

  • A. Provide Matthew with forms to transfer his group RRSP holdings to an individual RRSP.
  • B. Calculate the commuted value of Matthew’s group RRSP account and arrange transfer to the DPSP.
  • C. Arrange for the transfer of the cash value of Matthew’s group RRSP to the group TFSA.
  • D. Arrange for the transfer of Matthew’s group RRSP to his wife’s group RRSP.
Answer:

A

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Question 8

(Ted purchased an IVIC 10 years ago. His original deposit was $10,000. The current market value is
$15,500 at maturity.
What will the new maturity guarantee be?)

  • A. $10,000, with the new maturity date set 10 years from now.
  • B. $11,625, and the new maturity date will depend on Ted’s age.
  • C. $12,000, with the new maturity date set 10 years from now.
  • D. $15,500, and the new maturity date will depend on Ted's age.
Answer:

D

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Question 9

(Jack is starting a new job with group medical, dental, and retirement benefits. He submits his
application but is told he is not immediately eligible.
When might Jack become eligible?)

  • A. After the number of days required by law to contribute to his GRRSP.
  • B. At the end of his GRRSP contribution vesting period.
  • C. On the group plan’s renewal date.
  • D. At the end of a standard waiting period.
Answer:

D

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Question 10

(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?)

  • A. Marilyn as the joint annuitant.
  • B. Marilyn as the beneficiary.
  • C. Jim as the annuitant.
  • D. Jim as the beneficiary.
Answer:

C

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Question 11

(Helmut, a Canadian resident for 10 years, invests $25,000 in a segregated fund within an RRSP. The
agent processes the transaction without asking for proof of identity.
According to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), what
is the conclusion about the agent’s action?)

  • A. He has violated the identification requirements because the amount of the transaction is more than $10,000.
  • B. He has not violated the identification requirements because the amount is less than $100,000.
  • C. He has violated the identification requirements because the agent previously completed just one transaction for Helmut.
  • D. He has not violated the identification requirements because the amount was deposited in a registered account.
Answer:

C

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Question 12

(Harry, aged 60, recently sold his business and plans to invest $100,000 in segregated equity fund
contracts. He wants to minimize costs but has a family history of early death.
What maturity and death benefit guarantees would be most appropriate?)

  • A. 75%/75%
  • B. 75%/100%
  • C. 100%/75%
  • D. 100%/100%
Answer:

B

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Question 13

(Vanessa, a grandmother, wants to set up a savings account for her six-month-old granddaughter
Brienne’s future education, making a lump sum and regular contributions.
Which account is best suited?)

  • A. An RRSP in Brienne’s name
  • B. A TFSA in Vanessa’s name
  • C. An RESP with Brienne as beneficiary
  • D. A TFSA in Tanya’s name
Answer:

C

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Question 14

(Garry, a 55-year-old self-employed individual with no pension or RRSP savings, wants to make his
money work for him over the next 10 years before retirement.
Which product would be suitable?)

  • A. A variable income accrual annuity with deferred payment in 10 years
  • B. A 10-year prescribed payout annuity
  • C. An accumulation annuity with deferred payment in 10 years
  • D. A 10-year immediate term accumulation annuity
Answer:

C

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Question 15

(Philip is applying for a segregated fund contract and must choose a sales charge. He does not
foresee needing withdrawals and wants minimal management expenses and no initial reductions or
penalties.
Which form of sales charge would best suit Philip?)

  • A. A deferred sales charge
  • B. A no-load fund
  • C. A front-end sales charge
  • D. A negotiated sales charge
Answer:

C

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