IFSE Institute LLQP Practice Exam Questions & Answers
5 Free Questions
· Last reviewed: September 4, 2026
· Prepared & Reviewed by the ValidExamDumps Editorial Team
Exam Facts
IFSE Institute LLQP Exam Details
Key details for this exam, checked against the published exam outline
298
Practice Questions (Our Bank)
75 minutes per module
Exam Duration
60%
Passing Score
- Exam Code
- LLQP
- Full Name
- Life License Qualification Program (LLQP)
- Issuing Body
- IFSE Institute
- Question Format (Our Bank)
- Multiple Choice
- Delivery
- In-person, proctored (administered by Durham College in Ontario)
- Eligibility
- Completion of LLQP prerequisite course from an approved provider
- Validity
- 1 year from the date of passing the final module to apply for provincial license
Practice Questions
Free LLQP Practice Questions
Each question shows the correct answer and an explanation of why it is right
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Every question and its answer is checked by our LLQP exam
preparation team, who also write the explanation shown with each one.
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Agatha and Peter run a successful sole proprietorship. They are 68 and 70 respectively. Peter has a huge registered investment portfolio that will result in significant tax consequences upon his death. When both of them have passed away they would like their registered investment portfolio to go to their son, Alexander, who is 48 years old. The family would like to purchase life insurance to offset the tax liability.
Which of the following plans would best suit the family?
Correct Answer:
C
Explanation
Harry is 60 with a family history of early death, so he needs strong death benefit protection along with growth potential. The 75% maturity guarantee and 100% death benefit guarantee provide maximum death protection while keeping costs reasonable through the lower maturity guarantee. A lower death benefit guarantee would leave insufficient protection if he dies, while a higher maturity guarantee would increase fees without matching his priorities. This balance addresses both his cost concerns and his mortality risk.
Insurance of persons representative Flavie meets with Julius to analyze his needs. At the end of the meeting, Flavie makes another appointment to present the results of the analysis and the proposed strategies. She hands Julius her business card, which says: ''One of the company's 10 best salespersons at your service!'' Flavie even adds that she is the office's top salesperson and earns more than $250,000 a year in commissions and bonuses. What changes should Flavie make for her representation practices to comply with the obligations of an insurance of persons representative?
Correct Answer:
B
Explanation
Using the income replacement approach, Ben's monthly income of $6,000 is capitalized at 4% interest to determine how much insurance is needed to replace his lost earnings. The calculation is $6,000 monthly income times 12 months equals $72,000 annually. Dividing $72,000 by 0.04 (the 4% interest rate) equals $1,800,000. This amount, if invested at 4%, would generate sufficient income to support Pam and the children. Other answers either use incorrect interest rates or fail to properly capitalize the annual income stream.
Eric is an architect who owns his own firm. He employs three staff and is in his fifth year of operation. While recently meeting with his insurance agent for an annual review of his coverage, he mentioned to the agent that he had recently purchased a new printing system and has a sizeable loan on it. In the event of disability, what type of insurance coverage could the agent suggest to ensure the loan payments are made?
Correct Answer:
D
Explanation
Ashley has two distinct needs with different purposes. The term policy addresses income replacement for her young children, so naming the estate as beneficiary allows flexibility in distributing funds through her will to support them. The permanent policy covers a specific tax liability on her RRSPs, so naming the children with a trustee as beneficiary keeps that money outside her estate and available immediately to pay taxes without probate delays. This structure separates the two needs appropriately.
Ming-Na is a McGill University graduate interested in pursuing a career as an insurance of persons representative. She wants to know which piece of legislation sets out the definition and role of insurance of persons representatives.
Which of the options below is CORRECT?
Correct Answer:
B
Explanation
When multiple insurers provide coverage on the same life, each insurer is responsible for paying their portion directly to the beneficiary upon death. United Life covers $3 million and Extra Life covers $7 million, so each company processes its own death claim independently. The beneficiary receives payments from both companies rather than one insurer collecting and redistributing funds. This avoids any delays from coordination between insurers.
(Jorge meets with his new financial advisor. He brought a series of documents so that she can determine his investor profile.
Which of the following documents will not be helpful for determining Jorge's investor profile?)
Correct Answer:
D
Explanation
Group premium credibility is based on claims experience and group size. With a 20% credibility rating, the insurer trusts Huck's Oil Change group's claims history to only 20%. This means 20% weight goes to the group's actual experience and 80% weight goes to the standard manual rate for comparable groups. The remaining 80% reflects industry-standard rates because the group's claims data is too limited to be fully reliable. Higher turnover and smaller groups typically receive lower credibility scores.
Domain 1: Life Insurance
This section measures skills of insurance professionals such as financial advisors and life insurance agents. It covers the economic implications of death, how life insurance addresses financial needs, and teaches different types of life insurance products including their features and benefits.
Sample questions from this domain above:
Q2Q3Q4
Domain 2: Accident and Sickness Insurance
Designed for insurance professionals offering individual and group health insurance products. This part focuses on financial protection in serious illness or injury and explores types of accident and sickness insurance including disability, critical illness, long-term care, and extended health coverage.
Sample question from this domain above:
Q5
Domain 3: Segregated Funds and Annuities
This module targets financial planners and measures knowledge of saving and investing strategies for retirement and investment planning. It covers segregated funds and annuities, including their unique features, benefits, and tax considerations.
Sample question from this domain above:
Q1
Domain 4: Ethics and Professional Practice
Intended for life insurance professionals, focusing on their legal responsibilities and ethical duties. It covers the legal framework governing life insurance in common law provinces and territories, excluding Quebec, and emphasizes professional responsibilities to maintain integrity within the insurance industry.
FAQ
LLQP Exam FAQ
Common questions about the exam itself
What prerequisites do I need to sit the LLQP exam?
You must complete the LLQP course from an IFSE-approved provider and pass the corresponding course exam before you can register for the provincial licensing exam. This course is a mandatory prerequisite to qualify for the provincial LLQP exam.
How is the LLQP structured and how long does each exam take?
The LLQP consists of four modules that you must pass: Life Insurance, Accident and Sickness Insurance, Segregated Funds and Annuities, and Ethics and Professional Practice. Each module has its own 75-minute proctored exam.
What is the passing score for the LLQP exam?
You must achieve a score of 60% or higher on each of the four modules to pass. The national passing standard is consistent across all provinces.
How many attempts do I get to pass the LLQP exam?
You have a maximum of four attempts to pass each modular exam. If you fail on your fourth attempt, you must re-enrol in the course.
What happens after I pass the LLQP exam?
Once you pass all four modules, IFSE updates your information in the Canadian Insurance Participant Registry (CIPR). You then have one year from the date you pass your final module to register with your provincial insurance regulator and sit the provincial licensing exam to obtain your life insurance license.
Is the LLQP exam proctored and where do I take it?
Yes, the LLQP exam is proctored. In Ontario, it is administered in-person by Durham College. Delivery and location may vary by province, so check with your provincial insurance regulator.
How long does the LLQP certification remain valid?
Your LLQP certification is valid for one year from the date you pass the final module. You must apply for your provincial license within this one-year window or you may need to retake the exam.
What job role does the LLQP certification qualify me for?
The LLQP qualifies you to work as a life insurance agent or accident and sickness insurance agent. It is a mandatory licensing requirement for professionals offering life insurance, health insurance, disability insurance, critical illness coverage, and related products in Canada.
Can I reschedule my LLQP exam if I miss my appointment?
Rescheduling policies are set by the provincial exam administrator. In Ontario, Durham College administers the exams. Contact your provincial regulator or exam administrator for their specific rescheduling and cancellation policies.
How do I prepare for the hardest section of the LLQP exam?
Ethics and Professional Practice is often challenging because it requires applying regulatory standards and ethical principles to real client situations. Study the legal framework governing life insurance in your province, understand disclosure requirements, and practice scenarios involving conflicts of interest and professional conduct expectations.
