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LLQP practice test questions answers

IFSE Institute LLQP Dumps Questions Answers

Exam Code:
LLQP
Last Update: Oct 30, 2024
150 Questions Answers with Explanation Detail
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LLQP Q&A's Detail

Exam Code:
LLQP
Total Questions:
150 Q&A's
Single Choice Questions:
150 Q&A's

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All Life License Qualification Program Related Certification Exams

Other IFSE Institute Certification Exams

Life License Qualification Program (LLQP) Questions and Answers

Questions 1

Xavier meets and fills out an application form with Jose, an insurance representative, because he would like to purchase a critical illness insurance policy. When Jose asks Xavier about his alcohol consumption, Xavier admits he regularly drinks 10 beers a day.

What is the next step in the application process?

Options:

A.

The insurance company will automatically refuse the application.

B.

The insurance company will accept the application with an exclusion for alcohol consumption.

C.

Jose should refuse the request.

D.

Xavier will have to fill out a questionnaire detailing his alcohol consumption.

Questions 2

Nikolai owns a guaranteed renewable individual disability policy that he purchased last year. The policy pays a monthly benefit of $3,000 and includes a 4-month waiting period and a 5-year benefit period. Today, he is diagnosed with prostate cancer and learns he must undergo 6 months of radiation.

When should he contact the insurance company to inform them of his diagnosis?

Options:

A.

As soon as he receives his diagnosis.

B.

Within 30 days of receiving his diagnosis.

C.

As soon as his waiting period is over.

D.

As soon as his treatment finishes.

Questions 3

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?

Options:

A.

Non-refund accounting.

B.

Refund accounting.

C.

Administrative services only.

D.

Claims experience.

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