IFSE Institute LLQP Exam Dumps - Valid Questions Answers

Comprehensive and Detailed In-Depth Explanation: In life insurance, the policyholder owns the contract and has the authority to change the beneficiary, per the Civil Code of Quebec (Article 2425). Claudie’s mother, as the policyholder, must submit a written request to the insurer to designate Marc-André as the new beneficiary, making option A correct. Option B is incorrect because the beneficiary (Claudie’s mother) has no control over changing the designation—only the policyholder does. Option C is wrong, as the insured (Claudie) has no inherent right to alter the beneficiary unless she is also the policyholder, which she is not. Option D misstates the goal—Claudie wants a beneficiary change, not a policyholder change. The Ethics and Professional Practice manual stresses that advisors must ensure clients understand policy ownership rights and procedures for beneficiary changes.

Comprehensive and Detailed In-Depth Explanation: Somalia, as an insurance of persons advisor in Quebec, must adhere to multiple legislative frameworks governing her professional conduct and client interactions. The Distribution Act (option A) regulates her licensing, duties, and client dealings as a financial professional (Sections 1–12), making it directly applicable. The APPIPS (option B) governs how she handles clients’ personal information, a critical aspect of her role (Sections 1–10), so she must comply. The Quebec Charter of Human Rights and Freedoms (option C) protects clients’ rights to dignity and respect, influencing her ethical obligations (Sections 1–4). However, The Insurers Act and its Regulation (option D) primarily govern insurance companies’ operations, solvency, and product offerings, not the day-to-day conduct of individual advisors like Somalia (Sections 1–20). While indirectly relevant through her insurer affiliations, it does not impose direct obligations on her client-facing duties. The Ethics and Professional Practice manual stresses advisors’ responsibility to prioritize client-focused legislation, supporting option D as the least applicable.

Comprehensive and Detailed In-Depth Explanation: Adèle seeks an immediate term annuity with payments starting in one month, funded by a lump sum. In annuity contracts (Civil Code, Article 2368), “alienation” means transferring capital ownership to the insurer, which then guarantees payments. Option A explains this: once Adèle’s $300,000 is alienated, the insurer assumes control, and with payments starting in one month, it’s in the payment phase (no significant accumulation). This aligns with an immediate annuity per the LLQP. Option B is incorrect—alienation means Adèle loses ownership, barring emergency access. Option C’s “deferred annuity” contradicts the one-month start. Option D misuses “capitalization phase” (growth period) for an immediate annuity already paying out. The Ethics manual requires advisors like Germain to clarify terms simply and accurately.