Free CSI LLQP Exam Questions
Absolute Free LLQP Exam Practice for Comprehensive Preparation
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CSI LLQP Exam Questions
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Provided By: CSI
- Exam: Life License Qualification Program Insurance Course (LLQP)
- Certification: Canadian Securities Course
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Total Questions: 0
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Updated On: Sep 24, 2026
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Rated: 4.9 |
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Online Users: 0
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Question 1
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Nathalie worked for 25 years as an administrative assistant at a manufacturing company. When she left the
company 10 years ago, she transferred the money that she accumulated from the company’s pension plan into
a locked-in retirement account (LIRA). Now she is 60 years of age and would like to withdraw the money
from the LIRA.
Under which of the following circumstances would Nathalie be allowed to withdraw her funds?
Answer: B
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Nathalie worked for 25 years as an administrative assistant at a manufacturing company. When she left the
company 10 years ago, she transferred the money that she accumulated from the company’s pension plan into
a locked-in retirement account (LIRA). Now she is 60 years of age and would like to withdraw the money
from the LIRA.
Under which of the following circumstances would Nathalie be allowed to withdraw her funds?
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Question 2
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Larson, an insurance agent, meets with Julia, a real estate agent, to review her insurance needs. Julia has $500
in her savings account and does not own a tax-free savings account (TFSA) or registered retirement savings
plan (RRSP). She earns an average of $150,000 a year in sales commissions and rental income from two
condo units she owns. The combined value of her income properties is $1,000,000, and the mortgage is
$200,000.
Larson recommends that Julia open a TFSA and use it to invest $400 a month in a money market fund.
Which of the following personal risks is Larson trying to mitigate with this advice?
Answer: D
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Larson, an insurance agent, meets with Julia, a real estate agent, to review her insurance needs. Julia has $500
in her savings account and does not own a tax-free savings account (TFSA) or registered retirement savings
plan (RRSP). She earns an average of $150,000 a year in sales commissions and rental income from two
condo units she owns. The combined value of her income properties is $1,000,000, and the mortgage is
$200,000.
Larson recommends that Julia open a TFSA and use it to invest $400 a month in a money market fund.
Which of the following personal risks is Larson trying to mitigate with this advice?
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Question 3
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Eloise has critical illness coverage through her group insurance plan at work. She is 54 years old, in excellent
health, and is planning to retire soon. She meets with Sonia, her insurance agent, to plan her retirement and to
make sure she will still be covered in the event of critical illness. To make sure she is not a burden on her
family, Eloise would also like to receive monthly benefits in the event she is placed in an assisted living
facility. What should Sonia tell her?
Answer: C
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Eloise has critical illness coverage through her group insurance plan at work. She is 54 years old, in excellent
health, and is planning to retire soon. She meets with Sonia, her insurance agent, to plan her retirement and to
make sure she will still be covered in the event of critical illness. To make sure she is not a burden on her
family, Eloise would also like to receive monthly benefits in the event she is placed in an assisted living
facility. What should Sonia tell her?
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Question 4
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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?
Answer: B
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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?
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Question 5
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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?
Answer: B
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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?