LLQP Ethics Exam Preparation Module Practice Questions

A multiple-choice LLQP Ethics Exam practice question asking which asset will pass through Lisa’s estate. The correct answer, “An RRSP on which she has not named a beneficiary,” is selected and explained.
Sample LLQP Ethics Exam question illustrating that assets without a named beneficiary, such as an RRSP, will pass through the estate.

A multiple-choice LLQP Ethics Exam practice question asking who receives the benefit from an accidental death and dismemberment policy when the insured, John, loses two limbs. The correct answer, “John,” is selected and explained.
Sample LLQP Ethics Exam question showing that in a dismemberment claim, the insured (not the beneficiary) receives the benefit from the accidental death and dismemberment policy.
A multiple-choice LLQP Ethics Exam practice question asking for a key difference between a group insurance plan and an individual insurance plan. The correct answer, “Group plans are negotiated between the insurer and the group (group policy holder),” is selected and explained.
Sample LLQP Ethics Exam question explaining that group insurance plans are negotiated between the insurer and an organization or employer representing the insured group, unlike individual plans which are negotiated directly with the insured.

A multiple-choice LLQP Ethics Exam practice question asking when the Paid-up Addition (PUA) dividend option would be appropriate for a life insurance policyholder. The correct answer, “When the policyholder expects their insurance needs to increase over time,” is selected and explained.
Sample LLQP Ethics Exam question showing that the Paid-up Addition (PUA) dividend option is useful when a policyholder anticipates increased insurance needs, allowing them to use dividends to buy additional coverage without new underwriting.

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