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Exam Code: LLQP Vendor: IFSE Institute Name: Life License Qualification Program (LLQP) 328 Q&A with Explanation Last Update: Jul 15, 2026
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LLQP FAQs

What is the LLQP exam?
The LLQP (Life Licence Qualification Program) exam is the licensing exam required to become a life insurance or accident and sickness insurance advisor in Canada. It ensures candidates understand insurance products, ethics, law, and compliance. Passing the exam is mandatory before applying for an insurance license in most provinces.
How is the LLQP exam structured?

The exam is divided into multiple modules:

  • Life Insurance

  • Accident & Sickness Insurance

  • Segregated Funds & Annuities

  • Ethics and Professional Practice (Canada + province-specific)

Each module is written separately, and candidates must pass all required modules to qualify. The exam is multiple-choice, computer-based, and administered by official testing centers.

What is the passing grade and attempt policy?
The passing grade is typically 60% per module. Candidates who fail a module can retake it, but retakes may require additional fees.
How can Dumpspedia’s LLQP dumps elevate your insurance licensing preparation?
Dumpspedia’s LLQP dumps focus on life insurance regulations and sales practices, guiding you toward success in the Canadian qualification exam with current content.
What makes Dumpspedia’s LLQP materials effective for exam performance?

Dumpspedia’s LLQP dumps include case studies on client needs analysis, ensuring you’re well-equipped to pass the licensing test.

Who is the ideal candidate for the LLQP exam?

The LLQP exam is ideal for individuals aiming to build a career in the life and health insurance industry. This includes aspiring insurance advisors, financial planners, and anyone interested in helping clients with life insurance, annuities, and risk-management solutions. If you enjoy working with people, offering financial guidance, and understanding insurance regulations, the LLQP certification is a strong step toward a professional licensing pathway.

What's the format of the LLQP exam?

The LLQP exam consists of 100 multiple-choice questions, and you'll have 2 hours to complete it. The questions cover various aspects of life insurance, including policy types, underwriting, and regulations.

How to know if LLQP exam readiness is enough?

Consistently scoring well on practice questions across different topics is a useful indicator. Avoid relying only on memorization; understanding concepts matters for unfamiliar scenarios.

What jobs become available after passing LLQP?

Passing LLQP can open opportunities such as life insurance advisor, financial services representative, or insurance sales professional. It can also support long-term growth into broader financial planning roles.

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Life License Qualification Program (LLQP) Questions and Answers

Questions 1

Joseph, a retired jeweler, meets with Larry, an insurance agent with Summit Life Co., to review Joseph's life insurance needs. Joseph has made it clear in his will that upon his death, his son will inherit his collection of diamond necklaces, valued at $1.8 million.

What type of asset is Joseph's diamond necklace collection considered to be?

Options:

A.

Liquid asset.

B.

Investment asset.

C.

Fixed asset.

D.

Pension asset.

Questions 2

Jean recently retired at age 60. A passionate art collector for some 30 years, Jean now has an impressive collection of Canadian paintings. His collection, which he acquired at a cost of $150,000, is currently valued at $600,000.

Jean has over $450,000 in his RRSP. He has been living alone in a rental condo since his divorce five years ago.

When he dies, Jean will leave his property to his only child, Claudia, who is 33, married and has two children.

If he does not make any provisions to cover the tax liability, how will Jean's tax return be affected for the year of his death?

Options:

A.

A taxable capital gain of $225,000 will be declared for his art collection and the RRSP will be transferred directly to Claudia.

B.

A taxable capital gain of $450,000 will be declared for his art collection and the RRSP will be transferred directly to Claudia.

C.

A taxable capital gain of $225,000 will be declared for his art collection and the entire RRSP will be considered income earned by Jean.

D.

A taxable capital gain of $450,000 will be declared for his art collection and for the cashing in of his RRSP.

Questions 3

Francis owns a $250,000 insurance policy with an accidental death and dismemberment (AD&D) rider. Francis calls his insurance agent Andrew to inform him that he permanently lost the use of his right hand. He explains to Andrew that his brother shot him when he broke into his brother’s house to recover a gold watch that was rightfully his. Francis wants to know how much he will receive from his AD&D rider.

Options:

A.

Francis will receive a benefit of $165,000.

B.

Francis will receive a benefit of $187,500.

C.

Francis will receive a benefit of $250,000.

D.

Francis will not receive any benefit.

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What our customers are saying

United Arab Emirates
Hamdan
Mar 27, 2026

I kept making small mistakes that were costing me marks during practice. Dumpspedia was a really useful resource, and repeating those questions helped me clean up my approach before the LLQP exam.

Ireland
Omari Keller
Dec 3, 2025

Excellent LLQP prep tool from Dumpspedia. The practice exams forced me to really understand concepts in Financial Planning and Underwriting. The format closely matched the official test, which helped tremendously and led to me passing with ease.

Canada
Lucas
Aug 26, 2025

For Canadian insurance, this dump is a must. It breaks down the dense material into digestible questions. Helped me pass all modules.