VIP Exclusive
LLQP VIP Certification Practice Exam III
LLQP — The LLQP (Life License Qualification Program) is a standardized national licensing exam administered by provincial and territorial insurance regulators across Canada under the CISRO framework. It consists of four modules — Life Insurance, Accident & Sickness Insurance, Segregated Funds & Annuities, and Ethics & Professional Practice — each with 50 multiple-choice questions (30 for Ethics), a 75-minute time limit (45 for Ethics), and a 60% pass mark. This VIP practice exam draws from all four modules at advanced difficulty.
54
Questions
90m
Time Limit
60.00%
To Pass
Question 1 of 54👑 VIP
Armand, age 52, owns a $500,000 universal life (UL) insurance policy with an accumulated investment account worth $180,000. He is considering surrendering the policy. His adjusted cost basis (ACB) in the policy is $95,000. Which of the following correctly describes the tax consequence of a full surrender?
Questions 2–54 and full explanations are VIP-exclusive.