Free Practice IFSE Institute LLQP Exam Questions 2025

Harold is a 66-year-old retired school bus mechanic. He receives $900 a month from his definedbenefit pension plan (DBPP). His husband Karl is also retired and receives his own pension benefit.Harold would like to know the minimum monthly pension benefit from his DBPP that Karl will receive upon Harold's death. 

Mohammed is an employee at Optima Plus Inc. Over the years, he accumulated $15,000 in thecompany's group plan. He knows that his contributions into the plan are not tax-deductible, and he isnot taxed on the funds when he makes a withdrawal.What type of plan does Mohammed have with his employer?

Thien is 56 years old and has recently been diagnosed by his doctor with a heart condition for whichthere is no known treatment, and which has dramatically reduced his life expectancy. Thien hasdecided to take early retirement. Fortunately, after 30 years of service working as a credit officer at alocal bank, he has accumulated a large sum in his pension plan. Thien's wife supports his decision toretire early. She is 49 and in good health, and plans to continue working and earning a lucrativeincome at her current position as a divorce lawyer at a prestigious law firm, at least until she reaches65 years of age.What type of annuity would BEST suit Thien's needs? 

Kadiha invested $10,000 in a balanced fund 10 years ago, which she put into a non-registered account. At the time, her insurance agent sold her the fund with a 75% maturity and death benefit guarantee. Today, when the fund expires, the market value is $5,000. How much will Kadiha receive, and how will her funds be treated for tax purposes?  

Nikolai owns a guaranteed renewable individual disability policy that he purchased last year. Thepolicy pays a monthly benefit of $3,000 and includes a 4-month waiting period and a 5-year benefitperiod. Today, he is diagnosed with prostate cancer and learns he must undergo 6 months ofradiation.When should he contact the insurance company to inform them of his diagnosis?