Home › International Academy › Canada › Practice exam Canada · independent exam preparation Canada LLQP Practice Exams: Life, A&S, Segregated Funds and Ethics Prepare across the Canadian LLQP competency areas with 10 practice sets covering life insurance, accident and sickness, segregated funds and ethics.
Choose one of 10 practice sets Question 1 of 20
1. Which term matches this description: “The person holding contractual ownership rights in a policy”? Critical illness insurance Policyowner Disability income insurance Underwriting
2. Which pairing is accurate? Term life insurance — Life coverage for a defined period without permanent cash value Policyowner — The person holding contractual ownership rights in a policy Beneficiary — The person or entity designated to receive policy proceeds Permanent life insurance — Long-duration life coverage that may include cash values
3. Which statement best describes Critical illness insurance? A contractual minimum value applying on a specified maturity date A contractual minimum payable on death subject to terms An insurance contract combining investment features and guarantees Coverage paying a specified benefit after a covered diagnosis
4. Which term matches this description: “Assessment of client goals, resources, risks and protection gaps”? Term life insurance Ethical conduct Replacement Needs analysis
5. Which term matches this description: “An insurance contract combining investment features and guarantees”? Needs analysis Segregated fund contract Death benefit guarantee Maturity guarantee
6. Which pairing is accurate? Segregated fund contract — An insurance contract combining investment features and guarantees Death benefit guarantee — A contractual minimum payable on death subject to terms Needs analysis — Assessment of client goals, resources, risks and protection gaps Maturity guarantee — A contractual minimum value applying on a specified maturity date
7. Which term matches this description: “Life coverage for a defined period without permanent cash value”? Permanent life insurance Policyowner Beneficiary Term life insurance
8. Which statement best describes Permanent life insurance? Long-duration life coverage that may include cash values The person or entity designated to receive policy proceeds The person holding contractual ownership rights in a policy Assessment of applicant risk and insurability
9. Which statement best describes Underwriting? An insurance contract combining investment features and guarantees Coverage paying a specified benefit after a covered diagnosis Assessment of applicant risk and insurability Coverage replacing part of income after qualifying disability
10. Which pairing is accurate? Beneficiary — The person or entity designated to receive policy proceeds Policyowner — The person holding contractual ownership rights in a policy Permanent life insurance — Long-duration life coverage that may include cash values Underwriting — Assessment of applicant risk and insurability
11. Which pairing is accurate? Permanent life insurance — Long-duration life coverage that may include cash values Ethical conduct — Acting honestly, competently and in the client interest under applicable duties Term life insurance — Life coverage for a defined period without permanent cash value Replacement — Substituting an existing policy or contract with another
12. Which pairing is accurate? Underwriting — Assessment of applicant risk and insurability Disability income insurance — Coverage replacing part of income after qualifying disability Policyowner — The person holding contractual ownership rights in a policy Beneficiary — The person or entity designated to receive policy proceeds
13. Which pairing is NOT accurate? Maturity guarantee — A contractual minimum value applying on a specified maturity date Death benefit guarantee — A contractual minimum payable on death subject to terms Segregated fund contract — A contractual minimum value applying on a specified maturity date Needs analysis — Assessment of client goals, resources, risks and protection gaps
14. Which pairing is NOT accurate? Needs analysis — Assessment of client goals, resources, risks and protection gaps Maturity guarantee — A contractual minimum payable on death subject to terms Death benefit guarantee — A contractual minimum payable on death subject to terms Replacement — Substituting an existing policy or contract with another
15. Which statement best describes Term life insurance? The person or entity designated to receive policy proceeds The person holding contractual ownership rights in a policy Life coverage for a defined period without permanent cash value Long-duration life coverage that may include cash values
16. Which term matches this description: “A contractual minimum payable on death subject to terms”? Replacement Death benefit guarantee Needs analysis Ethical conduct
17. Which term matches this description: “A contractual minimum value applying on a specified maturity date”? Needs analysis Replacement Maturity guarantee Death benefit guarantee
18. Which pairing is NOT accurate? Policyowner — The person holding contractual ownership rights in a policy Underwriting — Assessment of applicant risk and insurability Beneficiary — The person or entity designated to receive policy proceeds Permanent life insurance — The person or entity designated to receive policy proceeds
19. Which pairing is accurate? Beneficiary — The person or entity designated to receive policy proceeds Term life insurance — Life coverage for a defined period without permanent cash value Ethical conduct — Acting honestly, competently and in the client interest under applicable duties Permanent life insurance — Long-duration life coverage that may include cash values
20. Which statement best describes Beneficiary? The person or entity designated to receive policy proceeds Assessment of applicant risk and insurability The person holding contractual ownership rights in a policy Coverage replacing part of income after qualifying disability
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About this preparation module This independent learning resource follows the publicly described topic areas of the named qualification. It is not endorsed by the examination owner and does not reproduce confidential examination questions.
Practice format Choose any of 10 mock sets. Every set offers a 20-question mini test or a 50-question full practice exam with explanations.
Official source and current requirements Always verify the current syllabus, eligibility, timing and rules with the examination owner. View the official information source .
Frequently asked questions Are these official examination questions? No. Every question is independently written for educational practice and no affiliation or endorsement is implied.
Which practice mode should I use? Use the 20-question mini test for focused revision and the 50-question full test for longer practice. A practice score is not an official result.
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