Practice exams for the Life License Qualification Program, or LLQP, have similar types of questions as the actual exam since they cover the same topics, such as life insurance products, taxation, retirement planning and investment products. These questions are in the multiple choice format, mentions the IFSE Institute. The LLQP exam is for Canadians who want to work as insurance professionals and is a paper-based exam.
Practice tests and preparatory programs for the LLQP exam are available from sources that include The Financial Advisors Association of Canada, the IFSE Institute and the Foran Financial Institute. Individuals can expect to see scenario-based questions that have just one correct answer.
For example, the question may ask what would happen in a fictional case, what the most suitable life insurance would be for a hypothetical family or what kind of benefits someone would receive in the event of a disability, suggests The Financial Advisors Association of Canada. Sample topics that appear in the questions include risk management, professional standards, the insurance industry, individual and group insurance products, insurance claims and underwriting.
As of 2015, the actual LLQP exam has a time limit of 240 minutes and 140 questions. Individuals get three tries to pass the exam with a score of at least 60 percent. Practice exams may mimic this time limit and test length, suggests the IFSE Institute.