LLQP Segregated Funds & Annuities Overview — What’s Tested and How to Prepare

Exam format: provincial licensing vs CSI course

If you are preparing for provincial licensing, be careful with the “100 questions / 3 hours” number you may see online: that format is specific to the CSI LLQP Insurance Course assessments, not the provincial LLQP modular licensing exams.

Provincial LLQP licensing exam snapshot (example: British Columbia)

The official BC Harmonized LLQP Examinee Information Guide describes the modular licensing exams used in BC. Other provinces/territories may use different providers and policies, so treat this as an example and confirm your own regulator’s current guidance.

This hub covers only the Segregated Funds & Annuities module. Depending on province and licence type, you may also need other LLQP modules (for example: Life Insurance, Accident & Sickness, and Ethics & Professional Practice — Common Law or Civil Code).

Sources: https://www.insurancecouncilofbc.com/Website/media/Shared/LLQP/Documents/LLQP-Examinee-Information-Guide.pdf and https://www.insurancecouncilofbc.com/Website/media/Shared/LLQP/Documents/LLQP-Examination-Administration-Policy.pdf

CSI LLQP Insurance Course exams (different from provincial licensing exams)

CSI publishes an exam/credits reference for its LLQP Insurance Course. These figures are useful context for course assessment, but they are not the provincial modular licensing-exam format.

Source: https://www.csi.ca/en/learning/courses/llqp/exam-credits

Official module competency weightings (Segregated Funds & Annuities — end-of-module test)

These weights are published by CSI for its end‑of‑module test and reflect the standard LLQP competency structure; your provincial exam provider may present the same blueprint in a different way.

What this module is really testing

Segregated Funds & Annuities questions reward candidates who can do four things consistently:

• Read the investor: goal (growth vs protection vs income), time horizon, liquidity needs, risk capacity/tolerance.
• Read the contract: guarantees are conditional; know what resets do (high level), what fees buy you, and what restrictions apply.
• Read the “insurance wrapper”: beneficiary designations, settlement, and creditor/estate implications (jurisdiction- and fact-specific).
• Stay disciplined: avoid recommending an illiquid/fee-heavy structure for a client who needs flexibility.

Common scenario patterns

• Seg fund vs mutual fund framing (high level): guarantees and beneficiary features vs typically higher costs.
• Guarantee mechanics (high level): maturity/death benefit guarantees, resets, and what can reduce guarantees (policy-specific).
• Annuity selection (high level): immediate vs deferred; life annuity vs term-certain; guarantee periods; joint options.
• Suitability + liquidity: surrender/withdrawal constraints and time horizon mismatches.
• Beneficiaries and estate intent: who gets paid, how fast, and how it interacts with other planning goals (fact-dependent).

A practical prep strategy

1. Work the Syllabus as your daily checklist.
2. Build a one-page comparison sheet: seg funds vs mutual funds and annuities by payout type (high level).
3. Drill scenario questions and keep a miss log (“What feature or constraint did I miss?”).

Sources: https://www.csi.ca/en/learning/courses/llqp/curriculum and https://www.csi.ca/en/learning/courses/llqp/exam-credits