LLQP (Life Licence Qualification Program) Practice Exam · Question
What is the primary objective of a life insurance needs analysis?
A needs analysis is a process used to identify the financial resources a family would require to maintain their standard of living if a primary earner were to d
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Question: What is the primary objective of a life insurance needs analysis?
Answer options:
- To calculate the maximum insurance a client can afford. ✅ To determine the amount of insurance needed to cover the financial obligations of the insured's dependents.
- To choose between term and permanent insurance.
- To identify the most profitable products for the agent.
Correct answer: To determine the amount of insurance needed to cover the financial obligations of the insured's dependents.
Explanation: A needs analysis is a process used to identify the financial resources a family would require to maintain their standard of living if a primary earner were to die.
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- A life insurance policy that offers lifelong coverage, a guaranteed death benefit, and a savings component tha
- Group benefits in Canada commonly include:
- Sarah, a 35-year-old marketing professional in Ontario, purchases a participating whole life insurance policy
- Mark, a 45-year-old business owner in British Columbia, has a Universal Life policy with a Level Cost of Insur
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