LLQP (Life Licence Qualification Program) Practice Exam · Question
Why would someone choose a renewable term life insurance policy?
The renewability feature guarantees the policyowner the right to renew the policy for another term at a higher, predetermined premium rate, without needing to p
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Question: Why would someone choose a renewable term life insurance policy?
Answer options:
- To guarantee a level premium for their entire life. ✅ To ensure they can continue their coverage at the end of the term without proving insurability.
- To have access to a cash value savings component.
- Because it has the lowest premium in the long run.
Correct answer: To ensure they can continue their coverage at the end of the term without proving insurability.
Explanation: The renewability feature guarantees the policyowner the right to renew the policy for another term at a higher, predetermined premium rate, without needing to provide evidence of good health.
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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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