LLQP (Life Licence Qualification Program) Practice Exam · Question
In most Canadian jurisdictions, what is the standard 'free look' period during which a policyowner can return a new life or A&S policy for a full refund?
In many provinces, the statutory conditions for A&S insurance require a 10-day right to examine the policy (free look period) during which the policyholder can
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Question: In most Canadian jurisdictions, what is the standard 'free look' period during which a policyowner can return a new life or A&S policy for a full refund?
Answer options:
- 5 days ✅ 10 days
- 15 days
- 30 days
Correct answer: 10 days
Explanation: In many provinces, the statutory conditions for A&S insurance require a 10-day right to examine the policy (free look period) during which the policyholder can return the policy for a full refund. 15 days is often the grace period for premium payments. Note: LLQP standard identifies the 10-day 'right to rescind'.
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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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