LLQP (Life Licence Qualification Program) Practice Exam · Question
What is the standard length of the grace period for a life insurance policy premium payment in Canada?
The grace period in most Canadian life insurance contracts is 30 or 31 days. During this time, the policy remains in force even if the premium hasn't been paid.
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Question: What is the standard length of the grace period for a life insurance policy premium payment in Canada?
Answer options:
- 15 days ✅ 31 days
- 60 days
- 90 days
Correct answer: 31 days
Explanation: The grace period in most Canadian life insurance contracts is 30 or 31 days. During this time, the policy remains in force even if the premium hasn't been paid.
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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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