LLQP (Life Licence Qualification Program) Practice Exam · Question
In most Canadian provinces, what specific document must be completed and signed when a client is replacing an existing life insurance policy with a new one?
The LIA (or similar provincial forms) must be completed to ensure the client understands the consequences of replacing a policy, such as new contestability peri
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Question: In most Canadian provinces, what specific document must be completed and signed when a client is replacing an existing life insurance policy with a new one?
Answer options: ✅ Life Insurance Replacement Declaration (LIRD) or equivalent.
- Point of Sale (POS) disclosure document.
- Notice Regarding Replacement (NRR).
- Agent Report of Policy Switch (ARPS).
Correct answer: Life Insurance Replacement Declaration (LIRD) or equivalent.
Explanation: The LIA (or similar provincial forms) must be completed to ensure the client understands the consequences of replacing a policy, such as new contestability periods and suicide clauses.
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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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