LLQP (Life Licence Qualification Program) Practice Exam · Question
In the event of an insurer's insolvency, what is the minimum percentage of the death benefit guarantee that Assuris will protect for a segregated fund holder?
Assuris guarantees that for 'Death Benefits' and 'Maturity Guarantees' on segregated funds, a policyholder will receive at least 100% of the promised guarantee
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Question: In the event of an insurer's insolvency, what is the minimum percentage of the death benefit guarantee that Assuris will protect for a segregated fund holder?
Answer options: ✅ 85% of the promised guaranteed amount (if over $60,000).
- 100% of the market value of the fund.
- 75% of the total premiums paid.
- $100,000 total per person.
Correct answer: 85% of the promised guaranteed amount (if over $60,000).
Explanation: Assuris guarantees that for 'Death Benefits' and 'Maturity Guarantees' on segregated funds, a policyholder will receive at least 100% of the promised guarantee up to $60,000, or 85% of the promised guarantee, whichever is greater.
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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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