LLQP (Life Licence Qualification Program) Practice Exam · Question
Which policy feature allows a whole life policyowner to stop paying premiums and continue the coverage for a lower face amount for the rest of their life?
Non-forfeiture options (like Reduced Paid-Up or Extended Term) allow a policyowner to stop paying premiums while keeping some level of coverage using the existi
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Question: Which policy feature allows a whole life policyowner to stop paying premiums and continue the coverage for a lower face amount for the rest of their life?
Answer options: ✅ Non-forfeiture options
- Dividend options
- Settlement options
- Reinstatement options
Correct answer: Non-forfeiture options
Explanation: Non-forfeiture options (like Reduced Paid-Up or Extended Term) allow a policyowner to stop paying premiums while keeping some level of coverage using the existing cash value.
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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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