LLQP (Life Licence Qualification Program) Practice Exam · Question
In disability insurance, which renewal provision offers the client the most security regarding both coverage and future premium costs?
A non-cancellable and guaranteed renewable policy offers the most protection; the insurer cannot cancel the policy and cannot increase premiums for the duration
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Question: In disability insurance, which renewal provision offers the client the most security regarding both coverage and future premium costs?
Answer options:
- Guaranteed Renewable only ✅ Non-cancellable and Guaranteed Renewable
- Conditionally Renewable
- Cancellable at the insurer's option
Correct answer: Non-cancellable and Guaranteed Renewable
Explanation: A non-cancellable and guaranteed renewable policy offers the most protection; the insurer cannot cancel the policy and cannot increase premiums for the duration of the contract.
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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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