LLQP (Life Licence Qualification Program) Practice Exam · Question
What is the primary regulatory tool used by OSFI to measure the capital adequacy of life insurance companies in Canada?
The Life Insurance Capital Adequacy Test (LICAT) is the current framework used by the federal regulator (OSFI) to ensure that life insurance companies have enou
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Question: What is the primary regulatory tool used by OSFI to measure the capital adequacy of life insurance companies in Canada?
Answer options:
- MCCSR
- GAAP ✅ LICAT
- IFRS
Correct answer: LICAT
Explanation: The Life Insurance Capital Adequacy Test (LICAT) is the current framework used by the federal regulator (OSFI) to ensure that life insurance companies have enough capital to meet their obligations to policyholders.
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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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