LLQP (Life Licence Qualification Program) Practice Exam · Question
In most provinces, the Life Insurance Replacement Declaration (LIRD) must be signed by:
The LIRD is used whenever a life insurance policy is being replaced to ensure the client understands the costs and consequences of the switch. It requires the s
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Question: In most provinces, the Life Insurance Replacement Declaration (LIRD) must be signed by:
Answer options:
- The insurer's Chief Medical Officer.
- The beneficiary of the new policy.
- The agent representing the insurer whose policy is being replaced. ✅ The applicant and the replacing agent.
Correct answer: The applicant and the replacing agent.
Explanation: The LIRD is used whenever a life insurance policy is being replaced to ensure the client understands the costs and consequences of the switch. It requires the signatures of the applicant/policyowner and the agent. The agent from the 'losing' insurer does not sign it.
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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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