LLQP (Life Licence Qualification Program) Practice Exam · Question
How does choosing a longer 'waiting period' typically affect the premium of a disability insurance policy?
A 'waiting period' (also called an elimination period) is the time between the start of the disability and the time benefits begin to be paid. A longer waiting
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Question: How does choosing a longer 'waiting period' typically affect the premium of a disability insurance policy?
Answer options:
- The premium will increase because the risk to the insurer is higher. ✅ The premium will decrease.
- The total benefit period will automatically be extended.
- The 'Own Occupation' definition will be replaced with 'Any Occupation'.
Correct answer: The premium will decrease.
Explanation: A 'waiting period' (also called an elimination period) is the time between the start of the disability and the time benefits begin to be paid. A longer waiting period acts like a deductible and results in a lower premium.
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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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