LLQP (Life Licence Qualification Program) Practice Exam · Question
An investor holds a segregated fund contract with a maturity guarantee of $200,000. If the insurance company becomes insolvent, what is the maximum amount guaranteed by Assuris for this specific contract?
The Assuris guarantee for segregated funds (and other accumulation products) is 100% of the promised benefits up to $100,000. If the guaranteed amount exceeds $
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Question: An investor holds a segregated fund contract with a maturity guarantee of $200,000. If the insurance company becomes insolvent, what is the maximum amount guaranteed by Assuris for this specific contract?
Answer options:
- $100,000
- $200,000 ✅ $170,000
- $150,000
Correct answer: $170,000
Explanation: The Assuris guarantee for segregated funds (and other accumulation products) is 100% of the promised benefits up to $100,000. If the guaranteed amount exceeds $100,000, Assuris covers the greater of $100,000 or 85% of the promised benefit. Since 85% of $200,000 is $170,000 (which is > $100,000), the coverage is $170,000.
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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:
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