LLQP (Life Licence Qualification Program) Practice Exam · Question
Which type of disability insurance policy renewal provision offers the greatest security to the insured by guaranteeing that premiums will not increase?
Under a 'Non-Cancellable' policy, the insurer cannot cancel the policy, change any of the provisions, OR increase the premiums as long as premiums are paid. Thi
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Question: Which type of disability insurance policy renewal provision offers the greatest security to the insured by guaranteeing that premiums will not increase?
Answer options:
- Guaranteed Renewable ✅ Non-Cancellable
- Conditionally Renewable
- Optionally Renewable
Correct answer: Non-Cancellable
Explanation: Under a 'Non-Cancellable' policy, the insurer cannot cancel the policy, change any of the provisions, OR increase the premiums as long as premiums are paid. This is the strongest guarantee for the insured. 'Guaranteed Renewable' allows the insurer to raise premiums for entire classes of policies.
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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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