LLQP (Life Licence Qualification Program) Practice Exam · Question
A client purchases a Life Annuity with a 10-year Guarantee Period. Which statement is correct?
A single-life annuity with a 10-year guarantee will pay the annuitant for as long as they live. If they die within the first 10 years, the remaining payments fo
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Question: A client purchases a Life Annuity with a 10-year Guarantee Period. Which statement is correct?
Answer options:
- The payments stop exactly after 10 years. ✅ Payments continue for the life of the annuitant, but for at least 10 years.
- Payments are only made if the annuitant dies within 10 years.
- The annuitant receives a lump sum after 10 years.
Correct answer: Payments continue for the life of the annuitant, but for at least 10 years.
Explanation: A single-life annuity with a 10-year guarantee will pay the annuitant for as long as they live. If they die within the first 10 years, the remaining payments for that 10-year period are paid to the beneficiary. If they live for 20 years, they get 20 years of payments.
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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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