LLQP (Life Licence Qualification Program) Practice Exam · Question
What does a 'Guaranteed Renewable' provision in a disability insurance policy allow the insurer to do?
A 'Guaranteed Renewable' provision means the insurer cannot cancel the policy or change the terms, but they do reserve the right to increase premiums for an ent
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Question: What does a 'Guaranteed Renewable' provision in a disability insurance policy allow the insurer to do?
Answer options: ✅ The insurer can increase premiums for an entire class of insured individuals.
- The insurer can cancel the policy at any time for any reason.
- The insurer cannot increase the premiums for the life of the policy.
- The insured can increase the coverage amount without medical evidence.
Correct answer: The insurer can increase premiums for an entire class of insured individuals.
Explanation: A 'Guaranteed Renewable' provision means the insurer cannot cancel the policy or change the terms, but they do reserve the right to increase premiums for an entire class of policyholders (not individuals).
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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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