LLQP (Life Licence Qualification Program) Practice Exam · Question
A life insurance policy that offers lifelong coverage, a guaranteed death benefit, and a savings component that accumulates cash value on a guaranteed basis is known as:
Whole life insurance is a type of permanent life insurance that provides coverage for the insured's entire life, includes a guaranteed death benefit, and accumu
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Question: A life insurance policy that offers lifelong coverage, a guaranteed death benefit, and a savings component that accumulates cash value on a guaranteed basis is known as:
Answer options:
- Universal life insurance
- Variable life insurance ✅ Whole life insurance
- Decreasing term life insurance
Correct answer: Whole life insurance
Explanation: Whole life insurance is a type of permanent life insurance that provides coverage for the insured's entire life, includes a guaranteed death benefit, and accumulates cash value at a guaranteed rate, distinguishing it from other policy types.
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Question explanations
- 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
- A personal non-registered permanent life insurance policy on Liam, a 40-year-old engineer in Montreal, has acc
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Other Canadian certifications candidates often prepare for alongside this one.