OVERVIEW PREVIEW 2 (LLQP Flashcards)

Question 1

DISCLAIMER!

Answer 1

THANKS FOR JOINING THIS STUDY METHOD!

▼ Read the following for best results.

• All the questions and answers are taken from CISRO’s LLQP Life Insurance exam preparation manual.
• Increase your confidence level in passing your certification and provincial exams by exercising this study method often and frequently!
• The concepts here are simplified with basic definitions, true or false questions and important “need-to-know” key points to prep you in passing your exams.
• For effective results, download the app on your phone, study the chapters in order and aim for 90 - 100% on chapter quizzes and mock exams.
• The reveals (answers) don’t need to be word for word, as long as you understand the main concepts in your own words.
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Question 2

What are the two main categories of life insurance policies that can be purchased in Canada?

Answer 2

Term insurance and permanent insurance

Term life insurance pays a death benefit if the life insured dies within the fixed term of the contract. Permanent life insurance provides coverage over the entire lifetime of the life insured. It does not expire (as long as the required premiums are paid) and it does not need to be renewed.

(Refer to Section 2.1, 3.1)

Question 3

A client purchased a 10-year guaranteed renewable and convertible life insurance policy. The policy was delivered and a delivery receipt was signed 5 days ago. The client has now changed his mind about wanting the life insurance policy.

Can this client cancel the policy and get his money back?

Answer 3

Yes, by using the 10-day right of rescission.

Insurance policies provide a 10-day period after the policy is delivered during which the policyholder can change his or her mind, cancel the policy, and receive back any money that has been paid.

(Refer to Section 11.5.5.5)