Exam (elaborations)
02 LLQP QUESTIONS WITH CORRECT ANSWERS 2023
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Exam of 1 pages for the course LLQP at LLQP (02 LLQP)
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02 LLQP - Term life insurancePrimary characteristics - answer Limited duration
Renewal rights (even without the evidence of insurability)
Conversion privileges (even without the evidence of insurability)
Types of TLI - answer Decreasing TLI or mortgage insurance
TLI with uniform or fixed face amount
Decreasing TLI - answer The face amount (also known as the death benefit or capital insured) decreases on an
annual basis, but the premium is level (remains the same) for the contract period.
The right to convert term insurance to permanent insurance applies to the remaining face
amount at the conversion date.
TLI with uniform or fixed face amount - answer Insurance amount and premiums are fixed for the contract period. The premium increases
upon each renewal (at the end of the contract period).
Term life insurance clientele - answer Young couples Business partners People with specific needs for a specific time period Individuals with limited finances (budget) Individuals who want to protect their debts from their creditors
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