HLLQP (Harmonized Life License Qualification Program) license Tests Bundle

A insurance policy is active when... Answer What is payment of first premium What is a contract? Answer a legally binding agreement between two or more parties What is a unilateral contract? Answer a one-sided agreement where the insured can cancel for any reason but the insurer cannot What...

lucas owns a property that he uses as his principal residence. he resides in the property with his 20 yrs old son Jake. the property has $250,000 mortgage registered against it. upon his death, lucas would like to gift the property to his son takes over the mortgage lucas is retired and collect O...

Prabdeep is sole sales representative. He has good connections in community that his sister Shatakski does not. Shatakski starts a business with on demand load. If prabdep were to die. Agent reccomends coverage on is brother to cover on demand loan Answer The bank can recall the loan if the feel bus...

3 phrases of Against Permanent Loss of income( Income earner dies) Answer Readjustment period, Dependency Period, Survivor life income needs Capital retention approach Answer Today's value of income needs + cash needs = insurance needs Two common method for calculate life insurance needs Answ...

The coverage under a group life insurance plan is determined in four different ways based upon an earnings multiple, flat rate, length of service, or some combination thereof. Which method is most common? Answer The most common is the earnings multiple schedule. In this, coverage is equivalent to a ...

Term Insurance is appropriate for temporary life insurance needs. Can you give some examples of temporary life insurance needs? HLLQP - LIFE 02 FC Answer Paying off a mortgage in the event of death: This is a temporary insurance need because most mortgages are amortized over 25 years or less. ...

If an additional life-insured is being added to an existing UL policy, will evidence of insurability be required? HLLQP - LIFE 04 FC Answer Yes! Universal life is the only policy type that makes it as possible to change the life-insured or even add an additional life-insured. however, such a chan...

What is churning? Answer Churning is an unethical practice whereby an agent advises a client to cancel a policy in order to sell a new one with the same insurer for the sole purpose of earning a commission. Note: This can even include a partial cancellation, such as borrowing against an existing...

taxable gains formula on a participating formula? Answer (ACB - Dividend - NCPI) - CSV what is a CDA? Answer capital dividend account, side account for funds what is a PUA? Answer paid up addition, ability to add temp insurance adding a feature or increasing death benefit what is GIB? Answe...

What are the three main types of permanent insurance policies? HLLQP - LIFE 03 FC Answer 1. Term-to-100, or simply T-100 (least expensive) 2. Whole life insurance. 3. Universal life insurance (most expensive) What does it mean when an insurance policy is a non-participating policy? HLLQP ...