Life insurance hllqp - Study guides, Class notes & Summaries

LIFE INSURANCE HLLQP EXAM QUESTIONS WITH 100% CORRECT ANSWERS.

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 OAS and CPP but not enough to cover his monthly expenses. Jake earns $100,000 a year but has a bad credit history. however, jake is able to pay the mortgage. which of the following financial impacts of...

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 OAS and CPP but not enough to cover his monthly expenses. Jake earns $100,000 a year but has a bad credit history. however, jake is able to pay the mortgage. which of the following financial impacts ...

life insurance hllqp.

Life Insurance, BC Canada( HLLQP STUDY) Quizzes & Ans Verified 100% Correct!!

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. Funding a child's education if the parent were to die: This is a temporary insurance because the funds should be saved - and therefore the insurance no longer needed - by the time the child reaches...

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 - LIFE 03 FC Answer If a revenue surplus occurs, the insurer retains the entire amount and does not share it with the policyholder. With T-100, what happens when the life-insured reaches age 100? ...

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 change would be a new risk for the insurer and would need to be underwritten. Note: Changing or adding a life-insured is not allowable on a whole life policy! Of the three types of permanent life i...

life insurance hllqp exam questions and 100% correct answers