LLQP Accident and Sickness Insurance 2

Question 1

What is the standard elimination period for most individual disability insurance policies in Canada?

Accepted Answer

90 days

Answer

7 days

Answer

30 days

Answer

180 days

Question 2

Which type of disability definition provides the broadest coverage for the insured?

Accepted Answer

Own occupation

Answer

Any occupation

Answer

Regular occupation

Answer

Gainful occupation

Question 3

What does the 'recurrent disability' provision in a disability insurance policy address?

Accepted Answer

A disability that returns after a period of recovery

Answer

Multiple disabilities occurring simultaneously

Answer

Disabilities caused by pre-existing conditions

Answer

Progressive worsening of a disability

Question 4

In Canadian accident and sickness insurance, what is the purpose of a 'coordination of benefits' clause?

Accepted Answer

To prevent over-insurance by reducing benefits when other coverage exists

Answer

To ensure the insured receives benefits from multiple policies simultaneously

Answer

To coordinate between provincial health plans and private insurance

Answer

To synchronize premium payment dates across policies

Question 5

What is the key difference between non-cancellable and guaranteed renewable disability insurance policies?

Accepted Answer

Non-cancellable policies guarantee both renewability and premium rates

Answer

Non-cancellable policies have lower premiums

Answer

Guaranteed renewable policies offer better coverage definitions

Answer

There is no practical difference between the two

Question 6

Under Canadian insurance law, which of the following conditions is typically excluded from standard accident and sickness coverage?

Accepted Answer

Self-inflicted injuries

Answer

Heart disease

Answer

Cancer

Answer

Arthritis