LLQP Exam Dumps | Xander fills out a life insurance application to purchase a $75,000 policy. The policy is accepted by

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Question 16/109

Xander fills out a life insurance application to purchase a $75,000 policy. The policy is accepted by the insurer and delivered to him on March 3. He pays the first month's premium upon receipt of the policy.
Unfortunately, on March 9, Xander loses his job and decides that he no longer wants the policy. What will be the consequence of this cancellation?

A. Xander's policy will be cancelled, and he will receive a full premium refund.

B. Xander's policy will be cancelled, but he will not receive any premium refund.

C. Xander will be obligated to reinstate the policy once he finds new employment.

D. Xander will not be allowed to cancel the policy because he already accepted it.

Correct Answer: A

Life insurance policies in Canada generally include a "free look" or "cooling-off" period, typically lasting 10 days from the delivery date, during which the policyholder can cancel the policy for a full refund of any premiums paid. Since Xander requested the cancellation within this period, he will be entitled to a full refund.
This period allows policyholders to review the terms and make a final decision without financial penalty.

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