Life Insurance
This type of life insurance provides coverage for a specific number of years (10, 20, or 30....)
What is Term Life Insurance?
This is the amount you pay to keep a life insurance policy active
What is a Premium?
TFSA
What is Tax-Free Savings Account?
This type of investment combines features of mutual funds with insurance guarantees.
What is a segregated fund?
A life insurance policy owned by a business to cover the life of a key executive is called this.
What is a Corporate-Owned Life Insurance Policy?
In term insurance, premiums generally do this when you renew at the end of the initial term.
What is Increase?
LOD
What is Letter of Direction?
Segregated funds can help avoid this legal process that validates a will.
What is Probate?
The person or entity who receives the death benefit is known as this
What is the Beneficiary?
This form is required to change premium payments from annual to monthly
What is a Premium Payment Change Form (or a PAD/Pre-Authorized Debit form)?
NIGO
What is Not In Good Order?
This mechanism allows investors to lock in market gains and increase the guaranteed value of their segregated fund
What is a reset?
This permanent insurance type offers flexible premiums and investment options, unlike whole life which has fixed premiums and guaranteed growth.
What is Universal Life (UL)?
Premiums that stay the same over the life of the policy are called this.
What are Level Premiums?
LLQP
What is Life Licence Qualification Program?
This feature of segregated funds protects a portion of your investment at maturity or death.
What is a guarantee?
This clause in a life insurance contract allows the policyholder to reinstate a lapsed policy within a certain period, provided conditions are met.
What is the Reinstatement Clause?
If a client forgets to pay, the insurer provides this period (usually 30 or 31 days) before the policy lapses.
What is the Grace Period?
LOIE
What is Loss of Independent Existence?
What are the documents and forms required to transfer a client in-branch
What are CAA, Offbook Client Account Agreement , Offbook Mutual Fund Account Mapping Request Form, RJFP Privacy and Disclosure Statement and RJFP RJL Dealer Rep Change Agent of Record Form