Life Insurance Polices
An individual purchased a $100,000 joint life policy on himself and his wife. Eight years later he died in a car accident. How much would his wife receive from the policy?
$100,000
All of the following could own group life EXCEPT
A group needing low-cost life insurance
Which of the following is true regarding the insurance amount in a credit life policy?
Creditor can only insure the debtor for the amount owed
Which of the following types of insurance policies is most commonly used in credit life insurance
Decreasing term
Under a 20-pay whole life policy, in order for the policy to pay the death benefit to a beneficiary, the premiums must be paid
For 20 years or until death, whichever occurs first
Annually renewable term policies provide a level death benefit for a premium that
Increases annually
Your client wants both protection and savings from the insurance and is willing to pay premiums until retirement at age 65. What would be the right policy for this client?
Limited pay whole life
A man decided to purchase a $100,000 Annually Renewable Term Life policy to provide additional protection until his children finished college. He discovered that his policy
Required a premium increase each renewal
Which of the following policies would be classified as a traditional level premium contract?
Straight Life
Which of the following statements about group life is correct?
The cost of coverage is based on the ratio of men and women in the group
An insured purchased a 10-year level term life policy that is guaranteed renewable and convertible. What happens at the end of the 10-year term?
The insured may renew the policy for another 10 years but at a higher premium rate
The policy owner of a Universal Life Policy may skip paying premuim and the policy will not lapse as long as
The policy contains sufficient cash value to cover the cost of insurance
In a survivorship life policy, when does the insurer pay for death benfits
Upon the last death
Which of the following would help prevent a universal life policy from lapsing?
target premium
To sell variable life insurance policies, an agent must receieve all of the following EXCEPT
SEC regisration
