primerica (types of life policies)

12 Which of the following best describes annually renewable term insurance?

It is level term insurance.

If a life insurance policy increases significantly in face amount (death benefit) when the insured reaches a specified age, what type of policy is this?

Jumping juvenile policy

The premium of a survivorship life policy compared with that of a joint life policy would be

Lower.

An employer offers group life insurance to its employees for the amount of $10,000. Which of the following is true?

The cost of coverage is a deductible expense by the employer.

When would a 20-pay whole life policy endow?

When the insured reaches age 100

Which of the following types of insurance covers the whole family in a single contract?

family policy

2 Variable Whole Life insurance is based on what type of premium?

level fixed

Concerning Juvenile Life insurance, which of the following statements is INCORRECT?

Juvenile Life is classified as any life insurance purchased by a minor.

B just bought a new car, which he anticipates will be paid for 4 years from now. He also wants to buy a life insurance policy, but is financially limited until the car is paid off. Which of the following types of policies would be best for B?

Modified Life

An insured and his spouse own a home. When the insured dies, the insurer pays the remaining balance on his home loan. Which type of life insurance provision/rider does this describe?

Mortgage Redemption

In an Adjustable Life policy all of the following can be changed by the policy owner EXCEPT

The type of investment.

Which of the following types of policies allows for a flexible premium and a variable investment component?

Variable universal life insurance