Types of insurance policies

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Which of the following is considered an element of a variable life policy

Underlying equity investment

Under a Graded Premium policy, the premiums

are lower during the policy's early years

Under an interest sensitive whole life policy

cash values are determined by interest rates

When a life insurance policy exceeds certain IRS table values, the result would create which of the following?

Modified Endowment Contract (MEC)

Which is true concerning a Variable Universal Life policy?

Policyowner controls where the investment will go and selects the amount of the premium payment

T would like to be assured $10,000 is available in 10 years to replace a roof on his house. What kind of $10,000 policy should T purchase?

Ten-Year Endowment

What term life policy is normally used when covering an insured's mortgage balance?

decreasing

A variable insurance policy

does not guarantee a return on its investment accounts

J is 35-years old and looking to purchase a whole life insurance policy. Which of the following types of policies will provide the most rapid growth of cash value?

20-pay life

Y purchased $100,000 worth of permanent protection on himself and $50,000 worth of 10-year Term coverage for his wife on the same policy. Which of these policies did Y purchase?

A Whole Life Policy with an Other Insured Rider

Which statement about a whole life policy is true

Cash value may be borrowed against

What type of life policy has a death benefit that adjusts periodically and is written for a specific period of time?

Decreasing term

Which type of policy is considered to be overfunded, as stated by IRS guidelines?

Modified Endowment Contract

Variable Life products require a producer to

hold a Life Insurance license and a Securities license

What type of life insurance are credit policies issued as?

term

The amount of coverage on a group credit life policy is limited to

the insured's total loan value


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