Types of Life Policies

which of the following is called a "second-to-die" policy

survivorship life

all of the following are true regarding a decreasing term policy except

the payable premium amount steadily declines throughout the duration of the contract

which of the following determines the cash value of a variable life policy

the performance of the policy portfolio

all of the following are true regarding the convertibility option under term life insurance policy except

upon conversion to death benefit of the permanent policy will be reduced by 50%

which of the following is a feature of a variable annuity?

Benefit payment amounts are not guaranteed

what characteristic makes whole life permanent protection?

Coverage until death or age 100

an agent selling variable annuities must be registered with

FINRA

which policy component decreases in decreasing term insurance

Face amount

which type of life insurance policy generates immediate cash value?

Single Premium

which two terms are associated directly with the way an annuity is funded?

Single payment or periodic payments

which of the following best describes what the annuity period is?

The period of time during which accumulated money is converted into income payments

which of the following products provides income for a specified period of years or for life, and protects a person out living their money?

an annuity

the least expensive first year premium is found in which of the following policies?

annually renewable term

the type of policy that can be changed from one that does not accumulate cash value to the one that does is a ?

convertible term policy

An annuity owner is funding an annuity that will supplement her retirement. Because she does not know what effect inflation may have on her retirement dollars, she would like a return that will equal the performance of the Standard and Poor's 500 Index. She would likely purchase a(n)

equity indexed annuity