Types of Life Policies

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Family maintenance

A policy which pays monthly income upon the death of the breadwinner for a predetermined number of years after death plus a lump sum at death, and combines level term and whole life is known as which policy?

Flexible premium

Both Universal Life and Variable Universal Life have a

Level fixed

Variable Life insurance is based on what kind of premium?

The Guaranty Association

All of the following entities regulate variable life policies EXCEPT

The coverage period

An Adjustable Life Policyowner can change which of the following policy features?

Fixed

An applicant wants to buy a life insurance policy in which he can count on receiving the same benefits as stated in the contract. Which type should he buy?

Decreasing term

An individual has just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. What type of life insurance policy would be best suited to this situation?

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

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

They can covert their coverage to permanent life insurance without evidence of insurability

When the breadwinner that is insured by a Family Policy dies, what rights are provided to other family members that are covered under the policy?

Family Policy

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

Straight Life

Which of the following policies would be classified as a traditional level premium contract?

Jumping juvenile policy

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?


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