chapter 4- types of policies
a 35 year old insured five year level term policy with probably renew to a
5 yr level term w/age 40 premiums
if a single premium (lump sum) is paid on a whole life policy, cash value will
be available immediately
which of the following does NOT apply to credit life?
benefits are paid directly to insured
what do employees covered under a group contract receive?
certificate of insurance
an adjustable life policy allows for the policy owner to do all of the following EXCEPT
choose investment vehicle
which of the following amounts must increase in an increasing term policy?
death benefit
how long does coverage continue soon a limited-pay whole life policy
death or age 100
in a jumping juvenile life, the component that "jumps" is the
face amount
an equity-indexed life insurance policy's cash value is usually linked to an index such as the
standard and poor's 500
when are benefits paid from a joint life policy?
when first insured dies
the type of policy that can be changed from one that does not accumulate cash value to one that does is a
convertible term policy
an insured owns a term insurance policy in which the amount of protection remains consent during the term period. what kind of term insurance does he own
level
all of the following statements regarding while life insurance are true EXCEPT
policy's cash value decreases each yr policy is in force
an annually renewable term policy
renews each year w/ increased premium
which of the following is NOT true about a universal life policy?
there's no minimum guaranteed rate of return on universal life policy