Life Insurance

What type of premium do both Universal Life and Variable Life policies have?

Flexible

An insured has a life insurance policy with a face amount of $500. Hey pays the premium each week to the agency who sold him the policy. What kind of policy does the insured have.

Industrial life

Which option for Universal life allows the beneficiary to collect the death benefit and cash value the death of the insured?

Option B

An insured purchased an individual life insurance policy with a face amount 15,000. He pays a premium each month. What type of policy is that?

Ordinary life

An insurance policy that only required a payment of premium at its inception, provides insurance protection for the life of the insured, and matures at the insured's age 100 is called

Single premium whole life

Which of the following is NOT TRUE regarding the annuitant?

The annuitant cannot be same person as the annuity owner.

Fixed annuities provide all of the following EXCEPT

Hedge against inflation

The LEAST expensive first-year premium is found in which of the following policies

Annually renewable term

All of the following are True regarding the convertibility option under a term life insurance policy EXCEPT

Coverage until death or age 100

Your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. What would be the right policy for this client?

Limited pay whole life