Life insurance policies

The policyowner of an adjustable life policy wants to increase the death benefit. Which of the following statements is correct regarding this change?

The death benefit can be increased by providing evidence of insurability.

An insured has a life insurance policy that requires him to only pay premiums for a specified number of years until the policy is paid up. What kind of policy is it?

Limited-Pay Life

Which of the following is true about credit life insurance

Creditor is the policyowner.

To sell variable life insurance policies, an agent must receive all of the following EXCEPT

A SEC registration

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

Annually renewable term

Which of the following is not allowed in credit life insurance

Creditor requiring that a debtor buys insurance from a certain insurer

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

Decreasing term

Under a 20-pay whole life policy, in order for the policy to pay the death benefit to a beneficiary, the premiums must be paid

For 20 years or until death, whichever occurs first.

A man decided to purchase a $100,000 Annually Renewable Term Life policy to provide additional protection until his children finished college. He discovered that his policy

Required a premium increase each renewal.

Which of the following statements about group life is correct

The cost of coverage is based on the ratio of men and women in the group.

All of the following are characteristics of a group life insurance plan except

There is a requirement to prove insurability on the part of the participants.

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

Straight life

The premium of a survivorship life policy compared with that of a joint life policy would be

Lower

All of the following statements are correct regarding credit life insurance except

Benefits are paid to the borrower's beneficiary.

Which type of life insurance policy allows the policy owner to pay more of less than the planned premium

Universal life