Life Insurance Practice Test
Which of the following provisions specifies how long a policy owners insurance coverage will remain in effect, if the policy owner does not pay the premium when it is due?
Grace period
What kind of annuity pays income to two annuitants until their deaths?
Joint and survivor annuity
What is the suicide provision designed to do?
Safeguard the insurer from an applicant who is contemplating suicide.
John was actively serving in the Marines, when he was killed in an auto accident, while on leave, His $100,000 whole life policy contains a War Exclusion clause. How much will his beneficiaries receive?
The FULL face amounts
An annuitant would like to determine the current value of her annuity. To do this she multiplies the number of accumulation units she owns times the unit value of the separate account. What kind of annuity BEST matches this description?
Variable annuity
The systematic liquidation of a sum of money is provided by a(n)
annuity