TYPE OF INSURANCE POLICIES

What type of policy would offer a 40-year old the quickest accumulation of cash value?

20-pay life

A UNIVERSAL LIFE POLICY IS SOMETIMES REFERRED TO AS AN UNBUNDLED LIFE POLICY BECAUSE THE OWNER CAN SEE THE INTEREST EARNED EXPENSE CHARGES AND

COST OF INSURANCE

A company that owns a life insurance policy on one of its key employees may do all of the following EXCEPT

Change the policy's interest rate

When a policyowner exchanges a term policy for a whole life policy without providing proof of good health, which of these apply?

Conversion provision

A blank term life policy is normally used when covering insured mortgage balance

Decreasing

The combination of whole life and blank term insurance is referred to as family income policy

Decreasing

Which of these types of policies may NOT have the Automatic Premium Loan provision it?

Decreasing Term

p owns a $25,000 life policy that pays the face amount to him if he lives to the age of 70 or his beneficiary if he dies the 4H 70 what kind of policy does P own

Endowment age 70

Yes it's close to retiring and would like to purchase a policy that will yield greater games then bounds but will still protect the principal with a minimum level or risk which product would SB advised to purchase

Equity index insurance

Which of these statements describes a modified and down main contract MEC

Exceeds the maximum amount of premium that can be paid into a policy and still have it be recognized as a life insurance contract

TERM INSURANCE HAS WHICH OF THE FOLLOWING CHARACTERISTICS

Expires at the end of the policy period

What does a Face Amount Plus Cash Value Policy supposed to pay at the insured's death?

Face amount plus the policy's cash value

Which of these needs is satisfied by Adjustable Life insurance?

Insured's need for flexible premiums

WHAT TYPE OF LIFE POLICY COVERS TWO LIVES AND PAYS THE FACE AMOUNT AFTER THE FIRST ONE DIES

Joint Life Policy

Jay is issued life insurance policy with a death benefit of $100,000 she paid $600 per year and premium for the first five years the premium them increases to $900 per year and the six year and remains level there after the policy death benefit remains at $100,000 which type of life insurance policy is this

Modified premium

All of these insurance products require an agent to have proof FINRA securities registration in order to sell them except for

Modified whole life

The life insurance policy exceed certain IRS table values the result would create which of the following

Modify endowment contract MEC

Which of the following types of Term Life policies most likely contains Renewability feature?

O 10 Year Convertible Term

Which type of policy is considered to be overfunded, as stated by IRS guidelines?

O Modified Whole Life

Which statement is correct regarding the premium payment schedule for whole life policies?

O Premiums are payable throughout the insured's lifetime/ coverage lasts until death of the insured

A life policy that contains a monthly mortality charge as well as self-directed investment choices is called a(n)

O Universal Life policy

Under a Renewable Term policy,

O the renewal premium is calculated on the basis of the insured's attained age

INCOME POLICY

PAYS YOU AT THE TIME OF SIGNING UP TILL THE TIME OF DEATH

WHICH OF THE FOLLOING ACTIONS IS NOT POSSIBLE WITH UNIVERSAL LIFE POLICY

PREMIUMS MAY BE APPLIED AS A CREDIT AGAISNT INCOME TAX

Which of the following types of permanent life insurance policies offers highest initial cash value

Single premium

can you shopping for a permanent life insurance policy that will offer her the most protection per dollar I have annual premium which of these policy best fits her needs

Straight life

WHICH OF THE FOLLOWING LIFE INSURANCE POLICEIES COMBINE TERM INSURANCE WITH AN INVESTMENT ELEMENT

UNIVERSAL LIFE

WHICH OF THE FOLLOWING LIFE INSURANCE POLICIES COMBINE TERM INSURANCE WITH INVESTMENT ELEMENT

UNIVERSAL LIFE POLICY

WHEN IS THE AFACE AMOUNT PAID UNDER A JOINT LIFE AND SURVIOR

UPON THE DEATH FO THE LAST INSURED

what type of life insurance incorporates flexible premiums and adjustable death benefit

Universal life

IN ORDER TO SEE A (N) LIFE POLICY A PRODUCER IS REQUIRED TO REGISTER WITH THE FINACIAL INDUSTRY REGULATORY AUTHORITY FINRA

VARIABLE

A LIFE POLICY WITH A DEATH BENEFIT AND CASH VALUE THAT CAN FLUCTUATE ACCORDING TO THE PERFORMANCE OF ITS UNDERLYING INVESTMENT PORTFOLIO IS REFFERED TO AS

VARIABLE LIFE

WHICH OF THE POLICY REQUIRES AN AGENT TO REGISTER WITHT THE NATIONAL ASSOCIATION OF SECURITIES DEALERS NASD BEFORE SELLING

VARIABLE LIFE

WHICH OF THE FOLLOWING POLICES IS CHARACTERIZED BY A FLEXIBLE PREMIUM AND DEATH BENEFIT AND ALLOWS THE POLICYOWNER CONTROL OF THE INVESTMENT ASPECT PLAN

VARIABLE UNIVERSAL LIFE

Which of these types of life insurance allows the policyowner to have level premiums and to also choose from a selection of investment options?

Variable Life

A (N)________ ___________ LIFE POLICY COMBINES INVESTMENT CHOICES WITH A FORM TERM COVERAGE

Variable Universal

A LIFE INSURANCE POLICY THAT PROVIDES A POLICY OWNER WITH CASH VALUE ALON WITH A LEVEL FAE AMOUNT IS CALLES NOT POSSI

WHOLE LIFE

When is the face amount of a Whole Life policy paid?

When the insured dies or at the policy's maturity date, whichever happens first

Which of these is an element of variable life policy

a fixed level premium

How long does the coverage normally remain on a limited-pay life policy?

age 100

Variable Whole Life Insurance can be described as

both an insurance and securities product

Under an Interest Sensitive Whole Life policy,

cash values are detemined by interest rates

Which provisional allows the policy on her to change a term life policy to permanent one without providing proof of good health

conversion

Credit life insurance is typically issued with which of the following types of coverage

decreasing term

what type of policy has a death benefit that adjust periodically and it's written for a specific period of time

decreasing term

Additional coverage can be added to a whole life policy if I adding a

decreasing term rider

A variable insurance policy

does not guarantee a return on its investment accounts

Who has the option to renew a renewable term policy?

insured

Credit Life Insurance

issued in an amount not to exceed the amount of the loan

What kind of premium does a Whole Life policy have?

level

what is true concerning a variable universal life policy

policy owner controls where the investment will go and select the amount of premium payment

A limited pay life policy has

premium payments limited to a specific number of years

Under a Graded Premium Whole Life policy,

the premium increases each year during the early years of the contract and remains the same after that time

WHICH OF THE FOLLOWING IS CONSIDERED AN ELEMENT OF A VARIABLE LIFE POLICY

underlying equity investment

what kind of life policy either pays the face value upon the death of the insured or when the insured reaches age 100

whole life

Why purchased $100,000 worth of permanent protection on himself and 50,000 worth on 10 year term coverage for his wife on the same policy which of these policies did why purchase

whole life policy with other insured rider