types of insurance policies

a father who dies within 3 years after purchasing a life insurance policy on his infant daughter can have the policy premiums waived under which provision

Payor provision

what kind of special need would a policy owner require with an adjustable life insurance policy

flexible premiums

which action requires a policy owner to provide proof of insurability in an adjustable life policy

increase face amount

Tim has a universal life policy. The cash value growth in his policy is

interest-sensitive

credit life insurance is

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

what type of life policy covers two lives and pays the face amount after the first one dies

joint life policy

d needs life insurance that provides coverage for only a limited amount of time while also paying the lowest possible premium. What kind of policy is needed

level term

which of these would be considered a limited pay life policy

life paid up at age 70

life insurance that covers an insureds whole life with level premiums paid over a limited time is called

limited pay life

which type of policy is considered to be overfunded by IRS guidelines

modified endowment contract which is over funded to where it does not meet the seven pay test

all of these Insurance products require an agent to have proper finra Securities registration in order to sell them except for

modified whole life

k buys a policy where the premium stays fixed for the first 5 years. The premium then increases in year 6 and stays level there after all the while the death benefit Remains the Same. What kind of policy is this

modified whole life

which of these Life Products is not considered interest-sensitive A) modified whole life b) variable universal life c) interest-sensitive whole life d) variable life

modified whole life

which is true concerning a variable universal life policy

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

with renewable term insurance

premium increases at renewal

a limited pay life policy has

premium payments limited to a specified number of years

the option to convert term life insurance to permanent can normally be executed

without proof of insurability

T would like to be assured $10,000 is available in 10 years to replace a roof on his house. What kind of $10,000 policy should T purchase

10 year endowment should be purchased to ensure the funds will be available when needed

g purchased a family income policy at age 40 the policy has a 20-year Rider period. If G were to die at age 50 how long would G's family receive an income

10 yrs.

what type of policy would a 40 year old have the quickest accumulation of cash value

20 Pay life

N is a 40 year old applicant who would like to retire at age 70. He is looking to buy a life insurance policy with level premiums , permanent protection, and be paid up at retirement. Which of these should n purchase

30 pay life. Limited pay Whole Life policies have level premiums that are limited to a certain period

p is looking to purchase a life insurance policy that will pay a stated monthly income to his beneficiaries for 20 years after he dies and a lump sum of $20,000 at the end of that 20-year period. What type of policy should P purchase

A Family Maintenance policy which pays a monthly income from the date of death of the insured to the end of the pre-selected period. The payment of the face amount of the policy is payable at the end of such pre pre-selected period.

what kind of insurance policy supplies an income stream over a set period of time that starts when the insured dies

Family Maintenance policy

what kind of life insurance policy pays a specified monthly income to a beneficiary for 30 years and then pays a lump sum benefit at the end of that 30 years

Family Maintenance policy

which of these is an element of a variable life policy: A) a fixed level premium b) insurer assumes the investment risk c) no investment risk to the policy owner d) Rate of returns are guaranteed

a fixed level premium

what kind of life insurance product covers children under their parents policy

a term Rider. Family plan policies usually cover the family head with permanent insurance and the coverage on the spouse and children is term insurance in the form of a rider

Q would like to purchase $100,000 of permanent protection on his wife and $50,000 of term coverage on himself under the same policy. What kind of policy should q purchase

a whole life policy with other insured Rider

a policy owner can collect the face amount on what type of policy

an endowment policy which is characterized by cash values that grow at a rapid pace so that the policy matures or endows at a specified date that is before age 100

all of these statements about equity-indexed life insurance r correct except. A) cash value has a minimum rate of accumulation b) if the gain on the index goes beyond the policies minimum rate of return the cash value will mirror that of the index c) the premiums can be lowered or raised based on investment performance d) tied to an equity index such as the S&P 500

c) the premiums can be lowered or raised based on investment performance

s is covered by a whole life policy. Which insurance product can cover his children

child term Rider

which provision allows the policyowner to change a term life policy to a permanent one without providing providing proof of good health

conversion

which feature in group term life policy enables an individual to leave the group and continue their insurance without providing evidence of insurability

conversion privilege

when a policy owner exchanges a Term Policy for a whole life policy without providing proof of good health which of these apply

conversion provision; the option to convert gives the insured the right to convert or exchange the term policy for a whole life plan without evidence of insurability

the most important factor to consider when determining whether to convert term insurance at the insureds attained age or the insureds original age is

cost. the cost of insurance is most important when an insured owner is trying to decide whether to convert term insurance at the insureds original age or the insured attained age

which of the following Provisions may not be adjusted in an adjustable life policy: A) frequency of premium payments b) amount of payment amount c) policies face amount d) the insured

d the insured

F needs life insurance that provides coverage for only a limited amount of time with a death benefit that changes regularly according to a schedule. What kind of policy is needed

decreasing Term Policy

mortgage protection is typically covered with

decreasing term

what type of life policy has a death benefit that adjusts periodically and is written for a specific period of time

decreasing term

what type of life insurance are credit policies issued as

decreasing term with the term matched to the length of the loan period though usually limited to 10 years or less and the decreasing Insurance amount matched to the declining loan balance

a variable insurance policy

does not guarantee a return on investment accounts; in contrast variable insurance products do not guarantee contracts cash values and it is the policy owner who assumes the investment risk. Variable life insurance contract do not make any promises as to either interest rates or minimum cash values

which of these statements accurately portrays a whole life policy

endows at age 100 and paid up at a stated time

how long does the coverage normally remain on a limited pay life policy

even though the premium payments are limited to a certain period The insurance protection extends until the insureds death or age 100

which of these statements describe a modified endowment contract or me c

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

term insurance has which of the following characteristics

expires at the end of the policy period

all of these are characteristics of an adjustable life policy except

face amount can be adjusted using policy dividends

which is true with a straight life policy

premiums are payable for as long as there is insurance coverage in force. Straight whole life provides permanent level protection with level premiums from the time the policy is issued until the insureds death or age 100

which statement is correct regarding the premium payment schedule for Whole Life policies

premiums are payable throughout the insurance lifetime/ coverage last until death of the insured

in equity-indexed life insurance

premiums cannot be lowered or raised based on investment performance

payor provision

provides that in the event of death or disability of the adult premium payor the premiums on a juvenile policy will be waived until the insured child reaches a specified age or the maturity date of the contract

T has a Term Policy that allows him to continue the coverage after expiration of the initial policy period. What type of term coverage is this

renewable

which life policy covers two people and pays upon the death of the last insured

survivorship

the investment gains from a universal life policy usually go toward

the cash value

what does renewable term guarantee

the insureds insurability

the amount of coverage on a group credit life policy is limited to

the insureds total loan value

who benefits in investor originated life insurance when the insured dies

the policy owner or investor

how does a typical variable life policy investment account grow

through mutual funds stocks or bonds

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

universal life

when is the face amount paid under a joint life and Survivor policy

upon death of the last insured

a life policy with a death benefit that can fluctuate according to the performance of its underlying Investment Portfolio is referred to as

variable life