Types of insurance policies, part four

Which of the following types of termite policies most likely contains a renewability feature

10 year convertible term

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

20-pay life

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

Child term rider

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

Universal life policy is sometimes referred to as an unbundled life policy because the owner can see the interest earned expenses charged and the

Cost of insurance

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

Decreasing term

Which of these types of policies may not have the automatic premium loan provision attached to it

Decreasing term

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 limited amount of time while also paying the lowest possible premium. What kind of policy is needed.

Level term

Which type of policy is considered to be overfunded a stage by IRS guidelines?

Modified endowment contract

Who benefits an investor originated life insurance (IOLI) when the insured dies

Policy owner

Which of these characteristics is consistent with a Straight Life policy?

Premiums are payable for as long as there is insurance coverage in force

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

Single Premium

Q is looking to buy a life insurance policy that will provide the greatest amount of protection for a temporary time. Period. Which of these policies should keep purchase.

Term life

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

Term rider

Whole life insurance is sometimes referred to as straight life. What does the word straight indicate when using the phrase?

The duration of premium payments

Which of the following life insurance policies combine term insurance within an investment element

Universal 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

A variable insurance policy

does not guarantee a return on its investment accounts

Which of the following actions require policy owner to provide proof of insurability in an adjustable life policy?

increase face amount

Who has the option to renew a renewable term policy?

insured

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

renewable

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

the insured's total loan value

If a 10 year term, life policy contains a renewability provision, the policy will renew

without evidence of insurability