Types of Life Policies
Family maintenance
A policy which pays monthly income upon the death of the breadwinner for a predetermined number of years after death plus a lump sum at death, and combines level term and whole life is known as which policy?
Flexible premium
Both Universal Life and Variable Universal Life have a
Level fixed
Variable Life insurance is based on what kind of premium?
The Guaranty Association
All of the following entities regulate variable life policies EXCEPT
The coverage period
An Adjustable Life Policyowner can change which of the following policy features?
Fixed
An applicant wants to buy a life insurance policy in which he can count on receiving the same benefits as stated in the contract. Which type should he buy?
Decreasing term
An individual has just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. What type of life insurance policy would be best suited to this situation?
Juvenile Life is classified as any life insurance purchased by a minor
Concerning Juvenile Life insurance, which of the following statements is INCORRECT?
They can covert their coverage to permanent life insurance without evidence of insurability
When the breadwinner that is insured by a Family Policy dies, what rights are provided to other family members that are covered under the policy?
Family Policy
Which of the following types of insurance covers the whole family in a single contract?
Straight Life
Which of the following policies would be classified as a traditional level premium contract?
Jumping juvenile policy
If a life insurance policy increases significantly in face amount (death benefit) when the insured reaches a specified age, what type of policy is this?