types of insurance policies Life

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G purchased a family income policy at age 40. The policy has a 20-year Rider. If G were to die at age 50 how long would G family receive any income?

10 years

which statement about whole life policy is correct?

Cash value may be borrowed against

what does a face amount plus cash value policy supposed to pay at the insured's death?

face amount plus the policy cash value

variable Life Products require a producer to?

hold a life insurance license and a Securities license

a renewable Term Policy is renewable at the option of the?

insured

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

K is looking to purchase renewable term insurance. Which of these types of term insurance may be renewable?

level

which type of policy is considered to be overfunded as stated by the IRS guidelines?

modified endowment contract

which of the following policies combines investment choices with a form of term coverage?

variable life insurance

a life insurance policy that provides a policy owner with cash value along with a level face amount is called?

whole life

what type of insurance offers permanent life coverage with premiums that are payable for life?

whole life

a variable insurance policy?

does not guarantee a return on its investment accounts

K pays on a $20,000 20-year endowment policy for 10 years and dies from an automobile accident. How much will the insurance company pay the beneficiary?

$20,000 death benefits

what are the characteristics of an adjustable life policy?

1 adjustable premiums 2 adjustable premiums pay. 3 combination of term and whole life insurance

three characteristics of a universal life policy?

1 policy cash value may be used to pay premium 2 premium payments may be made at an unscheduled time 3 face amount may be adjusted

J is 35 years old and looking to purchase a whole life insurance policy. Which of the following types of policies will provide the most rapid growth of cash value?

20 pay life

a potential client age 40 would like to purchase a whole life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be correct?

20 pay life accumulates cash faster than straight 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 purchased?

30 pay life

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

Age 100

when must insurable interest exist for a life insurance contract to be valid?

Inception of the contract

LH 50 + L spouse 48 have one natural child and one adopted child. They purchased a family policy that covers El spouse to age 65. A death benefit will not be paid in which of the following circumstances?

L spouse dies at age 66

30 pay life

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

what type of life insurance are credit policies issued as?

Term

15 year decreasing term

a 15-year mortgage is best protected by what kind of life policy?

variable whole life insurance can be described as

both an insurance and securities product

a whole life insurance policy endowed when The?

cash value equals the death benefits

which of the following features of a group term life policy enables an individual to leave the group and continue his or her insurance without providing evidence of insurability?

conversion privilege

what kind of life insurance starts out as a temporary coverage but can be later modified to permanent coverage without evidence of insurability?

convertible term

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

decreasing term

additional coverage can be added to a whole life policy by adding a?

decreasing term rider

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

payers provision

what characteristics is consistent with a straight life policy?

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

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

renewable

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 purchases

ten-year endowment

the investment gains from a universal life policy usually go toward?

the cash value

the consideration Clause of an insurance contract includes?

the schedule and amount of premium payments

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

upon death of the last insured


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