chapter 4- types of policies

a 35 year old insured five year level term policy with probably renew to a

5 yr level term w/age 40 premiums

if a single premium (lump sum) is paid on a whole life policy, cash value will

be available immediately

which of the following does NOT apply to credit life?

benefits are paid directly to insured

what do employees covered under a group contract receive?

certificate of insurance

an adjustable life policy allows for the policy owner to do all of the following EXCEPT

choose investment vehicle

which of the following amounts must increase in an increasing term policy?

death benefit

how long does coverage continue soon a limited-pay whole life policy

death or age 100

in a jumping juvenile life, the component that "jumps" is the

face amount

an equity-indexed life insurance policy's cash value is usually linked to an index such as the

standard and poor's 500

when are benefits paid from a joint life policy?

when first insured dies

the type of policy that can be changed from one that does not accumulate cash value to one that does is a

convertible term policy

an insured owns a term insurance policy in which the amount of protection remains consent during the term period. what kind of term insurance does he own

level

all of the following statements regarding while life insurance are true EXCEPT

policy's cash value decreases each yr policy is in force

an annually renewable term policy

renews each year w/ increased premium

which of the following is NOT true about a universal life policy?

there's no minimum guaranteed rate of return on universal life policy