life insurance policy

a man decided to purchase a 100k annually renewable term life policy to provide additional protection until his vhildren finsihed college he discovered that his policy

required a premium increase renewal

all of the following could own group life insurance except

a group needing low cost life insurance

which policy component decreases in decreasing term insurance

face amount

which of the following policies would have an irs required corridor or gap between the cash value and the death benefit

universal life option A

an e,ployee quits his job and converts his group policy to an individual policy, the premium for the individual policy will be based on his

attained age

an insured has a life insurance policy that requires himn to only pay premium for a specified number of years until the policy is paid up what kind of policy is this

limited pay life

the policyowner of universal life policy may skip the premium and the policy will not lapse as long as

the policy contains sufficient cash value to cover the cost of insurance

a universal life insurance policy has two types of interest rates that are called

guaranteed and current

which of the following best defines target premium in a universal life policy

the coverage amountto keep the policy in force throughout its lifetime

all of the following enitities regulate variable life policies except

the guaranty association

the policywoner of an adjustable life policy wants to increase the death benefit which of the following statement is correct regarding this change

the death benefit can be increased by providing evidence of insirability

in an adjustable life policy all of the following can be changes by the policy owner except

the type of investment

the guaranty association

variable life insurance is regulated by both the state and federal government as well as the insurance department and sec

an insured buys a 5 year level premium term policy of 10k the policy has renewabiltiy and convertability when the insured renews what will happen to the premium

it will increase because the insured will be 5 years older than when the policy was originally purchased

twin brothers are starting a new business they know it will take several years to build the business to the point that they can pay off the debt incurred in starting the business what type of insurance would be most affordable and still provide a death benefit should one of them die

joint

the policy owner of an adjustable life policy wants to increase the death benefit which of the following astatement is correct regarding this change

the death benefit can be increased by providing evidence of insurability

all of the following are true rgarding a decrease term policy except

the payable premium amount steadily declines throughout the duration of the contract

all of the following are characteristics of a group life plan except

there is a requirement to prove insurability on the part of the participants

all of the following entities regulate variable life policies except

the guaranty association

which of the following is called a second to die policy

survivorship

which of the following would help prevent a universal life policy from lapsing

target premium

a straight life policy has what type of premium

a level annual premium for the life of the insured

which of the following best describes annually renewable term insurance

it is a level term insurance

both universal life and variable universal life have a

flexible premium

inder a 20 pay whole life policy in order for the policy to pay the death benefit to a beneficiary the premiums must be paid

for 20 years or until death which ever comes first

what are the two component of a universal policy

insurance and cahs account account

a group of 15 skydivers met a at a seminar and began talking about life insurance during the break because it was exspensive to get the individual life insurance they decided to band together to form a small group so that they could qualify for group life insurance after they are applied for group life insurance they were rejected why

the purpose of the group was to purchase life insuranced

a universal life insurance policy is best described as an

annually renewable term policy with cash value account

which of the following best describes annually renewable term insurable

it is level term insurance

which option for universal life allows the benficiary to collect both the death benefit and cash value upon the death of the insured

option B

an insurance policy that only requires a payment of premium at its inception provides insurance protection for the life of the insured and matures at the insured's age 100 called

single premium whole life

annually renewable term

is formed of a level insurance that offers the most insurance at the lowest cost

which of the following are generally not considered when underwriting group insurance

the insured's medical history

which of the following types of policies allow policyowner to skip premium payments provided that there is enough cash value to cover the premium amount

universal

at the age of 30 an applicant wants to start an insurance program but eealizes that his insurance needs will likelt change he wants a policy that can be modified to acoomidate those changes as they occur. awhich of the following policies would ,most likelt fit his needs

adjustable life

the death protection component of universal life insurance is always

annually renewable

the death benefit under the universal life option B

generally increase each year by the amount that the cash value increases

which universal life option has a gradually increasing cash value and a level death benefit

option A

an adjustable life policyowner can change which of the following policy features

the coverage period

what is the purpose of establishing the target premium for a universal life policy

to keep the policy in force

in an adjustable life policy all of the following can changed by the policy owner except

the type of investment

which of the following life insurance policies would be considered interest senstitive

universal insirance

what are the two components of universal policy

insurance and cash account

universal life insurance is

interest sensitive

which type of life insurance policy allows the policyowner to pay more or less than the planned apremium

universal life

which statement is not true regadring a straight life policy

its premium steadliy decreases over time in response to its grown cash

to sell variable life insurance policies an agent must receive all of the following except

sec registration

which of the following is an example of a limited pay life policy

life paid up at age 65

a married couple owns a permanent policy only upon the death of the first insured. which policy is that

joint life policy

concerning juvenile life insurance which of the following statement is incorrdct

juvenile life is classified as any life insurance purchased by a minor

when would a 20 year pay whole life policy endow

when the insured reaches age 100