Types of Life policies

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A straight Life policy has what type of premium?

A level annual premium for the life of the insured

The minimum interest rate on an equity indexed annuity is often based on

An index like Standard & Poor's 500

Which of the following is NOT true regarding an annuity certain?

Benefits stop at the annuitant's death

Which policy component decreases in decreasing term insurance?

Face amount

All of the following statements are true regarding installments for a fixed period annuity settlement option EXCEPT

It is a life contingency option.

Which Universal Life option has a gradually increasing cash value and a level death benefit?

Option A

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

Option A

In a survivorship life policy, when does the insurer pay the death benefit?

Upon the last death

Which of the following products require a securities license?

Variable Annuity

The Least expensive first year premium is found in which of the following policies?

annually renewable term

Which of the following is a short term annuity that limits the amounts paid to a certain fixed period or until a certain fixed amount is liquidated?

annuity certain

Which of the following is a short term annuity that limits the amounts paid to a certain fixed period or until a certain fixed amount is

Annuity certain

Variable whole life insurance is based on what type of premium?

Level fixed

A man decided to purchase a $100,000 Annually Renewable Term Life policy to provide additional protection until his children finished college. He discovered that his policy

Required a premium increase each renewal.

The President of a company is starting an annuity and decides that his corporation will be the annuitant. Which of the following statements are true?

The annuitant must be a natural person

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

convertible term policy

All of the following statements are true regarding installments for a fixed amount EXCEPT

The payments will stop when the annuitant dies.

The form of life annuity which pays benefits throughout the lifetime of the annuitant and also guarantees payment for a minimum number of years called

Life income with period certain

An insured purchased a 10-year level term life policy that is guaranteed renewable and convertible. What happens at the end of the 10-year term?

The insured may renew the policy for another 10 years, but at at a higher premium rate.

Which of the following is not true regarding an annuity certain?

Benefits stop at the annuitant's death.

Which of the following best describes annually renewable term insurance?

It is level term insurance

What form of the annuity settlement options provides to an annuitant for the rest of the annuitants life and ceases at the annuitants death?

Pure life

The Annuitant dies while the annuity is still in the accumulation stage. Which of the following is TRUE?

The beneficiary will receive the greater of the money paid into the annuity or the cash value.

The annuitant dies while the annuity is still in the accumulation stage. Which of the following is TRUE?

The beneficiary will receive the greater of the money paid into the annuity or the cash value.

An insured has a life insurance policy that requires him to only pay premiums for a specified number of years until the policy is paid up.

Limited-pay life

The premium of a survivorship life policy compared with that of a joint life policy would be

lower

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

The recommended amount to keep the policy in force throughout its lifetime

If an agent wishes to sell variable life policies, what license must the agent obtain?

securities

What characteristics make whole life insurance permanent?

Coverage until death or age 100

What is another name for interest sensitive whole life insurance?

Current assumption life

Under which installments option does the annuitant select the amount of each payment, and the insurer determines how long they will pay benefits

fixed amount

An adjustable Life policy owner can change which of the following policy features?

the coverage period


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