Types of Life Policies Quizzes

Which special policy combines decreasing term insurance with whole life insurance to provide the insured's family with a monthly income upon the death of the insured, while maintaining permanent coverage until the end of the income payments

Family Income Policy

The death protection component of Universal Life Insurance is always

Annually Renewable Term

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

An Adjustable Life policy owner can change which of the following policy features

The coverage period

Paul is the policy owner of a life insurance policy which will increase significantly in face amount (death benefit) when the insured reaches an age specified in the policy. this policy is referred to as a

Jumping juvenile policy

All factors equal, what would the premium be like in a survivorship life policy as compared to the joint life policy?

Lower, life expectancy higher

Which of the following is usually true of a participating life insurance policy?

Pays dividends to policy owners

An employer offers group life insurance to its employees for the amount of $10,000. Which of the following is true?

The cost of coverage is a deductible expense by the employer

An insured owns a life insurance policy. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. There is a limit for a withdrawal and the insurer charges a fee. What type of policy does the insured most likely have?

Universal life

During partial withdrawal from a universal life policy, which portion will be taxed?

Interest