Life insurance policies
The policyowner of an adjustable life policy wants to increase the death benefit. Which of the following statements is correct regarding this change?
The death benefit can be increased by providing evidence of insurability.
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. What kind of policy is it?
Limited-Pay Life
Which of the following is true about credit life insurance
Creditor is the policyowner.
To sell variable life insurance policies, an agent must receive all of the following EXCEPT
A SEC registration
The least expensive first year premium is found in which of the following policies
Annually renewable term
Which of the following is not allowed in credit life insurance
Creditor requiring that a debtor buys insurance from a certain insurer
An individual has just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments what time of life insurance policy would be best suited to this situation
Decreasing term
Under 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, whichever occurs first.
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.
Which of the following statements about group life is correct
The cost of coverage is based on the ratio of men and women in the group.
All of the following are characteristics of a group life insurance plan except
There is a requirement to prove insurability on the part of the participants.
Which of the following policies would be classified as a traditional level premium contract
Straight life
The premium of a survivorship life policy compared with that of a joint life policy would be
Lower
All of the following statements are correct regarding credit life insurance except
Benefits are paid to the borrower's beneficiary.
Which type of life insurance policy allows the policy owner to pay more of less than the planned premium
Universal life