Life Insurance Policies- Provisions, Options and Riders Chapter exam 1

Which type of life insurance policy involves the use of securities?

Variable

How long does the coverage normailly remain on a limited-pay life policy?

Age 100

S is covered by a whole life policy. Which insurance product can cover his children?

Child Term Rider

An outstanding mortgage debt would be best covered by a(n) ______ insurance policy

Decreasing Term

To sell variable insurance products, an individual must hold a life insurance license and also be licensed through

FINRA

What kind of insurance policy supplies an income stream over a set period of time that starts when the insured dies?

Family Maintenance Policy

What kind of life insurance policy pays a specified monthly income to a beneficiary for 30 years and then pays a lump sum benefit at the end of that 30 years?

Family Maintenance Policy

K buys a policy where the premium stays fixed for the first 5 years. The premium then increases in year 6 and stays level thereafter, all the while the death benefit remains the same. What kind of policy is this?

Graded Premium Whole life

Which of these would be considered a Limited-Pay Life Policy?

Life Paid-up at age 70

All of these insurance products require and agent to have proper FINRA securities registration in order to sell them EXCEPT for

Modified Whole Life

Which of these life products is NOT considered interest-sensitive?

Modified Whole Life

T has a term policy that allows him to continue the coverage after expiration of the intitial policy period. What type of term coverage is this?

Renewable

Annuitants who own variable contracts invest funds that must be in an insurers

Separate account

Which type of life insurance policy typically contains cash value?

Whole Life