Life Insurance Policies Quiz

Ace your homework & exams now with Quizwiz!

What type of policy allows for a flexible premium and a variable investment component?

Variable universal life insurance

When would a whole life insurance policy mature?

When the insured dies or turns 100, whichever is sooner.

What types of licenses do you need to sell variable products?

A life insurance producer license and a securities license.

To sell life insurance policies, an agent must receive FINRA registration, as well as

A securities license and a life insurance license.

The death benefit under the Universal Life Option B

Gradually increases each year by the amount that the cash value increases.

A Universal Life Insurance policy has two types of interest rates that are called

Guaranteed and Current.

What are two components of a universal life policy?

Insurance and cash account

What are the 3 basic types of term life insurance?

Level, Increasing, and Decreasing

Which option for Universal life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured?

Option B

An insured owns a term policy with a guaranteed renewable option. When the end of the policy draws near the insured answers medical questions in order to prove insurability and qualifies for a discounted premium rate. What option best describes this scenario?

Re-entry

What kind of insurance policy would be classified as a traditional level premium contract?

Straight Life

What are the 4 different classes of insurance

Term, Whole Life, Universal, and Variable

What type of life insurance policy allows the policy owner to pay more or less than the planned premium?

Universal Life

What type of policy allows for a flexible premium and a variable investment component?

Variable Universal Life Insurance

An insured has a Level Term Insurance policy that is guaranteed renewable and also includes a re-entry provision. The re-entry provision would allow the insured to renew the policy and

pay a lower premium by proving insurability.


Related study sets

research exam 3: independent study; process of conducting systematic reviews and introductory challenge

View Set

Prep U: Ch 13: Blended Competencies

View Set

Final Exam - Abnormal Psychology

View Set

Org Behavior Final Exam (Comprehensive)

View Set

Fundamentals Exam 1 (chapter 38 oxygenation & perfusion)

View Set

Police Administration - Chapter 11

View Set