TYPE OF INSURANCE POLICIES
What type of policy would offer a 40-year old the quickest accumulation of cash value?
20-pay life
A UNIVERSAL LIFE POLICY IS SOMETIMES REFERRED TO AS AN UNBUNDLED LIFE POLICY BECAUSE THE OWNER CAN SEE THE INTEREST EARNED EXPENSE CHARGES AND
COST OF INSURANCE
A company that owns a life insurance policy on one of its key employees may do all of the following EXCEPT
Change the policy's interest rate
When a policyowner exchanges a term policy for a whole life policy without providing proof of good health, which of these apply?
Conversion provision
A blank term life policy is normally used when covering insured mortgage balance
Decreasing
The combination of whole life and blank term insurance is referred to as family income policy
Decreasing
Which of these types of policies may NOT have the Automatic Premium Loan provision it?
Decreasing Term
p owns a $25,000 life policy that pays the face amount to him if he lives to the age of 70 or his beneficiary if he dies the 4H 70 what kind of policy does P own
Endowment age 70
Yes it's close to retiring and would like to purchase a policy that will yield greater games then bounds but will still protect the principal with a minimum level or risk which product would SB advised to purchase
Equity index insurance
Which of these statements describes a modified and down main contract MEC
Exceeds the maximum amount of premium that can be paid into a policy and still have it be recognized as a life insurance contract
TERM INSURANCE HAS WHICH OF THE FOLLOWING CHARACTERISTICS
Expires at the end of the policy period
What does a Face Amount Plus Cash Value Policy supposed to pay at the insured's death?
Face amount plus the policy's cash value
Which of these needs is satisfied by Adjustable Life insurance?
Insured's need for flexible premiums
WHAT TYPE OF LIFE POLICY COVERS TWO LIVES AND PAYS THE FACE AMOUNT AFTER THE FIRST ONE DIES
Joint Life Policy
Jay is issued life insurance policy with a death benefit of $100,000 she paid $600 per year and premium for the first five years the premium them increases to $900 per year and the six year and remains level there after the policy death benefit remains at $100,000 which type of life insurance policy is this
Modified premium
All of these insurance products require an agent to have proof FINRA securities registration in order to sell them except for
Modified whole life
The life insurance policy exceed certain IRS table values the result would create which of the following
Modify endowment contract MEC
Which of the following types of Term Life policies most likely contains Renewability feature?
O 10 Year Convertible Term
Which type of policy is considered to be overfunded, as stated by IRS guidelines?
O Modified Whole Life
Which statement is correct regarding the premium payment schedule for whole life policies?
O Premiums are payable throughout the insured's lifetime/ coverage lasts until death of the insured
A life policy that contains a monthly mortality charge as well as self-directed investment choices is called a(n)
O Universal Life policy
Under a Renewable Term policy,
O the renewal premium is calculated on the basis of the insured's attained age
INCOME POLICY
PAYS YOU AT THE TIME OF SIGNING UP TILL THE TIME OF DEATH
WHICH OF THE FOLLOING ACTIONS IS NOT POSSIBLE WITH UNIVERSAL LIFE POLICY
PREMIUMS MAY BE APPLIED AS A CREDIT AGAISNT INCOME TAX
Which of the following types of permanent life insurance policies offers highest initial cash value
Single premium
can you shopping for a permanent life insurance policy that will offer her the most protection per dollar I have annual premium which of these policy best fits her needs
Straight life
WHICH OF THE FOLLOWING LIFE INSURANCE POLICEIES COMBINE TERM INSURANCE WITH AN INVESTMENT ELEMENT
UNIVERSAL LIFE
WHICH OF THE FOLLOWING LIFE INSURANCE POLICIES COMBINE TERM INSURANCE WITH INVESTMENT ELEMENT
UNIVERSAL LIFE POLICY
WHEN IS THE AFACE AMOUNT PAID UNDER A JOINT LIFE AND SURVIOR
UPON THE DEATH FO THE LAST INSURED
what type of life insurance incorporates flexible premiums and adjustable death benefit
Universal life
IN ORDER TO SEE A (N) LIFE POLICY A PRODUCER IS REQUIRED TO REGISTER WITH THE FINACIAL INDUSTRY REGULATORY AUTHORITY FINRA
VARIABLE
A LIFE POLICY WITH A DEATH BENEFIT AND CASH VALUE THAT CAN FLUCTUATE ACCORDING TO THE PERFORMANCE OF ITS UNDERLYING INVESTMENT PORTFOLIO IS REFFERED TO AS
VARIABLE LIFE
WHICH OF THE POLICY REQUIRES AN AGENT TO REGISTER WITHT THE NATIONAL ASSOCIATION OF SECURITIES DEALERS NASD BEFORE SELLING
VARIABLE LIFE
WHICH OF THE FOLLOWING POLICES IS CHARACTERIZED BY A FLEXIBLE PREMIUM AND DEATH BENEFIT AND ALLOWS THE POLICYOWNER CONTROL OF THE INVESTMENT ASPECT PLAN
VARIABLE UNIVERSAL LIFE
Which of these types of life insurance allows the policyowner to have level premiums and to also choose from a selection of investment options?
Variable Life
A (N)________ ___________ LIFE POLICY COMBINES INVESTMENT CHOICES WITH A FORM TERM COVERAGE
Variable Universal
A LIFE INSURANCE POLICY THAT PROVIDES A POLICY OWNER WITH CASH VALUE ALON WITH A LEVEL FAE AMOUNT IS CALLES NOT POSSI
WHOLE LIFE
When is the face amount of a Whole Life policy paid?
When the insured dies or at the policy's maturity date, whichever happens first
Which of these is an element of variable life policy
a fixed level premium
How long does the coverage normally remain on a limited-pay life policy?
age 100
Variable Whole Life Insurance can be described as
both an insurance and securities product
Under an Interest Sensitive Whole Life policy,
cash values are detemined by interest rates
Which provisional allows the policy on her to change a term life policy to permanent one without providing proof of good health
conversion
Credit life insurance is typically issued with which of the following types of coverage
decreasing term
what type of policy has a death benefit that adjust periodically and it's written for a specific period of time
decreasing term
Additional coverage can be added to a whole life policy if I adding a
decreasing term rider
A variable insurance policy
does not guarantee a return on its investment accounts
Who has the option to renew a renewable term policy?
insured
Credit Life Insurance
issued in an amount not to exceed the amount of the loan
What kind of premium does a Whole Life policy have?
level
what is true concerning a variable universal life policy
policy owner controls where the investment will go and select the amount of premium payment
A limited pay life policy has
premium payments limited to a specific number of years
Under a Graded Premium Whole Life policy,
the premium increases each year during the early years of the contract and remains the same after that time
WHICH OF THE FOLLOWING IS CONSIDERED AN ELEMENT OF A VARIABLE LIFE POLICY
underlying equity investment
what kind of life policy either pays the face value upon the death of the insured or when the insured reaches age 100
whole life
Why purchased $100,000 worth of permanent protection on himself and 50,000 worth on 10 year term coverage for his wife on the same policy which of these policies did why purchase
whole life policy with other insured rider
