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Insurance Policy
Test 1
| Question | Answer |
|---|---|
| Best identifies one in which the cash value may fluctuate to reflect changing assumptions regarding mortality cost, investment and expense | universal life |
| A life insurance policy that provides a policy owner with cash value along with level face amount is called | whole life |
| Actions require a policy holder to provide proof of insurability | Increase Face amount |
| The amount of coverage on a group life policy is limited to | The insured's total loan value |
| What kind of premium does a whole life policy have? | Level Premium |
| Universal life policy is called unbundled life policy because the policy holder can see expense charges interest earned and | insurance cost |
| Type of policy that covers 2 lives and pays the face amount after the first one dies | Joint life polity |
| What type of life insurance are credit policies issued as | term |
| When is the face amount of a whole life policy paid | When the insured dies or at the maturity date. Which ever happens first |
| combination plan designed to protect an insured from an unpaid mortgage balance upon premature death | joint life |
| Not considered interest sensitive | Modified whole life |
| What action can a policy owner take if application of bank requires collateral? | Policy owner my assign policy ownership to bank |
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