state exam
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| under a 20 pay whole life policy |
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| 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 what time period? | for 20 years or until the insureds death, whichever occurs first
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| during partial withdrawal from a universal life policy, which portion, of any, will be taxed? | interest earned on the withdrawn cash value
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| an individual has just borrowed $10,000 on a 5-year note from his bank. The note is due in installments. what type of life insurance policy would be best suited to this situation? |
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| between adjustable life and universal life policies, which one provides more flexibility to the policy owner | universal life
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| regarding taxation, how does the cash value of life policy accumulate | tax deffered
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| what happens to the cash value when a whole life insurance policy matures | cash value is paid to the policy owner
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| universal life policies have two types of interest rates. what are they | guaranteed and current
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| what elements of an adjustable life policy can be changed by the policyowners | the amount and payment period of the premium, the face amount, and the period for protection
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| what type of premium is charged on a straight life policy | a level premium for the life of the insured
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| what is the purpose of establishing the target premium for a universal lie policy | to prevent the policy from lapsing
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| if an employee want to join group life insurance coverage outside of the open enrollment period, what would the employee have to provide | evidence of insurability
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| what type of life insurance policy provides permanent protection | whole life
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| a whole life policy that requires that the policy owner only pays premiums for a specified number of years is known as what kind of policy |
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| in variable universal life insurance, to what policy component does the term 'variable' refer | cash value and death benefit
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| what policy component must decrease in decreasing term insurance | face amount
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| whole life policies provide protection until the insured reaches what age |
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| how is the premium determined in joint life insurance policy | the premium is based on the average age of the insureds
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| what type of life insurance policy offers pure death protection | term
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| group life insurance policies are written as what type of insurance |
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| what type of whole life insurance policy generates immediate cash value | single premium whole life
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| in term policies, what happens to the premium throughout the term of the policy | the premium remains level
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| what happens to the premium in annually renewable term life policy | the premium increases with each renewal
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| if an insured terminates membership in a group life insurance, to what type of insurance can the insured convert the coverage | whole life
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| what are the characteristics of the group that underwriters will consider before issuing a group life policy | groups purpose, size, financial strength and turnover
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| when would a 20 pay whole life policy endow | when the insured reaches age 100
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| what are the death benefit options in universal life policies | option A-level death benefit option B - increasing death benefit
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| what does 'level; refer to in level term insurance | face amount
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| what is the major difference between the most common types of whole life policies: straight life, limited payment and single premium | premium payment mode
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| who is insured under a juvenile life policy | a minor
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| who is entitled to the cash values in a life insurance policy | the policyowner
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| what is the main advantage of converting from group life insurance to individual coverage | evidence of insurability is not required
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| what type of whole life insurance policies only requires a payment of premium at its inception, and in addition to providing insurance protection for the life of the insured, endows at the insureds age of 100 | single premium whole life
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| what type of life insurance policy can be changed from a policy with no cash value to one that generates cash value |
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| when does an adjustable life policy accumulate cash | when the premiums paid are more than the cost of the policy
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| what age must the insured attain in order to receive the policy face amount | 100
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| when the amount of the insurance is increase in adjustable life policy, what will the insurer require from the insured | evidence of insurability
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| in what type of life insurance policies can the policy owner skip premium payments without the policy lapsing | universal life
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| why are the policy loans not available on term insurance | there is no cash value to borrow against
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| in a joint life policy when is the death benefit paid | upon the first death
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| what type of life insurance policy is life paid up at age 65 | limited pay whole life
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| a policyowner borrowed a portion of cash value from his whole life policy, if the loan is not repaid, how will that affect the death benefit to the beneficary | the amount of the loan will be subtracted from the death benefit
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| whole life insurance policies mature when age 100 hits. if the owner dies at 80 and there are no outstanding loans on the policy, what portion of the death benefit will be paid to the beneficiary | the full death benefit
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| the death protection component of a universal life policy is expressed as what type of coverage | annually renewably term
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| what universal life option has a gradually increasing cash value and a level death benefit | option A
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| what type of life insurance is best suited to cover a mortgage | decreasing term
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| 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 what time period |
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