WebCE Exam Tutor questions with correct answers 2023

WebCE Exam Tutor questions with correct answers 2023All of the following are eligible to purchase a group life insurance policy EXCEPT: the Wonderful Widget Company, which employs more than 200 people the State Electrical Workers Union the Retailers Multiple Employer Trust, formed by two retailers to purchase insurance for their employees Stan and his neighbors, who form their own group to buy group coverage at a lower cost than their individual coverages Stan and his neighbors are not eligible to purchase group life insurance because a group cannot be formed solely to obtain life insurance With respect to the difference between variable life insurance (VLI) and variable universal life insurance (VUL), which of the following statements is correct? Variable life policies require a fixed premium payable for the life of the policy while variable universal life permits premium flexibility. Only variable life policies allow the policyowner to put funds in investment subaccounts. Only variable universal life policies offer a minimum death benefit. Only variable universal life is a securities product. Variable life policies require a fixed premium payable for the life of the policy while variable universal life permits premium flexibility 00:23 01:18 Jessica, age 25, buys a $100,00 life insurance policy. The initial premium is lower than straight whole life rates and increases each year for the first ten years of the policy period. After that, the premium levels off and remains at that amount for the life of the policy. What type of policy does Jessica own? indeterminate premium whole life single premium life graded premium whole life 20-pay life graded premium whole life Which statement about modified premium whole life insurance is NOT correct? It does not build cash value. It charges lower premiums in the early policy years. At the end of the initial period, the premium increases and stays at the new level for the life of the policy. It is good for people who want the guarantees of whole life insurance and lower early premiums. It does not build a cash value A life insurance policy matures or endows when its guaranteed cash value equals its face amount. With an endowment contract, when does the policy endow? when the insured dies at age 120 after age 120 well before age 120, usually at age 65 well before age 120, usually at age 65 A type of permanent life insurance that lets the policyowner increase, reduce or even skip premium payments at will without the policy lapsing best describes: variable life insurance universal life insurance adjustable life insurance modified premium whole life insurance universal life insurance Variable universal life combines features of variable life and universal life. Variable universal life and universal life are alike in all the following ways EXCEPT: The premium payments for both are flexible. Both types of policies let the policyowner choose a death benefit from two (or sometimes three) options. For both policies, the insurer deducts insurance and expenses monthly from the cash value. Both are considered securities products as well as life insurance. both are considered securities products as well ass life insurance All the following statements about term life insurance are correct EXCEPT: It offers protection for a specified, limited period. A small cash value gradually accumulates while the policy is in force. Upon issue, it is generally less expensive than permanent insurance of comparable face amount. It pays a benefit only if the insured dies during the specified period. a small cash value gradually accumulates while the policy is in force A type of life insurance that covers two people and pays the death benefit only upon the second insured's death is called survivorship life family life spousal life joint life survivorship life