Exam (elaborations)
2024 INDIANA LIFE AND HEALTH-LIFE INSURANCE POLICIES EXAM WITH CORRECT ANSWERS
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2024 INDIANA LIFE AND HEALTH-LIFE INSURANCE POLICIES EXAM WITH CORRECT ANSWERS
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2024 INDIANA LIFE AND HEALTH-LIFE INSURANCE POLICIES EXAM
WITH CORRECT ANSWERS
Term Life Insurance - CORRECT ANSWERS-Temporary life insurance provided
for a specific period of time
Permanent Life Insurance - CORRECT ANSWERS-General term used to refer
to various forms of whole life insurance policies that remain in effect to age
100 as long as the premium is paid, and also includes a savings element
(cash value)
Three Types of Term Coverage - CORRECT ANSWERS--Level
-Increasing
-Decreasing
Level Term Insurance - CORRECT ANSWERS-Most common, refers to the
death benefit that doesn't change throughout the life of the policy
Single premium whole life - CORRECT ANSWERS-Designed to provide a level
death benefit to ago 100 for a one-time, lump-sum payment.
Modified Life - CORRECT ANSWERS-A type of whole life policy that charges a
lower premium in the first few policy years, then a higher level premium for
the remainder of the insureds life
Graded premium whole life - CORRECT ANSWERS-Premiums start out
relatively low and then level off at a point in the future. The premium
typically starts at approximately 50% or lower than the premium of a straight
life policy. It then gradually increases each year for a period of usually 5 or
10 years, and then remains level thereafter.
Interest Sensitive whole life - CORRECT ANSWERS-Also called current
assumption life. Is a fixed rate premium policy that provides guaranteed
death benefit at 100. It credits the cash value with the current interest rate
that is usually comparable to money market rates. It also provides for a
minimum guaranteed rate of interest.
Adjustable Life - CORRECT ANSWERS-Was developed in an effort to provide
the policy owner with the best of both worlds (term and permanent). An
adjustable life policy can assume the form of either term or permanent. The
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