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2024 INDIANA LIFE AND HEALTH-LIFE INSURANCE POLICIES EXAM WITH CORRECT ANSWERS $10.99   Add to cart

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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  • August 13, 2024
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  • 2024/2025
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  • INDIANA LIFE AND HEALTH-LIFE INSURANCE POLICIES
  • INDIANA LIFE AND HEALTH-LIFE INSURANCE POLICIES
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2024 INDIANA LIFE AND HEALTH-
LIFE INSURANCE POLICIES EXAM
WITH CORRECT ANSWERS

Whole Life Insurance - CORRECT ANSWERS-Provides lifetime protection, and
includes a savings element (or cash value). Whole life polices endow at age
100, meaning the cash value created by the accumulation of premium is
scheduled to equal the face amount of the policy at age 100.

Key Characteristics of Whole Life Insurance - CORRECT ANSWERS--Level
premium: the premium for whole life policies is based on issue age, therefore
remains the same throughout the life of the policy
-Death benefit: the death benefit is guaranteed and also remains level for life
-Cash value: the cash value, created by the accumulation of premium, is
scheduled to equal the face amount of the policy when the insured reaches
100
-Living benefits: the policyowner can borrow against the cash value while the
policy is in effect, or can receive the cash value when the policy is
surrendered

Straight life (continuous premium whole life) - CORRECT ANSWERS-The basic
whole life policy. The policyowner pays until the insured's death or age 100.
Of the common whole life policies, straight life will have the lowest annual
premium.

Limited-pay - CORRECT ANSWERS-Whole life designed so that the premiums
for coverage will be completely paid-up well before age 100

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.

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