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Life Insurance Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
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How does a continuous premium whole life policy differ from a limited pay whole life policy? A. The time period in which premiums will be paid B. The availability of cash value loans C. The availability of nonforfeiture options D. The settlement options -:- A. The time period in which premi...

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  • September 6, 2024
  • 80
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • life insurance questions 100 correct answers
  • how does a continuous premium whole life policy di

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  • Life Insurance
  • Life Insurance

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2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!



Life Insurance Questions & 100% Correct
Answers- Latest Test | Graded A+ | Passed
How does a continuous premium whole life policy differ from a limited pay whole life

policy?




A. The time period in which premiums will be paid


B. The availability of cash value loans


C. The availability of nonforfeiture options


D. The settlement options


✓ -:- A. The time period in which premiums will be paid




What type of premiums are associated with individual mortgage protection life insurance

policies?




A. Level premiums


B. Flexible premiums


C. Modified premiums


D. Decreasing premiums




1|Page | Grade A+| 2024/2025

,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

✓ -:- A. Level premiums




Taxable income may be the result from all of these modified endowment contract (MEC)

transactions EXCEPT for




A. A cash value loan is taken out


B. Automatic premium loan provision is utilized


C. The policy is surrendered for less than what was paid into it


D. Dividend is issued


✓ -:- C. The policy is surrendered for less than what was paid into it




What kind of life insurance policy allows a policyowner the choice of investments along

with flexible premium payments?




A. Variable universal life


B. Modified endowment contract


C. Adjustable life


D. Graded premium whole life




2|Page | Grade A+| 2024/2025

,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

✓ -:- A. Variable universal life




All of these statements concerning universal life insurance are false EXCEPT




A. Death benefits are normally taxable


B. Policy loans are not permitted


C. Premiums or face amount cannot be changed


D. Policy indicates how much of the premium is used toward company expenses


✓ -:- D. Policy indicates how much of the premium is used toward company expenses




How does the cost for a survivorship life policy compare to the cost of combining two

separate life insurance policies?




A. Survivorship life policy is lower


B. Survivorship life policy is higher


C. Depends on the investment performance of the underlying accounts


D. Both have the same actuarial costs


✓ -:- A. Survivorship life policy is lower




3|Page | Grade A+| 2024/2025

, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

Which statement regarding universal life insurance is correct?




A. Cash value accumulations have a guaranteed minimum interest rate


B. Policyowner can change the face amount but not the premium


C. Policyowner can change the premium but not the face amount


D. Partial withdrawals cannot be made from the policy's cash value


✓ -:- A. Cash value accumulations have a guaranteed minimum interest rate




Which statement regarding whole life insurance is accurate?




A. Cash value loans are not permitted


B. Insurance coverage can continue for life


C. Policy normally matures at retirement


D. No cash value accumulations


✓ -:- B. Insurance coverage can continue for life




All of these are considered features of whole life insurance EXCEPT




4|Page | Grade A+| 2024/2025

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