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Life insurance Policies Exam Practice Questions and Answers
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Life insurance Policies Exam Practice Questions and Answers Insured buys a 5 year level premium term policy with a face amount of $10000. Policy also contains renewability and convertibility options. When insured renews in 5 years, what happens to the premium? - Answer️️ -It will increase b...

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  • September 1, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • life insurance policies exam practice questions an

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  • Life insurance
  • Life insurance

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SophiaBennett

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©SOPHIABENNETT
2024/2025 ACADEMIC YEAR




©SOPHIABENNETT 9/1/24 2024/2025

, Life insurance Policies Exam Practice
Questions and Answers


Insured buys a 5 year level premium term policy with a face amount of $10000. Policy

also contains renewability and convertibility options. When insured renews in 5 years,

what happens to the premium? - Answer✔️✔️-It will increase because the insured will be

5 years older than when the policy was originally issued. It will remain level during the

term of the policy, but upon renewal it will be based on the insured's attained age.


What makes whole life permanent protection? - Answer✔️✔️-coverage until death or until

age 100

An insured has a policy that requires him to only pay premiums for a specified number

of years until the policy is paid up. What kind of policy is it? - Answer✔️✔️-Limited Pay

Life

What distinguishes a group life from individual life policy? - Answer✔️✔️-reduced adverse

selection. Group life requires a number of participants depending on the premium.

A return of premium is referred to as what type of policy? - Answer✔️✔️-Increasing: pays

an additional benefit to the beneficiary equal to death benefit plus premiums paid.

If employee wants to enter group insurance outside of open enrollment period, insurer

may require - Answer✔️✔️-proof of insurability

Whats the difference between joint life and survivorship insurance? - Answer✔️✔️-Joint

life pays a death benefit on the first death, survivorship pays on the last.

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