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IL Life Insurance exam (1) Questions & 100% Verified Correct Answers with complete solutions (Latest update

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IL Life Insurance exam (1) Questions & 100% Verified Correct Answers with complete solutions (Latest update

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  • August 15, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • il life insurance exam 1

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  • Insurance
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IL Life Insurance exam
straight life annuity income option provides for annuity payments to the annuitant for as long as
he or she lives - ANS-ordinary straight life

premium paying period is limited by the policy owner to a specified age of time or to a specific
age. protection to age 100 - ANS-limited pay

pay one premium protection to age 100 - ANS-single premium life

lvl premiums and death benefits. combo of term and whole life. - ANS-adjustable life

term to whole life or whole life to term - ANS-convertible term

Flexible Premium dont have to pay the policy owner can determine his own face amount and
frequency of future premium payments. - ANS-Universal life

money goes into separate accounts - ANS-variable whole life money

policy contains unsheduled premium payments and death benefits and cash value that varies
according to the underlying funds whose investment portfolio is managed by the policy owner. -
ANS-variable universal life

current assumption life. cash value can grow beyond guaranteed levels policy owner can
increase premiums or reduce face amount declaring an interest rate. - ANS-interest sensitive
whole life

face amount remains lvl for entire policy. both premium and face amount remain level. -
ANS-level term

face amount decreases.
every year coverage goes down. - ANS-decreasing term

policy that returns premiums paid for coverage if the insured party survives the policys term -
ANS-return of premium

renews a certain amount each year - ANS-annually renewable

both the face amount and premium increase - ANS-increasing term

renew the term insurance on the anniversary date, without a medical and the premium are
based on your attained age. - ANS-renewable

, change the policy to a permanent at expiration of term coverage. based on your attained age
without proof of insurability - ANS-convertible term

insurance contract issued by the insurance company you put money in contract in return
company pays you in future. - ANS-annuities

you put in one payment - ANS-single premium

policy allows you to change your premium payments, depending on the policy value and your
current financial needs. - ANS-flexible premium

start receiving payments within a month. require a lump sum payment. (used to fund the lotto) -
ANS-immediate annuity

Ex. is IRA. contribute over a period of time. (accumulation period)
(withdrawing is known as the annuity period). - ANS-deferred annuity

investments will go into the general account of the issuing company and will be backed with
there assets - ANS-Fixed annuity

investment will go into a seperate accound and be invested in the stock market - ANS-variable
annuity

company must pay a certain rate - ANS-indexed based fixed annuity

payments are based on two annuitants however the payments stop when the first annuitant dies
- ANS-joint life annuity

when the first annuitant dies the second will still receive money for the rest of their life -
ANS-survivor annuitant

must be selected at the time of the application. disability must be permanent and total. 6 month
waiting period. premiums must be paid than refunded. - ANS-waiver of premium rider

purchase insurance at a certain specified ages without proof of insurability usually up to age 40.
( the insured provides proof of insurability once for the original policy only not for the additional
purchases - ANS-guaranteed insurability

(juvenile Life) applicants waiver of premium is used when the premium payor is disabled or dies
- ANS-payor benefit

usually pay twice the face amount if accident
*** if 100k coverage then pay 200k. - ANS-accidental death

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