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Life Insurance Policies Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
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The policyowner of a Universal Life policy may skip paying the premium and the policy will not lapse as long as a. the next month's premium is sufficient to cover both the current premium amount and the skipped amount b. the policy contains sufficient cash value to cover the cost of insurance...

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  • September 6, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • life insurance policies questions 100 correct
  • the policyowner of a universal life policy may ski

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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 Policies Questions & 100%
Correct Answers- Latest Test | Graded A+ |
Passed
The policyowner of a Universal Life policy may skip paying the premium and the policy will

not lapse as long as




a. the next month's premium is sufficient to cover both the current premium amount and

the skipped amount


b. the policy contains sufficient cash value to cover the cost of insurance


c. the previous premium payments were high enough to create an excess of premium


d. the policyowner cannot skip premiums without the policy lapsing


✓ -:- b. the policy contains sufficient cash value to cover the cost of insurance




The type of policy that can be changed from one that does not accumulate cash value to

the one that does is a




a. convertible term policy


b. renewable term policy


c. decreasing term policy


1|Page | Grade A+| 2024/2025

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

d. whole life policy


✓ -:- a. convertible term policy




An insurance policy that only requires a payment of premium at its inception, provides

insurance protection for the life of the insured, and matures at the insured's age 100 is

called




a. modified endowment contract (MEC)


b. level term life


c. graded premium whole life


d. single premium whole life


✓ -:- d. single premium whole life




A return of premium term life policy is written as hat type of term coverage?




a. renewable


b. level


c. increasing


d. decreasing


2|Page | Grade A+| 2024/2025

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

✓ -:- c. increasing




Which of the following is called a "second to die" policy?




a. juvenile life


b. joint life


c. survivorship life


d. family income


✓ -:- c. survivorship life




An adjustable life policyowner can change which of the following policy features?




a. the mortality expense


b. the investment account


c. the insured


d. the coverage period


✓ -:- d. the coverage period




Which of the following life insurance policies would be considered interest sensitive?

3|Page | Grade A+| 2024/2025

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