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Primerica. Types of Life Insurance Policies Questions with Accurate Answers
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Primerica. Types of Life Insurance Policies
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Primerica. Types of Life InsurancePolicies
What policy component must decrease in decreasing term insurance? - answer Face
amount
The death protection component of a universal life policy is expressed as what type of
coverage? - answer Annually renewable term
An insured receives a monthly summary for his life insurance policy. He notices that the
cash value of the policy is significantly lower this month than it was last month. What
type of policy does the insured have? - answer Variable
What type of policy is typically issued without proof of insurability from the insured? -
answer Group policy
What is the major difference between the most common types of whole life policies:
Straight Life, Limited Payment and Single Premium? - answer Premium payment mode
What is the main advantage of converting from group life insurance to individual
coverage? - answer Evidence of insurability is not required.
In variable universal life insurance, to what policy component does the term variable
refer? - answer Cash value and death benefit
What type of life insurance is best suited to cover a mortgage? - answer Decreasing
term
What elements of an adjustable life policy can be changed by the policyowners? -
answer The amount and payment period of the premium, the face amount, and the
period for protection
What happens to the cash value when a whole life insurance policy matures? - answer
Cash value is paid to the policyowner
What are the characteristics of the group that underwriters will consider before issuing a
group life policy? - answer Group’s purpose, size, financial strength and turnover
Between adjustable life and universal life policies, which one provides more flexibility to
the policyowner? - answer Universal life
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