TN Life and Health Insurance Exam/ 215 Quizzes & Correct Answers.
8 views 0 purchase
Course
TN Life and Health Insurance
Institution
TN Life And Health Insurance
TN Life and Health Insurance Exam/ 215 Quizzes & Correct Answers. Terms like:
limited pay - Answer: premium is paid up before age 100; higher premium and higher cash value
single pay - Answer: premium is paid up in one payment
20 Pay Life - Answer: premium is paid up in 20 yrs
Life Pai...
TN Life and Health Insurance Exam/ 215
Quizzes & Correct Answers.
limited pay - Answer: premium is paid up before age 100; higher premium and higher cash
value
single pay - Answer: premium is paid up in one payment
20 Pay Life - Answer: premium is paid up in 20 yrs
Life Paid Up at 65 - Answer: premium paid up at age 65
modified whole life - Answer: premium begins very low (term) and changes to whole life with
one raise in premium after 3-5 years then premium is constant for life of policy
graded premium whole life - Answer: premium begins very low (term) and raises each year for
5-10 years then premium is constant for life of policy
Page 1 of 21
,endowment - Answer: policy matures before age 100 at a specific age or date; higher premium
and cash value
pure endowment - Answer: endowment that will pay off only if the insured lives to maturity
adjustable life insurance - Answer: allows the insured to adjust the premium, face amount, and
term
universal life insurance - Answer: policy where most all of the premium is invested in a cash
value account earning competitive current interest rates and the rest of the premium buys term
for the face amount needed
variable life insurance - Answer: insurance company invests premium in stock market; hedge
against inflation
scheduled premium variable life - Answer: the amount being paid and the dates of payment are
known; minimum death payment; can borrow 75-90% of cash value
flexible premium variable life - Answer: the amount of premium to be paid and the payment
date are both unknown; no guaranteed cash value/death benefit; owner cannot borrow on this
policy
variable universal life insurance - Answer: the insured directs the insurance company exactly
where to invest their premiums; requires a lot of investing experience
interest-sensitive whole life insurance - Answer: premium and cash value amounts may change
based on insurer's experience; minimum guaranteed rate of return and minimum cash values
Page 2 of 21
, annuity - Answer: designed to liquidate a sum of money; guarantees a lifetime income to the
recipient
fixed annuity - Answer: annuity that guarantees the principal, interest, and the amount of the
payment
variable annuity - Answer: premium is invested in stocks, so the annuity is not fully guaranteed
equity index annuity - Answer: annuity that provides higher interest while protecting principal
immediate annuity payment - Answer: payments start within a year
deferred annuity payment - Answer: payment starts later than a year or more
level premium payment - Answer: same payments over a period of time to fund annuity
flexible premium payment - Answer: annuity payment frequency and amount are flexible
single premium payment - Answer: annuity payment that is one lump sum payment
family income policy - Answer: whole life and decreasing term on the bread winner provided to
surviving family
family maintenance policy - Answer: whole life and level term on the income benefits on the
bread winner provided to surviving family
family policy - Answer: coverage on all members of the family that gives bread winner whole
life, spouse term up to 65, and children term up to 18
Page 3 of 21
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Benzo. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
