MN Life License Study Guide Already Graded A+
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MN Life License Study Guide Already Graded A+ 
Policy Types 
Which type of policy does the owner pay the same premium throughout the term of the contract? 
Options: a. Level premium policy; b. Increasing premium policy; c. Decreasing premium policy; d. Term 
life insurance 
Answer: a. Level premium policy; 
Beneficiaries 
What type of beneficiary cannot be changed without consent? Options: a. Irrevocable beneficiary; b. 
Revocable beneficiary; c. Primary beneficiary; d. Contingent benefi...
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MN Life License Study Guide Already Graded A+•MN Life License Study Guide Already Graded A+
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MN Life License Study Guide Already Graded A+ 
Policy Types 
Which type of policy does the owner pay the same premium throughout the term of the contract? 
Options: a. Level premium policy; b. Increasing premium policy; c. Decreasing premium policy; d. Term 
life insurance 
Answer: a. Level premium policy; 
Beneficiaries 
What type of beneficiary cannot be changed without consent? Options: a. Irrevocable beneficiary; b. 
Revocable beneficiary; c. Primary beneficiary; d. Contingent benefi...