Life Insurance Policies MCQs

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A group of 15 skydivers met at a seminar and began talking about life insurance during a break. Because it was expensive to get individual life insura...






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At age 30, an applicant wants to start an insurance program, but realizing that his insurance needs will likely change, he wants a policy that can be ...






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Which of the following statements about group life is correct






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Which of the following best describes annually renewable term insurance






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Which of the following is an example of a limited-pay life policy






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Which of the following policies would be classified as a traditional level premium contract






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A man decided to purchase a $100,000 Annually Renewable Term Life policy to provide additional protection until his children finished college. He disc...






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A Straight Life policy has what type of premium?






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All other factors being equal, what would the premium be like in a survivorship life policy as compared to the premium in a joint life policy






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An individual purchased a $100,000 Joint Life policy on himself and his wife. Eight years later, he died in an automobile accident. How much will his ...






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In a group life insurance policy, the employer may select all of the following EXCEPT






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An Adjustable Life policyowner can change which of the following policy features






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Twin brothers are starting a new business. They know it will take several years to build the business to the point that they can pay off the debt incu...






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To sell variable life insurance policies, an agent must receive all of the following EXCEPT






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The policyowner of an adjustable life policy wants to increase the death benefit. Which of the following statements is correct regarding this change






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An insured has a life insurance policy that requires him to only pay premiums for a specified number of years until the policy is paid up. What kind o...






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In an Adjustable Life policy all of the following can be changed by the policy owner EXCEPT






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Which of the following are generally NOT considered when underwriting group insurance






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All of the following are true regarding a decreasing term policy EXCEPT






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






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In a survivorship life policy, when does the insurer pay the death benefit






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Which of the following best defines target premium in a universal life policy






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An employee quits his job and converts his group policy to an individual policy; the premium for the individual policy will be based on his






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An individual has just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. What type of life insurance policy woul...






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An employee quits his job on May 15 and doesn't convert his Group Life policy to an individual policy for 2 weeks. He dies in a freak accident on...






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An employee has group life insurance through her employer. After 5 years, she decides to leave the company and work independently. How can she obtain ...






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All of the following entities regulate variable life policies EXCEPT






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Which Universal Life option has a gradually increasing cash value and a level death benefit






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Under a 20-pay whole life policy, in order for the policy to pay the death benefit to a beneficiary, the premiums must be paid






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Concerning Juvenile Life insurance, which of the following statements is INCORRECT






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All of the following could own group life insurance EXCEPT






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An insurance policy that only requires a payment of premium at its inception, provides insurance protection for the life of the insured, and matures a...






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Annually renewable term policies provide a level death benefit for a premium that






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Which of the following best describes annually renewable term insurance






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A Universal Life insurance policy has two types of interest rates that are called






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A married couple owns a permanent policy which covers both of their lives and pays the death benefit only upon the death of the first insured. Which p...






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Which of the following would help prevent a universal life policy from lapsing






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If an employee wants to enter the group outside of the open enrollment period, to reduce adverse selection, the insurer may






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Which statement is NOT true regarding a Straight Life policy






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If a life insurance policy increases significantly in face amount (death benefit) when the insured reaches a specified age, what type of policy is thi...






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Which of the following types of policies allows the policyowner to skip premium payments, provided that there is enough cash value in the policy to co...






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Your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. What would be the right p...






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All other factors being equal, the least expensive first-year premium payment is found in






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An employee is insured under her employer's group life plan. If she terminates her group coverage, which of the following statements is INCORRECT...






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All of the following are characteristics of a group life insurance plan EXCEPT






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Which type of life insurance policy allows the policyowner to pay more or less than the planned premium






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Which of the following is TRUE about credit life insurance






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When would a 20-pay whole life policy endow






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Which of the following Life Insurance policies would be considered interest sensitive






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An insured buys a 5-year level premium term policy with a face amount of $10,000. The policy also contains renewability and convertibility options. Wh...






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Which policy component decreases in decreasing term insurance






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Which of the following employees insured under a group life plan would be allowed to convert to individual insurance of the same coverage once the pla...






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Which option for Universal life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured






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Which of the following would be the beneficiary in credit life insurance






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Which type of life insurance policy generates immediate cash value






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Which of the following policies would have an IRS required corridor or gap between the cash value and the death benefit






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When an employee terminates coverage under a group insurance policy, coverage continues in force






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All of the following are characteristics of group life insurance EXCEPT






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What is the purpose of establishing the target premium for a universal life policy