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Life Insurance Policies Exam Practice Questions and Answers
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Life Insurance Policies Exam Practice Questions and Answers 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 c...

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  • September 1, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • life insurance policies exam practice questions an

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  • Life insurance
  • Life insurance

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©SOPHIABENNETT
2024/2025 ACADEMIC YEAR




©SOPHIABENNETT 9/1/24 2024/2025

,Life Insurance Policies Exam Practice
Questions and Answers


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 - Answer✔️✔️-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

d. whole life policy - Answer✔️✔️-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

Page 1 of 16

, a. modified endowment contract (MEC)

b. level term life

c. graded premium whole life

d. single premium whole life - Answer✔️✔️-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 - Answer✔️✔️-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 - Answer✔️✔️-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 - Answer✔️✔️-d. the coverage period

Page 2 of 16

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