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Life & Health Insurance Exam Colorado MENTAL HEALTH JURISPUDENCE EXAM LATEST 2024 ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS|ALREADY GRADED A+|GUARANTEED TO PASS CONCEPTS$17.49
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Life & Health Insurance Exam Colorado MENTAL HEALTH JURISPUDENCE EXAM LATEST 2024 ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS|ALREADY GRADED A+|GUARANTEED TO PASS CONCEPTS
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Course
Life & Health Insurance xm Colorado MENTAL HEAL
Institution
Life & Health Insurance Xm Colorado MENTAL HEAL
Life & Health Insurance Exam Colorado MENTAL
HEALTH JURISPUDENCE EXAM LATEST 2024
ACTUAL QUESTIONS AND CORRECT VERIFIED
ANSWERS|ALREADY GRADED A+|GUARANTEED TO
PASS CONCEPTS
Life & Health Insurance Exam Colorado MENTAL
HEALTH JURISPUDENCE EXAM LATEST 2024
ACTUAL QUESTIONS AND CORRECT VERIFIED
ANSWERS|ALREADY GRADED A+|GUARANTEED TO
PASS CONCEPTS
Traditional Whole Life - ✔✔ANSWER✔✔-Ordinary (Straight) Life
-Limited-Pay & Single-Premium Whole Life
-Adjustable Whole Life
Ordinary (Straight) Life - ✔✔ANSWER✔✔-Until 100 or Death, whichever comes first
-Permanent Protection
-Rates & benefits based on law of large numbers (Mortality Rate)
-Guaranteed, tax-deferred interest rate
-Premium level, company's risk goes down as cash value goes up
-Insurer keeps the cash value if death to offset risk
-Lowest net cost in long run
-Client has access to cash through cash surrender or policy loan
-Rates are per unit of protection (1,000 is 1 unit)---TEST
-Cash value is guaranteed
-Cash value will equal face amount at policy maturity
Limited-Pay & Single-Premium Whole Life - ✔✔ANSWER✔✔-Premium paying period is shorter
-Cash value still equals face amount at age 100
,-20 pay life will be paid up in 20 years PL
-Life Paid up at age 65, will be paid up at 65 LP
-A single premium policy will have an immediate cash value (1-pay life)---TEST
Adjustable Whole Life----TEST - ✔✔ANSWER✔✔-Sold to clients with fluctuating incomes----TEST
-Combination of term and whole life----TEST
-Coverage may not be increased without physical exam---TEST
Interest/Market Sensitive Whole Life Products - ✔✔ANSWER✔✔-Universal Whole life
-Variable Whole life
-Variable/Universal Whole life
-Equity-Indexed Life
Universal Whole life - ✔✔ANSWER✔✔-Guaranteed minimum interest rates
-Option B UL will pay beneficiary both face amount + cash value
Variable Whole life - ✔✔ANSWER✔✔-Cash value deposited into a separate account
-Requires FINRA series 6 or 7 to sell
-Used to be called NASD
-Regulated by SEC
-Regulated by FINRA (Financial Industry Regulatory Authority)
-NYSE license not required
-Minimum death benefit (face amount) is guaranteed---TEST
-Has fixed premium---TEST
, Variable/Universal Whole life - ✔✔ANSWER✔✔-Requires Finra(series 6 or 7) licenses to sell
-Allows client to self-direct cash values into sub-account---TEST
-Flexible premium
Equity-Indexed Life - ✔✔ANSWER✔✔-cash value, where minimum death benefit is guaranteed as well as
the minimum earning on the cash value in the general account
-Securities license is not required
-Fixed Premium
Term Life - ✔✔ANSWER✔✔-Level Term
-Decreasing Term
-Increasing Term
General Features of Term Insurance - ✔✔ANSWER✔✔-Premium goes up every year
-May be converted to whole life at current attained age regardless of health
-May be renewable up to certain age without physical
Level Term - ✔✔ANSWER✔✔Both premium and face amount are level for period of time
Decreasing Term - ✔✔ANSWER✔✔-Face amount goes down but premium remains the same
-Usually convertible to whole life regardless of health
-Premium stays the same but cost increases as face amount decreases
Increasing Term - ✔✔ANSWER✔✔-Face amount goes up instead of down
-Allows beneficiary to receive the face amount + premiums or cash values
-Also known as Universal Life option B
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