Types of Life Insurance Policies

What word does the insurance product is ALWAYS associated with having a Securities License?

• Universal

• Variable

When you hear the words "Adjustable" and "Flexible" what policy type does it refer to?

• Universal

• Term

Term insurance provides

• Pure insurance protection; Death Benefit Only

• The ability to take a loan against the policy

John applies for a life insurance policy today. He tells you he had a birthday 4 months ago. What should you do?

• Back date the application

• Lie about his age

Who is the applicant and owner of a key person life insurance policy?

• Employee

• Employer

Wilma’s husband died three years ago, leaving her with two grade school-aged children. Which income period is Wilma in?

• Family dependency period

• Grieving period

A cross-purchase plan is typically used to fund a buy-sell agreement when the number of partners involved is:

• More than 3

• 2 to 3

Individual who fills out the application and applies for the insurance is the:

• Insured

• Applicant

The company that issues the insurance policy is the:

• Insurer

• Insured

The transfer of risk from one person or entity to another:

• Consideration

• Insurance