Types of Life Policies...Q3

Types of Life Policies...Q3

Assessment

Quiz

Professional Development

Hard

Created by

Demetria Edison

Used 5+ times

FREE Resource

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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of life insurance policy generates immediate cash value?

Decreasing Term

Continuous Premium

Single Premium

Level Term

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

During partial withdrawal from a universal life policy, which portion will be taxed?

Loan

Interest

Cash value

Principal

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who bears all of the investment risk in a fixed annuity?

The beneficiary

The annuitant

The insurance company

The owner

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Straight whole life

Universal life

Variable life

Decreasing term

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

Decreased death benefit at each renewal.

Required a premium increase each renewal.

Built cash values.

Required proof insurability every year.

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is TRUE regarding the annuity period?

It may last for the lifetime of the annuitant.

During this period of time the annuity payments grow interest tax deferred.

It is also referred to as the accumulation period.

It is the period of time during which the annuitant makes premium payments into the annuity.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following products requires a securities license?

Variable annuity

Fixed annuity

Equity Indexed annuity

Deferred annuity

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