Ch. 3 Types of Life Insurance Policies & Riders Quiz

What is the maturity date or time at which the policy’s cash value equals the face amount and the proceeds are paid to the policyowner?

• Term

• Rider

• Cash Value

• Endow

What is the death benefit amount payable on a life insurance policy?

• Cash Value

• Face Amount

• Rider

• Endow

What is the money accumulated in a permanent policy which the policyowner may borrow as a policy loan or receive if the policy is surrendered before it matures?

• Rider

• Face Amount

• Cash Value

• Endow

What is an added benefit attached to the policy that modifies existing coverage?

• Rider

• Cash Value

• Face Amount

• Endow

Which type of insurance provides temporary life insurance protection for a specified period of time?

• Level

• Term

• Decreasing

• Increasing

Which type of term insurance has a death benefit that decreases over time?

• Decreasing

• Increasing

• Term

• Level

Which type of term insurance has a death benefit that increases over time?

• Level

• Term

• Decreasing

• Increasing

Which type of term insurance is written as a rider for the return of premium on a permanent policy?

• Decreasing

• Level

• Increasing

• Re-Entry

Which type of term insurance allows an existing policy to be exchanged for a new term policy on the re-entry date?

• Re-Entry

• Level

• Decreasing

• Increasing

Which type of term insurance is the simplest form of term life insurance for a term of one year?

• Annually Renewable

• Increasing

• Decreasing

• Level