Variable Life Insurance Quiz

Variable Life Insurance Quiz

University

•

50 Qs

quiz-placeholder

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Variable Life Insurance Quiz

Variable Life Insurance Quiz

Assessment

Quiz

•

Other

•

University

•

Practice Problem

•

Hard

Created by

Leslie Barboza

Used 1+ times

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50 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Variable life insurance policy owners may make withdrawals in terms of

Number of units or fixed monetary amount through the cancellation of units

Number of units of fixed monetary through reduction of the life cover sum assured

Fixed monetary amount only through the reduction of the life cover sum assured

Number of units through the cancellation of units

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements about the flexibility features of variable life policies is false?

Policyholders may request for a partial withdrawal of the policy and the withdrawal amount will be met by cashing the units at the bid price

Policyholders can take loans against their variable life up to the entire withdrawal value of their policies

Policyholders have the flexibility of switching from one fund to another provided it satisfies the company's switching criteria

Policyholders have the flexibility of increasing or decreasing their premiums for regular premium variable life policies

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The investment returns under variable life insurance policy:

Are not guaranteed

Are assured

Are linked to the performance of the investment fund managed by the life insurance company

Fluctuate according to the rise and fall of market prices

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements is TRUE?

The policy value of variable life policies is determined by the offer price at the time of valuation

The policy value of endowment policies is the cash value plus any accumulated dividends less any outstanding loans due at the time of the surrender

The life company needs to maintain a separate account for variable life policies distinct from the general account

The policy value of variable life policies is determined by the offer price at the time of valuation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements is FALSE?

Rebating is to offer a prospect a special inducement to purchase a policy

Twisting is a specific form of misrepresentation

Misrepresentation is a specific form of twisting

Switching is a facility allowing the policyholders to switch to another variable life fund offered by the company

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements about variable life policies is TRUE?

Offer price is used to determine the number of units to be credited to the account

The margin between the bid and offer price is used to cover the managements cost of the policy

The policy value is calculated based on the bid price of units allocated into the policy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the most suitable investment instrument for an investor who is interested in protecting his principal and receiving a steady stream of income?

Equities

Warrants

Variable life policies

Fixed income securities

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