WorksheetsCh. 3 Types of Life Insurance Policies & Riders Quiz
Total questions: 24
Worksheet time: 12mins
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
Which type of life insurance policy provides coverage for an entire lifetime?
Universal Life
Equity-Indexed Life
Current Assumption
Ordinary Whole Life
Which type of life insurance policy allows the insurance company to change the premiums or interest rate based on current money market rates?
Universal Life
Equity-Indexed Life
Current Assumption
Ordinary Whole Life
Which type of life insurance policy is invested in contracts tied to a stipulated stock index?
Ordinary Whole Life
Current Assumption
Universal Life
Equity-Indexed Life
Which type of life insurance policy allows for flexible premiums and adjustable death benefits?
Variable Life
Variable Universal Life
Universal Life
Whole Life
Which type of life insurance policy is a combination of Universal and Variable Life Policies?
Universal Life
Variable Life
Variable Universal Life
Whole Life
Which type of life insurance policy provides a death benefit plus cash value that can be used in retirement?
Term Life
Whole Life
Universal Life
Variable Life
What is the term for the person who is designated to receive the death benefit of a life insurance policy?
Policyholder
Beneficiary
Insured
Underwriter
Which type of life insurance policy allows the policyholder to invest in a variety of different funds?
Term Life
Whole Life
Universal Life
Variable Life
Which type of life insurance policy allows the policyholder to adjust the premium payments?
Term Life
Whole Life
Universal Life
Variable Life
What is the term for the amount of money the policyholder must pay for insurance coverage?
Benefit
Premium
Endow
Rider
Which type of term insurance provides coverage for a specific period of time and then can be renewed without a medical examination?
Level
Term
Decreasing
Renewable Term
Which type of life insurance policy allows the policyholder to borrow against the policy's cash value?
Term Life
Whole Life
Universal Life
Variable Life
What is the term for the amount of money the policyholder receives if the policy is surrendered before it matures?
Benefit
Premium
Cash Surrender Value
Rider
Which type of life insurance policy provides a death benefit that can be increased or decreased by the policyholder?
Term Life
Whole Life
Universal Life
Variable Life
