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Chapter 4 Quiz
Answer each question below. Select a choice to see immediate feedback and an explanation before moving on to the next question.
Credit life insurance, whether issued as an individual or group policy, is limited to what maximum benefit?
A term life insurance policy allows the policy owner to renew coverage before it expires without proving insurability, but the premium increases at each renewal to reflect the insured's attained age. This steady premium increase is known as a
When a term policy is converted to a whole life policy using the "attained age" method, the new premium is based on
Traditionally, a whole life insurance policy is designed to mature — meaning its cash value equals its face amount — at what age?
Which type of whole life insurance policy is fully paid up with a single lump-sum payment and is automatically classified by the IRS as a modified endowment contract?
In a universal life insurance policy, which death benefit option pays the policy's face amount PLUS its accumulated cash value at the time of the insured's death?
To legally sell variable life insurance or variable universal life insurance, a producer must hold
A policy that covers two or more lives and pays a death benefit upon the death of the FIRST insured is called a
Under the IRS seven-pay test, a whole life insurance policy becomes a modified endowment contract (MEC) when
A scheme in which a person with no insurable interest in the insured originates a life insurance policy purely for their own financial gain is known as
Which of these statements describe a Modified Endowment Contract (MEC)?
Which of these characteristics is consistent with a Straight Life policy?
N is a 40-year old applicant who would like to retire at age 70. He is looking to buy a life insurance policy with level premiums, permanent protection, and be paid-up at retirement. Which of these should N purchase?
Whole Life insurance is sometimes referred to as "Straight Life". What does the word "Straight" indicate when using this phrase?
Who benefits in Investor-Originated Life Insurance (IOLI) when the insured dies?
J is 35-years old and looking to purchase a whole life insurance policy. Which of the following types of policies will provide the most rapid growth of cash value?
Which of these types of policies may NOT have the Automatic Premium Loan provision attached to it?
K purchased a Life insurance policy in 1986 which paid 10% interest in the early years of the policy. Twenty years after the purchase, she received a notice from the insurer stating that the policy will soon terminate unless a much-higher premium is paid because of falling interest rates. This type of policy is known as a(n) _________ life policy.
A Universal Life policy is sometimes referred to as an unbundled Life Policy because the owner can see the interest earned, cost of insurance, and the
Which of the following is considered an element of a Variable Life Policy?
D needs life insurance that provides coverage for only a limited amount of time while also paying the lowest possible premium. What kind of policy is needed?
Which statement is correct regarding the premium payment schedule for whole life policies?
S owns a life insurance policy with cash values that fluctuate according to the underlying investment performance of common stocks. Which of these policies does S own?
An architecture firm would stand to lose a lot of money in the event of the death of its project manager. Which type of policy should the firm purchase on its project manager?
P owns a $25,000 Life Policy that pays the face amount to him if he lives to age 70, or to his beneficiary if he dies before age 70. What kind of policy does P own?
Variable Life products require a producer to
What kind of life insurance starts out as temporary coverage but can be later modified to permanent coverage without evidence of insurability?
Variable Whole Life Insurance can be described as:
What kind of premium does a Whole Life policy have?
Which of these needs is satisfied by Adjustable Life insurance?