10

Question 1

Flexibility to increase amount of prem going in and later decrease if

Answer 1

Univ life

Question 2

Variable whole life is based on

Answer 2

Level fixed premium investment based product

Question 3

Death protection of univ life

Answer 3

Always annually renewable

Question 4

Univ has two components

Answer 4

Ins and cash account

Question 5

Insured owns policy
To be able to pay medical bills she withdraws portion
There is limit and insurer charges fee

Answer 5

Univ life can withdraw limited portion charged and limited

Question 6

Univ life ins policy

Answer 6

Annually renewable term policy with cash value acct

Question 7

Pay more or less than planned premium

Answer 7

Universal life

Question 8

Domestic insurer issuing variable contracts

Answer 8

Must establish one or more separate accts

Question 9

Must maintain in each sep acct assets with value

Answer 9

At least equal to reserves and other contract liabilities connected to acct

Question 10

Main distinction between variable whole life and variable universal life

Answer 10

Variable whole has guaranteed death benefit

Question 11

Variable univ life May or may not have

Answer 11

Minimum death benefit unlike variable whole life ins

which guarantees min death Ben

Question 12

Death benefit in variable univ life

Answer 12

Depends on performance Of separate acct

Question 13

Death benefit not fixed
May increase or decrease over life of policy depending on investment performance of underlying sub acct

Answer 13

Variable univ life policy

Question 14

Variable whole life is

Answer 14

Level fixed

Question 15

Licensing doe variable univ life

Answer 15

Life and securities