5

Question 1

Policies that build cash value and remain for entire life or until 100 long as premium paid

Answer 1

Permanent

Question 2

The most common permanent ins

Answer 2

Whole life

Question 3

Whole life ins provides lifetime protection and

Answer 3

Savings element/cash value

Question 4

Premiums for whole life usually

Answer 4

Higher than for term ins

Question 5

Endow at 100

Answer 5

Whole life ins

Question 6

Cash value accumulated by premium equals

Answer 6

Face value at age 100

Question 7

Key characteristics of whole life

Answer 7

Cash value
Death benefit
Level premium

Livingbenefits

Question 8

Can borrow against cash value while policy in effect or Rec cash value when policy surrendered

Answer 8

Living benefits

Question 9

Cash value/forfeiture value does not usually

Answer 9

Accumulate until third policy year when it grows tax deferred

Question 10

Insured and policyowner

Answer 10

Do not have to be the same person

Question 11

Policy maturity date

Answer 11

100

Question 12

Scheduled to equal face amount of policy at maturity date

Answer 12

Cash value

Question 13

Guaranteed and remains level for life

Answer 13

Death benefit

Question 14

Based on issues age therefore remains same throughout life of policy

Answer 14

Level premium

Question 15

Three basic forms of whole life

Answer 15

Straight whole life
Limited pat whole life
Single premium whole life