Chapter 3 (Variable Life) Flashcards
1
Q
___________ insurance (sometimes referred to as variable whole life insurance) is a level, fixed premium, investment-based product.
A
Variable life
2
Q
In ______________, the policyowner bears the investment risk (assets in a separate account).
A
variable contracts
3
Q
_______________ is a combination of universal life and variable life. Like universal life, it provides the policyowner with flexible premiums and an adjustable death benefit.
A
Variable universal life
4
Q
A producer must also be _______________ and life insurance in order to sell variable universal life.
A
licensed for both securities
5
Q
Variable life insurance products are_____________ by the State and Federal Government.
A
dually regulated
6
Q
Agents selling variable life insurance products must be what?
A
- Be registered with FINRA;
- Be licensed by the state to sell life insurance; and
- Have received a securities license.
