Life Insurance Policies (quiz)- ExamFX Flashcards
The insured is also the policyowner of a whole life policy. What age must the insured attain in order to receive the policy’s face amount?
100
An Adjustable Life policyowner can change which of the following policy features?
the coverage period
Which of the following is an example of a limited-pay life policy?
A) Straight Life
B) Renewable Term to Age 70
C) Life Paid-up at Age 65
D) Level Term Life
C) Life Paid-up at Age 65
Which of the following about group life is correct?
A) the premiums are higher than in an individual policy because there is no medical exam
B) the policy can be converted to an individual term insurance policy
C) the cost of coverage is based on the ratio of men and women in the group
D) the group sponsor receives a Certificate of Insurance
C) the cost of coverage is based on the ratio of men and women in the group
what best describes annually renewable term insuarnce?
it is level term insurance
what would be considered an advantage of owning term insurance?
it provides the highest amount of coverage for a temporary period of time
if a statement of policy information is not furnished to the applicant at the time of application, how soon must the form be delivered to the applicant?
15 days
Randy owns a Universal Life policy. He has just received a policy status report. How long will it be until he receives the next report?
12 months
