Ouch

Question 1

Does not guarantee income for life of beneficiary but guarantees entire principal will be distributed

Answer 1

Period certain

Question 2

Pays a fixed specified amount in installments until proceeds principal and interest are exhausted

Answer 2

Fixed amount installments option
Faio

Question 3

Selects a specified fixed dollar amount to be paid until proceeds are gone

Answer 3

Fixed amount installments option aka period certain
Pc

Question 4

Specified fixed dollar amount to be paid until proceeds are gone/if dies before proceeds are exhausted installments continue to contingent beneficiary until proceeds paid out

Answer 4

Fixed amount installments option
Faio

Question 5

Size of installment will determine how long benefits are rec/larger installment shorter income period will be

Answer 5

Period certain

Question 6

Doesnt guarantee payments for life of beneficiary but does guarantee all proceeds are paid out

Answer 6

Period certain

Question 7

Which option guarantees payments for lifetime of recipient but specifies guaranteed period where If original dies payments continue to designated

Answer 7

Life income with period certain

Question 8

Father owns policy on daughter who 15
Contains optional Payor benefit rider
If father becomes disabled

Answer 8

Insured premiums will be waived until she’s 21

Question 9

Both principal nd interest liquidated over selected period of time

Answer 9

Fixed settlement option
Fso

Question 10

Not typically excluded from life policies

Answer 10

Death due to plane crash for fare paying passengers
Plane Fpp

Question 11

Fixed period installments is settlement option and not

Answer 11

One of the dividend options
Dvdo

Question 12

The paid up addition option uses dividend

Answer 12

To purchase a smaller amount of same type of ins as original policy

Question 13

Has continuous premium whole life policy
Wants to use dividends to pay off policy sooner than could’ve otherwise

Answer 13

Puo
Paid up option

Can accumulate dividends at interest and use them in addition to interest and cash value to pay earlier

Question 14

Paid up options allow to use them and pay policy earlier than planned unlike

Answer 14

Paid up additions
Pua

Dividends used to buy additional policies that increase face value of original policy

Question 15

Extended
Reduced paid up
Interest only
Cash surrender
Which is not Nonforfeiture option

Answer 15

Interest only