FX LIFE INSURANCE STUDY 2026 EXAMS GUIDE
QUESTIONS AND ANSWERS SURE A+
✔✔Group life insurance policies are written as what type of insurance? - ✔✔Annually
renewable term
✔✔What happens to the premium in an annually renewable term life policy? - ✔✔The
premium increases with each renewal.
✔✔Who is insured under a juvenile life policy? - ✔✔a minor
✔✔A whole life policy that requires that the policy owner only pays premiums for a
specified number of years is known as what kind of policy? - ✔✔Limited-pay whole life
✔✔What type of life insurance policy offers pure death protection? - ✔✔Term
✔✔What type of policy is typically issued without proof of insurability from the insured? -
✔✔Group Policy
✔✔How is the premium determined in a joint life insurance policy? - ✔✔The premium is
based on the average age of the insureds.
✔✔What type of life insurance policy provides permanent protection? - ✔✔Whole Life
, ✔✔Whole life insurance policies mature when the insured reaches the age of 100. If the
owner of a whole life policy (the insured) dies at age 80, and there are no outstanding
loans on the policy, what portion of the death benefit will be paid out to the beneficiary?
- ✔✔The full death benefit
✔✔What happens to the cash value when a whole life insurance policy matures? -
✔✔Cash value is paid to the policyowner
✔✔When the amount of insurance is increased in an adjustable life policy, what will the
insurer require from the insured? - ✔✔Evidence of insurability
✔✔What type of life insurance is best suited to cover a mortgage? - ✔✔Decreasing
term
✔✔Under a 20-pay whole life policy, in order for the policy to pay the death benefit to a
beneficiary, the premiums must be paid for what time period? - ✔✔for 20 years or until
the insured's death, whichever occurs first.
✔✔If an employee wants to join group life insurance coverage outside of the enrollment
period, what would the employee have to provide? - ✔✔Evidence of insurability
✔✔Who owns a group life insurance contract? - ✔✔The employer (also known as the
sponsor of the group)
✔✔Regarding taxation how does the cash value of a universal life policy accumulate? -
✔✔Tax deferred
✔✔Universal life policies have two types of interest rates. What are they? -
✔✔Guaranteed and current
✔✔An insured receives a monthly summary for his life insurance policy. He notices that
the cash value of the policy is significantly lower this month than it was the last month.
What type of policy does the insured have? - ✔✔Variable
✔✔When does an adjustable life policy accumulate cash value? - ✔✔When the
premiums paid are more than the cost of the policy.
✔✔Why are policy loans not available on term insurance? - ✔✔There is no cash value
to borrow against.
QUESTIONS AND ANSWERS SURE A+
✔✔Group life insurance policies are written as what type of insurance? - ✔✔Annually
renewable term
✔✔What happens to the premium in an annually renewable term life policy? - ✔✔The
premium increases with each renewal.
✔✔Who is insured under a juvenile life policy? - ✔✔a minor
✔✔A whole life policy that requires that the policy owner only pays premiums for a
specified number of years is known as what kind of policy? - ✔✔Limited-pay whole life
✔✔What type of life insurance policy offers pure death protection? - ✔✔Term
✔✔What type of policy is typically issued without proof of insurability from the insured? -
✔✔Group Policy
✔✔How is the premium determined in a joint life insurance policy? - ✔✔The premium is
based on the average age of the insureds.
✔✔What type of life insurance policy provides permanent protection? - ✔✔Whole Life
, ✔✔Whole life insurance policies mature when the insured reaches the age of 100. If the
owner of a whole life policy (the insured) dies at age 80, and there are no outstanding
loans on the policy, what portion of the death benefit will be paid out to the beneficiary?
- ✔✔The full death benefit
✔✔What happens to the cash value when a whole life insurance policy matures? -
✔✔Cash value is paid to the policyowner
✔✔When the amount of insurance is increased in an adjustable life policy, what will the
insurer require from the insured? - ✔✔Evidence of insurability
✔✔What type of life insurance is best suited to cover a mortgage? - ✔✔Decreasing
term
✔✔Under a 20-pay whole life policy, in order for the policy to pay the death benefit to a
beneficiary, the premiums must be paid for what time period? - ✔✔for 20 years or until
the insured's death, whichever occurs first.
✔✔If an employee wants to join group life insurance coverage outside of the enrollment
period, what would the employee have to provide? - ✔✔Evidence of insurability
✔✔Who owns a group life insurance contract? - ✔✔The employer (also known as the
sponsor of the group)
✔✔Regarding taxation how does the cash value of a universal life policy accumulate? -
✔✔Tax deferred
✔✔Universal life policies have two types of interest rates. What are they? -
✔✔Guaranteed and current
✔✔An insured receives a monthly summary for his life insurance policy. He notices that
the cash value of the policy is significantly lower this month than it was the last month.
What type of policy does the insured have? - ✔✔Variable
✔✔When does an adjustable life policy accumulate cash value? - ✔✔When the
premiums paid are more than the cost of the policy.
✔✔Why are policy loans not available on term insurance? - ✔✔There is no cash value
to borrow against.
