Indiana Insurance Licensing
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1. What kind of insurance offers the Variable Whole Life, which has its cash value in the insur-
policy owner a cash value that is er's separate account.
invested in a separate account?
2. A life insurance policy which is Variable Universal Life
characterized by flexible premium
payments is called
3. A life insurance policy that cov- Survivorship life. A survivorship policy pays not upon the
ers multiple insureds and pays the death of the first insured to die, but upon the death of
face amount following the death the last surviving insured.
of the last insured is called
4. A life insurance policy thats fails loose certain tax benefits
the 7-Pay Test is considered by the
IRS to be a Modified Endowment
Contract. This type of policy will
5. What type of permanent life in- Variable Whole Life, guarantees a minimum death ben-
surance offers a guaranteed min- efit while also allowing for an increasing death benefit
imum face amount and allows for depending on the success of the investment element.
future increases in coverage?
6. Mortgage protection is usually Decreasing Term Insurance
covered by what type of insur-
ance?
7. The type of policy best suited to Joint Life, policies pay on a first-to-die basis and is best
cover a husband and wife for mort- suited, in this situation, to cover a husband and wife for
gage protection would be mortgage protection.
8. What type of life insurance policy Family Protection, on these policies additional children
covers a husband and wife as well are automatically included at no extra cost.
1/7
, Indiana Insurance Licensing
Study online at https://quizlet.com/_1dxetc
as any future children for no addi-
tional premium?
9. Universal Life Insurance is charac- more flexibility then Whole Life, offers more flexible pre-
terized as having miums and a flexible face amount
10. A life insurance policy that offers Equity Indexed Life, policies have cash values whose
cash value and is tied to the S&P accumulation is tied to performance of the S&P with a
with a guaranteed minimum rate minimum guarantee
of return is called
11. Which of these can be altered by amount of premium paid
the policyowner in an adjustable
life insurance policy?
12. What advantages does an equi- minimum guaranteed rate of return
ty-indexed life insurance policy
have over a variable life policy?
13. What is expected of a Modified Life A future change in premium, distinguished by premiums
policy? that are lower than the typical whole life premium during
the first few years (typically 5) and then higher thereafter.
14. What kind of life insurance offers Variable Whole Life
the policyowner a cash value that
is invested in a separate account?
15. Life insurance that allows the face Adjustable Life, allows policyowner to adjust the face
amount to be modified is known as amount, premium, and type/length of coverage without
having to complete a new application
16. A Modified Life policy has simi- Graded Premium Whole Life
lar characteristics and serves the
same purpose as
2/7
Study online at https://quizlet.com/_1dxetc
1. What kind of insurance offers the Variable Whole Life, which has its cash value in the insur-
policy owner a cash value that is er's separate account.
invested in a separate account?
2. A life insurance policy which is Variable Universal Life
characterized by flexible premium
payments is called
3. A life insurance policy that cov- Survivorship life. A survivorship policy pays not upon the
ers multiple insureds and pays the death of the first insured to die, but upon the death of
face amount following the death the last surviving insured.
of the last insured is called
4. A life insurance policy thats fails loose certain tax benefits
the 7-Pay Test is considered by the
IRS to be a Modified Endowment
Contract. This type of policy will
5. What type of permanent life in- Variable Whole Life, guarantees a minimum death ben-
surance offers a guaranteed min- efit while also allowing for an increasing death benefit
imum face amount and allows for depending on the success of the investment element.
future increases in coverage?
6. Mortgage protection is usually Decreasing Term Insurance
covered by what type of insur-
ance?
7. The type of policy best suited to Joint Life, policies pay on a first-to-die basis and is best
cover a husband and wife for mort- suited, in this situation, to cover a husband and wife for
gage protection would be mortgage protection.
8. What type of life insurance policy Family Protection, on these policies additional children
covers a husband and wife as well are automatically included at no extra cost.
1/7
, Indiana Insurance Licensing
Study online at https://quizlet.com/_1dxetc
as any future children for no addi-
tional premium?
9. Universal Life Insurance is charac- more flexibility then Whole Life, offers more flexible pre-
terized as having miums and a flexible face amount
10. A life insurance policy that offers Equity Indexed Life, policies have cash values whose
cash value and is tied to the S&P accumulation is tied to performance of the S&P with a
with a guaranteed minimum rate minimum guarantee
of return is called
11. Which of these can be altered by amount of premium paid
the policyowner in an adjustable
life insurance policy?
12. What advantages does an equi- minimum guaranteed rate of return
ty-indexed life insurance policy
have over a variable life policy?
13. What is expected of a Modified Life A future change in premium, distinguished by premiums
policy? that are lower than the typical whole life premium during
the first few years (typically 5) and then higher thereafter.
14. What kind of life insurance offers Variable Whole Life
the policyowner a cash value that
is invested in a separate account?
15. Life insurance that allows the face Adjustable Life, allows policyowner to adjust the face
amount to be modified is known as amount, premium, and type/length of coverage without
having to complete a new application
16. A Modified Life policy has simi- Graded Premium Whole Life
lar characteristics and serves the
same purpose as
2/7
