Nevada Life & Health Insurance ExamFX Questions and Answers 100% Correct(SCORED A+)

term insurance - ANSWER-temporary protection because it only provides coverage for a specific period of time face amount - ANSWER-death benefit 3 basic types of term coverage - ANSWER-level, increasing, decreasing - based on how the face amount changes during the policy term What is the premium in term insurance? - ANSWER-regardless of type of term insurance purchased, premium is level throughout the term of policy level term insurance - ANSWER-death benefit does not change throughout the life of the policy annually renewable term - ANSWER-premium increases annually according to the attained age, guaranteed to be renewable each year decreasing term - ANSWER-level premium and death benefit that decreases each year over duration of the policy term increasing term - ANSWER-level premium and death benefit that increases each year over the duration of the policy term return of premium life insurance - ANSWER-an increasing term policy that pays an additional death beneficiary equal to the amount of the premiums paid - return of premium is paid if the death occurs within a specified period of time or if the insured outlives the policy term