FL 2-15 types of life insurance policies Exam Questions And Answers

FL 2-15 types of life insurance policies Exam Questions And Answers What policy component must decrease in decreasing term insurance? - ANS face amount Can a business or a corporation be an annuitant? - ANS no, an annuitant must always be a natural person if the annuitant dies during the accumulation period, who will receive the annuity benefits? - ANS beneficiary a whole life policy that requires that the policyowner only pays premiums for a specified number of years is known as what kind of policy? - ANS limited-pay whole life in what type of life insurance policies can the policyowner skip premium payments without the policy lapsing? - ANS universal 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 to the beneficiary? - ANS the full death benefit what type of whole life insurance policy generates immediate cash value? - ANS single premium whole life what type of annuity credits its interest based upon an index such as S&P 500? - ANS equity indexed annuity 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 - ANS what type of life insurance policy is life paid-up at age 65? - ANS limited-pay whole life what happens to the premium in annually renewable term life policy? - ANS the premium increases with each renewal