Virginia Principles of Life/Health Insurance Exam Questions & Answers 100% Accurate

Ordinary Whole Life - ANSWER-requires level premium payments Limited Pay - ANSWER-The type of whole life insurance that requires payments for a certain or limited period Universal Life Insurance Policies - ANSWER-allow premium payments to be skipped Variable Life - ANSWER-Which type of life insurance policy is regulated as a security Variable Universal Life - ANSWER-The type of life insurance product that combines features of universal life and variable life Current Assumption Whole Life Insurance Policies - ANSWER-may offer an adjustable death benefit Decreasing Term - ANSWER-The type of term insurance that is generally used to protect against the risk that an insured will die before an outstanding loan is paid off Variable Annuity - ANSWER-pays a variable return, based on sub-account performance Annuitant - ANSWER-The measuring life of an annuity policy Term Certain or Period Certain Annuity - ANSWER-The type of immediate annuity or annuitization option that pays a specified amount for a specified period Single Premium Annuity - ANSWER-A fixed annuity where a single, cash payment establishes the contract