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FPQP Exam (module 5) Questions and All Correct Answers 2026.

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Group Term Life Insurance - Answer Form of insurance carried by employers for their employees that provides a lump-sum payment to the employees' beneficiaries. Most common. Stops at termination no evidence of insurability required up to $50,000 of coverage: no income taxation for the employee Whole Life Insurance - Answer Common type of permanent life insurance coverage. savings element (cash value) higher premiums than term at any given age cash value accumulation tax deferral dividends (w/ participating policies) can borrow against cash value Variable whole life - Answer similar to fixed whole life. offers investment options "Sub-accounts" for the policies cash value fixed premium fixed face amount of coverage cash value varies since invested in stocks/bonds Universal Life Insurance - Answer Flexible premiums flexible death benefits flexibility "unbundled": -premium -face amount of coverage -cash value Fluctuating interest rate: -danger of lapsing -potential benefit of higher cash value Variable Universal Life - Answer Similar to universal life insurance offers investment options "sub-accounts" for policys cash value

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FPQP Exam (module 5) Questions and
All Correct Answers 2026.
Group Term Life Insurance - Answer Form of insurance carried by employers for their
employees that provides a lump-sum payment to the employees' beneficiaries. Most common.
Stops at termination

no evidence of insurability required

up to $50,000 of coverage: no income taxation for the employee



Whole Life Insurance - Answer Common type of permanent life insurance coverage.

savings element (cash value)

higher premiums than term at any given age

cash value accumulation

tax deferral

dividends (w/ participating policies)

can borrow against cash value



Variable whole life - Answer similar to fixed whole life.

offers investment options "Sub-accounts" for the policies cash value

fixed premium

fixed face amount of coverage

cash value varies since invested in stocks/bonds



Universal Life Insurance - Answer Flexible premiums

flexible death benefits

flexibility "unbundled":

-premium

-face amount of coverage

-cash value

Fluctuating interest rate:

-danger of lapsing

-potential benefit of higher cash value



Variable Universal Life - Answer Similar to universal life insurance

offers investment options "sub-accounts" for policys cash value

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