INDIANA INSURANCE LICENSING EXAM 2024
What kind of insurance offers the policy owner a cash value that is invested in a separate account? - correct answer Variable Whole Life, which has its cash value in the insurer's separate account. A life insurance policy which is characterized by flexible premium payments is called - correct answer Variable Universal Life A life insurance policy that covers multiple insureds and pays the face amount following the death of the last insured is called - correct answer Survivorship life. A survivorship policy pays not upon the death of the first insured to die, but upon the death of the last surviving insured. A life insurance policy thats fails the 7-Pay Test is considered by the IRS to be a Modified Endowment Contract. This type of policy will - correct answer loose certain tax benefits What type of permanent life insurance offers a guaranteed minimum face amount and allows for future increases in coverage? - correct answer Variable Whole Life, guarantees a minimum death benefit while also allowing for an increasing death benefit depending on the success of the investment element. Mortgage protection is usually covered by what type of insurance? - correct answer Decreasing Term Insurance
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