LIFE INSURANCE ONLY CALIFORNIA

LIFE INSURANCE - CORRECT ANSWER-Insurance that pays out a sum of money either on the death of the insured person or after a set period. TERM LIFE INSURANCE - CORRECT ANSWER-Life insurance that pays a benefit in the event of the death of the insured during a specified term. *PURE *ONLY DEATH BENEFIT NO CASH VALUE WHOLE LIFE INSURANCE - CORRECT ANSWER-Life insurance that pays a benefit on the death of the insured and also accumulates a *PERMANENT *DEATH BENEFIT & CASH VALUE. UNIVERSAL LIFE INSURANCE - CORRECT ANSWER-Flexible permanent life insurance offering the low-cost protection of term life insurance as well as a savings element (like whole life insurance), which is invested to provide a cash value buildup. LOW PREMIUM & CASH VALUE VARIABLE LIFE INSURANCE - CORRECT ANSWER-Permanent life insurance policy with an investment component. LEVEL TERM LIFE INSURANCE - CORRECT ANSWER-Provides the same amount of coverage for a specific length of time, over which you pay the same premium. DECREASING TERM LIFE INSURANCE - CORRECT ANSWER-Annual renewable term life insurance that provides a death benefit that decreases at a predetermined rate over the life of the policy. ANNUITY - CORRECT ANSWER-*Insurance product that pays out income, and can be used as part