Utah Life and Health Exam- Chapter 3: Life Insurance Policies Final Exam And Answers Already Passed.

An employee is insured under her employer's group life plan. If she terminated her group coverage, which of the following statements is INCORRECT? - Answer The insured may choose to convert to term or permanent individual coverage. An insurance policy that only requires a payment of premium at its inception, provides insurance protection for the life of the insured, and matures at the insured's age of 100 is called? - Answer Single premium whole life. A Universal Life Insurance policy has two types of interest rates that are called? - Answer Guaranteed and Current. At age 30, an applicant wants to start an insurance program, but realizing that his insurance needs will likely change, he wants a policy that can be modified to accommodate those changes as they occur. Which of the following policies would most likely fit his needs? - Answer Adjustable Life All of the following are characteristics of a group life insurance plan EXCEPT... - Answer There is a requirement to prove insurability on the part of the participants. Your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. What would be the right policy for this client? - Answer Limited pay whole life. Which of the following is TRUE about credit life insurance? - Answer Creditor is the policyowner. The policyowner of a Universal Life policy may skip paying the premium and the policy will not lapse as long as... - Answer The policy contains sufficient cash value to cover the cost of insurance. Which of the following types of insurance policies is most commonly used in credit life insurance? - Answer Decreasing term.