Iowa Life Insurance Questions And
Verified Answers
Group mLife mInsurance m- mAnswer m- mlife minsurance mthat mprovides ma mmaster mpolicy mfor ma mgroup; meach
meligible mgroup mmember mreceives ma mcertificate mof minsurance
Individual mLife mInsurance m- mAnswer m- mpurchased mby mindividuals; musually mgreater mface mvalue
Permanent mLife mvs. mTerm mLife m- mAnswer m- mPerm mLife: mwhole mlife minsurance mthat mis meffective mfor mthe
mentire mlife mof mthe minsured mup mto mage m100.
Term mLife: minsurance mthat mis meffective mfor ma mtemporary mtime mperiod, mdesignated mby mthe mpolicy.
Participating mLife mvs. mNonparticipating mLife m- mAnswer m- mParticipating mLife: mpolicies mthat mpay
mdividends mto mthe mpolicy mholders.
Nonparticipating mLife: mpolicies mthat mpay mdividends mto mshareholders.
Fixed mLife mvs. mVariable mLife m- mAnswer m- mFixed mLife: mpolicies mearn ma mconstant mrate mof minterest,
mproviding mguaranteed mminimum mof mbenefits.
Variable mLife: mpolicies mearn ma mfluctuating mrate mof minterest m& mdon't mguarantee ma mcertain mcash mvalue.
Ordinary m(Straight) mLife m- mAnswer m- mbasic mwhole mlife minsurance mwith ma mlevel mface mamount, m& mlevel
mpremiums mpayable mover mthe minsured's mentire mlife.
Limited mPayment m(LP) mWhole mLife mPolicies m- mAnswer m- mthe minsured mis mcovered mfor mtheir mentire mlife,
mbut mpremiums mare mpad mfor ma mlimited mtime.
Single mPremium mWhole mLife mPolicies m- mAnswer m- mallows mthe minsured mto mpay mthe mentire mpremium min
mone mlump-sum, m& mhave mcoverage mfor mthe minsured's mentire mlife.
, Adjustable mLife m- mAnswer m- ma mmix mof mwhole m& mterm mlife minsurance. m
Changes mthat mcan mbe mmade mto mthe mpolicy:
- mraise/lower mpremium
-raise/lower mthe mface mamount
-change mthe mcoverage mperiod
- mchange mthe mpremium-paying mperiod
Universal mLife mInsurance m- mAnswer m- mpermanent mcash-value minsurance mthat mcombines mterm
minsurance m(death mbenefits) mwith ma mtax-sheltered msavings/investment maccount mthat mpays minterest,
musually mat mcompetitive mmoney mmarket mrates
Variable mWhole mLife m- mAnswer m- mhas mfixed mpremiums m& ma mguaranteed mminimum mdeath mbenefit mjust
mlike mOWL, mbut mdiffers mb/c mit moffers mhigher minterest mrates mdefending mthe mpolicyowner magainst
minflation
Variable mUniversal mLife m- mAnswer m- mproduct mthat mblends mmany mfeatures mof mwhole mlife, muniversal mlife,
mand mvariable mlife. mKey mfeatures mare mpremium mflexibility, mcash mvalue minvestment mcontrol, mand mdeath
mbenefit mflexibility.
Interest mSensitive mWhole mLife m- mAnswer m- mPremiums mvary mto mreflect mthe minsurer's mchanging
massumptions mwith mregard mto mdeath minvestment mand mexpense mfactors.
Equity-Indexed mUniversal mLife m- mAnswer m- mEquity-indexed muniversal mlife mworks mthe msame mway mas
muniversal mlife minsurance mexcept mthe minterest mrate mis mtied mto ma mstock mmarket mindex.
Term mLife mInsurance m- mAnswer m- mInsurance mthat mprovides mfinancial mprotection mfrom mlosses mresulting
mfrom ma mdeath mduring ma mdefinite mperiod, mor mterm.
Level mTerm m- mAnswer m- mpremiums mand mdeath mbenefits mstay mthe msame mfor mthe mlife mof mthe mpolicy
Decreasing mTerm m- mAnswer m- mA mtype mof mlife minsurance mthat mfeatures ma mlevel mpremium mand ma mdeath
mbenefit mthat mdecreases meach myear mover mthe mduration mof mthe mpolicy.
Verified Answers
Group mLife mInsurance m- mAnswer m- mlife minsurance mthat mprovides ma mmaster mpolicy mfor ma mgroup; meach
meligible mgroup mmember mreceives ma mcertificate mof minsurance
Individual mLife mInsurance m- mAnswer m- mpurchased mby mindividuals; musually mgreater mface mvalue
Permanent mLife mvs. mTerm mLife m- mAnswer m- mPerm mLife: mwhole mlife minsurance mthat mis meffective mfor mthe
mentire mlife mof mthe minsured mup mto mage m100.
Term mLife: minsurance mthat mis meffective mfor ma mtemporary mtime mperiod, mdesignated mby mthe mpolicy.
Participating mLife mvs. mNonparticipating mLife m- mAnswer m- mParticipating mLife: mpolicies mthat mpay
mdividends mto mthe mpolicy mholders.
Nonparticipating mLife: mpolicies mthat mpay mdividends mto mshareholders.
Fixed mLife mvs. mVariable mLife m- mAnswer m- mFixed mLife: mpolicies mearn ma mconstant mrate mof minterest,
mproviding mguaranteed mminimum mof mbenefits.
Variable mLife: mpolicies mearn ma mfluctuating mrate mof minterest m& mdon't mguarantee ma mcertain mcash mvalue.
Ordinary m(Straight) mLife m- mAnswer m- mbasic mwhole mlife minsurance mwith ma mlevel mface mamount, m& mlevel
mpremiums mpayable mover mthe minsured's mentire mlife.
Limited mPayment m(LP) mWhole mLife mPolicies m- mAnswer m- mthe minsured mis mcovered mfor mtheir mentire mlife,
mbut mpremiums mare mpad mfor ma mlimited mtime.
Single mPremium mWhole mLife mPolicies m- mAnswer m- mallows mthe minsured mto mpay mthe mentire mpremium min
mone mlump-sum, m& mhave mcoverage mfor mthe minsured's mentire mlife.
, Adjustable mLife m- mAnswer m- ma mmix mof mwhole m& mterm mlife minsurance. m
Changes mthat mcan mbe mmade mto mthe mpolicy:
- mraise/lower mpremium
-raise/lower mthe mface mamount
-change mthe mcoverage mperiod
- mchange mthe mpremium-paying mperiod
Universal mLife mInsurance m- mAnswer m- mpermanent mcash-value minsurance mthat mcombines mterm
minsurance m(death mbenefits) mwith ma mtax-sheltered msavings/investment maccount mthat mpays minterest,
musually mat mcompetitive mmoney mmarket mrates
Variable mWhole mLife m- mAnswer m- mhas mfixed mpremiums m& ma mguaranteed mminimum mdeath mbenefit mjust
mlike mOWL, mbut mdiffers mb/c mit moffers mhigher minterest mrates mdefending mthe mpolicyowner magainst
minflation
Variable mUniversal mLife m- mAnswer m- mproduct mthat mblends mmany mfeatures mof mwhole mlife, muniversal mlife,
mand mvariable mlife. mKey mfeatures mare mpremium mflexibility, mcash mvalue minvestment mcontrol, mand mdeath
mbenefit mflexibility.
Interest mSensitive mWhole mLife m- mAnswer m- mPremiums mvary mto mreflect mthe minsurer's mchanging
massumptions mwith mregard mto mdeath minvestment mand mexpense mfactors.
Equity-Indexed mUniversal mLife m- mAnswer m- mEquity-indexed muniversal mlife mworks mthe msame mway mas
muniversal mlife minsurance mexcept mthe minterest mrate mis mtied mto ma mstock mmarket mindex.
Term mLife mInsurance m- mAnswer m- mInsurance mthat mprovides mfinancial mprotection mfrom mlosses mresulting
mfrom ma mdeath mduring ma mdefinite mperiod, mor mterm.
Level mTerm m- mAnswer m- mpremiums mand mdeath mbenefits mstay mthe msame mfor mthe mlife mof mthe mpolicy
Decreasing mTerm m- mAnswer m- mA mtype mof mlife minsurance mthat mfeatures ma mlevel mpremium mand ma mdeath
mbenefit mthat mdecreases meach myear mover mthe mduration mof mthe mpolicy.
