Primerica Life Insurance Policies Quiz with complete solutions | Latest 2023/2024

Primerica Life Insurance Policies Quiz with complete solutions | Latest 2023/2024 What happen to the cash value when a whole life insurance policy matures? -- Cash value is paid to the policy owner, what is the major difference between the most common types of whole life policies: straight life, limited payment and single premium? -- premium payment mode. what is the purpose of establishing the target premium for a universal life policy. -- to prevent the policy from lapsing a whole life policy that requires that the policy owner pay only premiums for a specific number of years is known as what kind of policy? -- limited- pay whole life In an annually renewable term policy, what is the annual premium base upon? -- the insured's attainable age. What policy component must decrease in decreasing term insurance? -- face amount what element of an adjustable policy can be changed by the policy owner? -- the amount and payment period of the premium, the face amount, and the period of protection. Under Option B in a universal life policy, what happens to the death benefit? -- the death benefit increases each year by the amount the amount of the cash value increases universal life policies have two types of interest rates, what are they? -- guaranteed and current the death protection component of universal life policy is expressed as what coverage? -- annually renewable term. what are the living benefits of whole life insurance? -- loan values what type of life insurance policy offers pure death protection? -- term The policy owner of a whole life insurance policy is also the insured. What age must the insured attain in order to receive the policy's face amount? -- age 100 Whole life policies provide protection until the insured reaches what age? -- age 100