Illinois Life Insurance General Exam 2024

Ordinary Straight Life (Whole Life) - correct answer Provides permanent protection from the date of policy issue to the date of the insured's death. If the insured is still living at age 100, the policy has matured and the death benefit is paid. What are 4 characteristics of whole life insurance? - correct answer 1. The premium rate is based on the assumption that the insured will be paying premiums for the "whole of life". 2. If the insured lives to age 100, the policy has matured and the benefits are paid. 3. The contract is completed, and the insurer will issue a check for the full value of the policy. 4. Rates and reserves are based on the assumption that the insured died by 100. Limited Pay Whole Life - correct answer Premiums are paid for a limited number of years. The name of the policy indicates how long premiums will be paid. A 30-pay life means premiums will be paid for 30 years. Single Premium Whole Life Policy - correct answer A policy that requires a large, one-time only premium to be paid a