Types of Life Insurance Policies/ Questions & Definitions.| 2025 LATEST UPDATED

Types of Life Insurance Policies/ Questions & Definitions.| 2025 LATEST

UPDATED

All of these are characteristics of a universal life insurance policy EXCEPT
Flexible death benefit
Fixed surrender value
Flexible premiums
Builds cash value - (answers)Fixed surrender value


All of these are valid options for an Adjustable Life Policy EXCEPT
-The policy's premium can be increased or decreased
-The policy's death benefit can be increased or decreased
-A nonforfeiture option can be used to increase the death benefit
-The policy's protection period can be modified - (answers)A nonforfeiture option can be used to
increase the death benefit


Jonas is a whole life insurance policyowner and would like to add coverage for his two children.
Which of the following products would allow him to accomplish this? - (answers)Child term
rider


Which policy does NOT build cash value? - (answers)Term


Decreasing term life insurance is often used to - (answers)cover a home mortgage


Level premium permanent insurance accumulates a reserve that will eventually - (answers)equal
the face amount of the policy


What is the automatic continuance of insurance coverage referred to as - (answers)renewal