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Exam (elaborations)
Illinois Life Insurance General Exam 2024
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16
February 2024
2023/2024
A+
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 matur...
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