West Virginia Life Insurance Latest Actual Exam And
Practice Exam 2026-2027 With Complete Questions
And Correct Detailed Answers| Brand New Version!
What type of whole life insurance policies only requires a payment of
premium at its inception, and in addition to providing insurance
protection for the life of the insured, endows at the insured's age 100? -
ANSWER-Single premium whole life
When does an adjustable life policy accumulate cash value? - ANSWER-
When the premiums paid are more than the cost of the policy
An individual has a contract that will provide him with a certain amount
of income for the rest of his life. However, this is not a life insurance
policy. What type of contract does this person have? - ANSWER-Annuity
What type of annuity requires an agent to have a securities license? -
ANSWER-Variable annuity
What is the purpose of establishing the target premium for a universal
life policy? - ANSWER-To prevent the policy from lapsing
1|Page
,What is the difference between a single premium and a flexible,
premium payment options and a deferred annuity? - ANSWER-The
number of payments that purchase the annuity
What type of insurance would perform the function of cash
accumulation? - ANSWER-whole life insurance
The death protection component of a universal life policy is expressed
as what type of coverage? - ANSWER-annually renewable term
Who receives income payments from an annuity? - ANSWER-Annuitant
What does the term "level" refer to in level term insurance? - ANSWER-
Face amount
What type of annuity is suitable for someone who wants to select the
benefit option that will pay the largest amount only for as long as the
annuitant lives? - ANSWER-Straight life
What type of life insurance is best suited to cover a mortgage? -
ANSWER-Decreasing term
2|Page
,A whole life policy that requires the policy owner only pays premiums
for a specified number of years is known as what kind of policy? -
ANSWER-Limited pay whole life
Regarding annuity payments, what is the difference between the
annuitant and the beneficiary of an annuity? - ANSWER-The annuitant
receives payments from the annuity during the annuitization period;
the beneficiary receives benefits after the annuitant's death
What type of premium is charged on a straight life policy? - ANSWER-A
level premium for the life of the insured
How is the premium determine in a joint life insurance policy? -
ANSWER-The premium is based on the average age of the insureds
During partial withdrawal from the universal life policy, what portion if
any will be taxed? - ANSWER-Interest earned on the withdrawn cash
value
Why are policy loans not available on term insurance? - ANSWER-There
is no cash value to borrow against
In annually, renewable term policies, what is the annual premium based
upon? - ANSWER-The insured's attained age
3|Page
, What annuity settlement option provides income payments to the
annuitant for the duration of his or her life, and also guarantees
payment for a specified number of years? - ANSWER-Life income with
period certain
If the annuitant dies before the annuitization period starts, what will
the beneficiary receive? - ANSWER-Either the amount paid into the
annuity or the cash value, whichever is greater
What type of life insurance policy offers? Pure death protection? -
ANSWER-term
What type of license is required to sell variable annuities? - ANSWER-A
life insurance license and a securities license
How soon can income payments begin in an immediate annuity? -
ANSWER-No later than 1 year from the time of annuity purchase
What elements of an adjustable life policy can be changed by the policy
owners? - ANSWER-The amount and payment period of the premium,
the face amount, and the period for protection
4|Page
Practice Exam 2026-2027 With Complete Questions
And Correct Detailed Answers| Brand New Version!
What type of whole life insurance policies only requires a payment of
premium at its inception, and in addition to providing insurance
protection for the life of the insured, endows at the insured's age 100? -
ANSWER-Single premium whole life
When does an adjustable life policy accumulate cash value? - ANSWER-
When the premiums paid are more than the cost of the policy
An individual has a contract that will provide him with a certain amount
of income for the rest of his life. However, this is not a life insurance
policy. What type of contract does this person have? - ANSWER-Annuity
What type of annuity requires an agent to have a securities license? -
ANSWER-Variable annuity
What is the purpose of establishing the target premium for a universal
life policy? - ANSWER-To prevent the policy from lapsing
1|Page
,What is the difference between a single premium and a flexible,
premium payment options and a deferred annuity? - ANSWER-The
number of payments that purchase the annuity
What type of insurance would perform the function of cash
accumulation? - ANSWER-whole life insurance
The death protection component of a universal life policy is expressed
as what type of coverage? - ANSWER-annually renewable term
Who receives income payments from an annuity? - ANSWER-Annuitant
What does the term "level" refer to in level term insurance? - ANSWER-
Face amount
What type of annuity is suitable for someone who wants to select the
benefit option that will pay the largest amount only for as long as the
annuitant lives? - ANSWER-Straight life
What type of life insurance is best suited to cover a mortgage? -
ANSWER-Decreasing term
2|Page
,A whole life policy that requires the policy owner only pays premiums
for a specified number of years is known as what kind of policy? -
ANSWER-Limited pay whole life
Regarding annuity payments, what is the difference between the
annuitant and the beneficiary of an annuity? - ANSWER-The annuitant
receives payments from the annuity during the annuitization period;
the beneficiary receives benefits after the annuitant's death
What type of premium is charged on a straight life policy? - ANSWER-A
level premium for the life of the insured
How is the premium determine in a joint life insurance policy? -
ANSWER-The premium is based on the average age of the insureds
During partial withdrawal from the universal life policy, what portion if
any will be taxed? - ANSWER-Interest earned on the withdrawn cash
value
Why are policy loans not available on term insurance? - ANSWER-There
is no cash value to borrow against
In annually, renewable term policies, what is the annual premium based
upon? - ANSWER-The insured's attained age
3|Page
, What annuity settlement option provides income payments to the
annuitant for the duration of his or her life, and also guarantees
payment for a specified number of years? - ANSWER-Life income with
period certain
If the annuitant dies before the annuitization period starts, what will
the beneficiary receive? - ANSWER-Either the amount paid into the
annuity or the cash value, whichever is greater
What type of life insurance policy offers? Pure death protection? -
ANSWER-term
What type of license is required to sell variable annuities? - ANSWER-A
life insurance license and a securities license
How soon can income payments begin in an immediate annuity? -
ANSWER-No later than 1 year from the time of annuity purchase
What elements of an adjustable life policy can be changed by the policy
owners? - ANSWER-The amount and payment period of the premium,
the face amount, and the period for protection
4|Page
