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2026
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Terms in this set (397)
All of the following are eligible to Stan and his neighbors are not eligible to
purchase a group life insurance purchase group life insurance because a group
policy EXCEPT: cannot be formed solely to obtain life
insurance
the Wonderful Widget Company,
which employs more than 200
people
the State Electrical Workers Union
the Retailers Multiple Employer
Trust, formed by two retailers to
purchase insurance for their
employees
Stan and his neighbors, who form
their own group to buy group
coverage at a lower cost than their
individual coverages
,With respect to the difference Variable life policies require a fixed premium
between variable life insurance payable for the life of the policy while variable
(VLI) and variable universal life universal life permits premium flexibility
insurance (VUL), which of the
following statements is correct?
Variable life policies require a
fixed premium payable for the life
of the policy while variable
universal life permits premium
flexibility.
Only variable life policies allow
the policyowner to put funds in
investment subaccounts.
Only variable universal life
policies offer a minimum death
benefit.
Only variable universal life is a
securities product.
,Jessica, age 25, buys a $100,00 life graded premium whole life
insurance policy. The initial
premium is lower than straight
whole life rates and increases
each year for the first ten years of
the policy period. After that, the
premium levels off and remains at
that amount for the life of the
policy. What type of policy does
Jessica own?
indeterminate premium whole life
single premium life
graded premium whole life
20-pay life
Which statement about modified It does not build a cash value
premium whole life insurance is
NOT correct?
It does not build cash value.
It charges lower premiums in the
early policy years.
At the end of the initial period, the
premium increases and stays at
the new level for the life of the
policy.
It is good for people who want
the guarantees of whole life
insurance and lower early
premiums.
, A life insurance policy matures or well before age 120, usually at age 65
endows when its guaranteed cash
value equals its face amount. With
an endowment contract, when
does the policy endow?
when the insured dies
at age 120
after age 120
well before age 120, usually at age
65
A type of permanent life insurance universal life insurance
that lets the policyowner increase,
reduce or even skip premium
payments at will without the policy
lapsing best describes:
variable life insurance
universal life insurance
adjustable life insurance
modified premium whole life
insurance
Correct Answers | Verified | Latest Update
2026
Save
Terms in this set (397)
All of the following are eligible to Stan and his neighbors are not eligible to
purchase a group life insurance purchase group life insurance because a group
policy EXCEPT: cannot be formed solely to obtain life
insurance
the Wonderful Widget Company,
which employs more than 200
people
the State Electrical Workers Union
the Retailers Multiple Employer
Trust, formed by two retailers to
purchase insurance for their
employees
Stan and his neighbors, who form
their own group to buy group
coverage at a lower cost than their
individual coverages
,With respect to the difference Variable life policies require a fixed premium
between variable life insurance payable for the life of the policy while variable
(VLI) and variable universal life universal life permits premium flexibility
insurance (VUL), which of the
following statements is correct?
Variable life policies require a
fixed premium payable for the life
of the policy while variable
universal life permits premium
flexibility.
Only variable life policies allow
the policyowner to put funds in
investment subaccounts.
Only variable universal life
policies offer a minimum death
benefit.
Only variable universal life is a
securities product.
,Jessica, age 25, buys a $100,00 life graded premium whole life
insurance policy. The initial
premium is lower than straight
whole life rates and increases
each year for the first ten years of
the policy period. After that, the
premium levels off and remains at
that amount for the life of the
policy. What type of policy does
Jessica own?
indeterminate premium whole life
single premium life
graded premium whole life
20-pay life
Which statement about modified It does not build a cash value
premium whole life insurance is
NOT correct?
It does not build cash value.
It charges lower premiums in the
early policy years.
At the end of the initial period, the
premium increases and stays at
the new level for the life of the
policy.
It is good for people who want
the guarantees of whole life
insurance and lower early
premiums.
, A life insurance policy matures or well before age 120, usually at age 65
endows when its guaranteed cash
value equals its face amount. With
an endowment contract, when
does the policy endow?
when the insured dies
at age 120
after age 120
well before age 120, usually at age
65
A type of permanent life insurance universal life insurance
that lets the policyowner increase,
reduce or even skip premium
payments at will without the policy
lapsing best describes:
variable life insurance
universal life insurance
adjustable life insurance
modified premium whole life
insurance
