Indiana Life and Health Insurance
INDIANA LIFE AND HEALTH INSURANCE
STUDY EXAM QUESTIONS AND
ANSWERS 2025
J is 35-years old and looking to purchase a whole life insurance policy. Which of the
following types of policies will provide the most rapid growth of cash value?
-Life paid-up at age 70
-20 pay life
-increasing Term to age 65
-Straight Line - 20 Pay Life
Which of the following types of policies BEST identifies one in which the cash value
may fluctuate to reflect changing assumptions regarding mortality cost, interest, and
expense factors?
-Universal Life
- Endowment Life
-Modified Whole Life
-Graded Premium Whole Life - Universal Life
Which Provision allows the policyowner to change a term life policy to a permanent one
without providing proof of good health?
-Modifcation
-Conversion
-Exchange
-Adjustable - Conversion
Indiana Life and Health Insurance
, Indiana Life and Health Insurance
Which statement is correct regarding the premium payment schedule for whole life
policies?
-Premiums are patable throughout the insured's lifetime/coverage lasts until death of the
insured
-Premiums payable for a set period/coverage expires at that point
-Premiums are payable until age 65/coverage lasts a lifetime
-A single premium is paid at time of application/coverage lasts until retirement -
Premiums are payable throughout the insured's lifetime/coverage lasts until death of the
insured
Which of the these would be considered a limited-pay life policy?
-10 year renewable and convertibile term
-Life paid-up at Age 70
-Straight Whole Life
-Renewable Term to Age 100 - Life-Paid up at Age 70
M purchases a 70,00 Life Insurance policy wiht premium payments of $550 a year for the
first 5 years. At the beginning of the sixth year, the premium will increase to $800 per
year but will remain level thereafter. The face amount will remain at 70,000 throughout
the life of the policy. The type of policy that M has purchased is:
- Adjustable Life
-Indeterminate Premium Life
-Grader Premium Life
-Modified Premium life - Modified Premium Life
Which type of policy is considered to be over-funded, as stated by IRS guidelines?
-Modified Whole Life
Indiana Life and Health Insurance
INDIANA LIFE AND HEALTH INSURANCE
STUDY EXAM QUESTIONS AND
ANSWERS 2025
J is 35-years old and looking to purchase a whole life insurance policy. Which of the
following types of policies will provide the most rapid growth of cash value?
-Life paid-up at age 70
-20 pay life
-increasing Term to age 65
-Straight Line - 20 Pay Life
Which of the following types of policies BEST identifies one in which the cash value
may fluctuate to reflect changing assumptions regarding mortality cost, interest, and
expense factors?
-Universal Life
- Endowment Life
-Modified Whole Life
-Graded Premium Whole Life - Universal Life
Which Provision allows the policyowner to change a term life policy to a permanent one
without providing proof of good health?
-Modifcation
-Conversion
-Exchange
-Adjustable - Conversion
Indiana Life and Health Insurance
, Indiana Life and Health Insurance
Which statement is correct regarding the premium payment schedule for whole life
policies?
-Premiums are patable throughout the insured's lifetime/coverage lasts until death of the
insured
-Premiums payable for a set period/coverage expires at that point
-Premiums are payable until age 65/coverage lasts a lifetime
-A single premium is paid at time of application/coverage lasts until retirement -
Premiums are payable throughout the insured's lifetime/coverage lasts until death of the
insured
Which of the these would be considered a limited-pay life policy?
-10 year renewable and convertibile term
-Life paid-up at Age 70
-Straight Whole Life
-Renewable Term to Age 100 - Life-Paid up at Age 70
M purchases a 70,00 Life Insurance policy wiht premium payments of $550 a year for the
first 5 years. At the beginning of the sixth year, the premium will increase to $800 per
year but will remain level thereafter. The face amount will remain at 70,000 throughout
the life of the policy. The type of policy that M has purchased is:
- Adjustable Life
-Indeterminate Premium Life
-Grader Premium Life
-Modified Premium life - Modified Premium Life
Which type of policy is considered to be over-funded, as stated by IRS guidelines?
-Modified Whole Life
Indiana Life and Health Insurance
