Life policy,provisions,and Riders

Question 1

Life insurance policies have __ major sections

Answer 1

industrial, group,universal

Question 2

____ policy covers, burial, is short.

Answer 2

Industrial

Question 3

__ policy covers a entire company, and automatically makes you eligable

Answer 3

group insurance

Question 4

Universal whole life covers __ and __

Answer 4

term and whole life

Question 5

Whole life covers__,__,__,_-,__,__

Answer 5

Graded,single,straight,limited, modified

Question 6

Term life covers(8)

Answer 6

leveled,decreased,credit life,increased, converted,renewable,annual renewable term- rider

Question 7

__policy is fixed vaules, level premiums

Answer 7

Level term

Question 8

__ provides decreaing face amt. overtime level premium

Answer 8

decreasing face

Question 9

__ are policies that are typically purchased using decreasing term.

Answer 9

credit life

Question 10

__ are policies that increase overtime

Answer 10

Increaseing term

Question 11

__ is when the povision allows you to move the premium from term to whole life

Answer 11

convertable term

Question 12

__ is right to continue after the exploration of the initial policy with out providing insurablility.

Answer 12

Renewable term

Question 13

__ policy renews annualy.

Answer 13

annual renewable term

Question 14

__ product which covers the chikdren under there parents policy.

Answer 14

term-rider

Question 15

Premium payments are made until death, or 100 year old, level face amounts for fixed whole lofe.

Answer 15

straight whole life

Question 16

__ premiums are paid for limited amount of time cash value increased faster

Answer 16

limited pay life

Question 17

__ pay the entire premium in one lump sum for the whole life that is covered

Answer 17

single premuim

Question 18

Nme 3 things that a single premium does.

Answer 18

nonforfetue is offered
cash value is immediate
[premium is iuded to set the policy rate

Question 19

__ is low premiums then mives to higher premiums then remain fixed

Answer 19

modified whole life

Question 20

__ is when the premium increses for a stated period of time then remains leved.

Answer 20

graded whole life

Question 21

__ is a plan that the family head has whole life and that dependents and spouce have leveled term riders

Answer 21

family plan

Question 22

__ is when the policy provides a monthly income, decreases over time and decreases as soon as the policy is baught

Answer 22

family income

Question 23

__ is a level term and whole lofefamily will receive benefits for as many years after death, begins date os death

Answer 23

family maintenance

Question 24

_ pays double or triple face value is the death occurs during a specific time, only the face value will be paid if death occurs afterward

Answer 24

multiple protection policies

Question 25

__ pays a death benefit when one age is averaged and a single premium is charged. survivorship or joint survivor policy( The premium for survivorship is lower)

Answer 25

joint life policy

Question 26

__ is write fo the lives of a minor, payor provision waives the premium until the child comes of age if the payor dies

Answer 26

juvenile insurance

Question 27

What are interest-sensitive products?

Answer 27

whole life, adjustable life, universal life, variable life and variable universal life

Question 28

Adjustable life combines which two policies?

Answer 28

whole life and term life

Question 29

Adjustable life has all the other features as

Answer 29

premium cash value life insurance

Question 30

cash value has a __ interest guarantee

Answer 30

minimum interest

Question 31

Equity index universal has a minimum

Answer 31

guaranteed fixed rate

Question 32

Modified endowment contracts

Answer 32

policies that is overfunded according to its tabe

Question 33

When variable products are moved from __ to ___ you have to register with the

Answer 33

national association of securities dealers