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Term Life Insurance and Other Plans

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Question 1 of 15

1. Question

Term life insurance: Page 44

Accumulates cash value
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Is sometimes permanent
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Pays a death benefit
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Sometimes accumulates cash value
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Question 2 of 15

2. Question

A level term policy: Page 44

Provides a constant amount of coverage over a specified period
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Builds cash value
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May build cash value
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May be purchased only for less than one year
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Question 3 of 15

3. Question

A term policy under which the amount of insurance protection is reduced each year is called: Page 45

Reduced term
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Decreasing term
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Limited term
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Partial term
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Question 4 of 15

4. Question

If a term policy allows the right of conversion from term to permanent coverage: Page 45

This provision must be written into the policy.
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The policy can be continued indefinitely.
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The policy requires proof of insurability.
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The policy has a very long term.
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Question 5 of 15

5. Question

What is the difference between attained age and original age in term life conversions? Page 45

Attained age is present age, original age is age at the time the original policy was purchased.
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Attained age is the age at which the term expires, original age is age at the time the original policy was purchased.
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Attained age is present age, original age is the age of majority—18 in most states.
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Attained age and original age are synonymous.
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Question 6 of 15

6. Question

All of the following are advantages of using original age when converting a term life policy to a permanent policy except: Page 46

Higher premiums
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Lower premiums
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Higher cash values
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Faster building of cash values than with original age
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Question 7 of 15

7. Question

What is the time limit on conversion privileges under a term life policy? Page 46

1 year
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3 years
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It depends on the insurance company.
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There is no time limit.
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Question 8 of 15

8. Question

Which of the following is a correct statement about renewable term insurance? Page 47

Proof of insurability is required.
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Rates are based on the insured’s age at the time of the purchase of the original policy.
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Rates will remain unchanged.
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The convertibility feature must be written into the original policy.
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Question 9 of 15

9. Question

Another name for renewable term premiums is: Page 47

Guaranteed premiums
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Permanent premiums
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Step rate premiums
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Stepped up premiums
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Question 10 of 15

10. Question

What is the time limit for renewable privileges under a term life policy? Page 47

It depends on the insurer, but generally 30 days
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It depends on the insurer, but generally six months
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It depends on the insurer, but generally one year
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There is no time limit.
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Question 11 of 15

11. Question

All of the following are correct statements about family income policies or riders except: Page 48

The income portion is supplied by a decreasing term policy.
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The income portion is supplied by an increasing term policy.
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Payments begin at the death of the insured.
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Benefits continue for a period specified in the policy.
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Question 12 of 15

12. Question

How do family income policies and family maintenance policies differ? Page 49

Only the family income policy provides income to the beneficiary.
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A family income policy supplies income with a decreasing term policy; the family maintenance policy supplies income with a level term policy
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Only the family maintenance policy provides income after the insured’s death.
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There is no difference.
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Question 13 of 15

13. Question

Which of the following jumps 5 times in a jumping juvenile policy? Page 50

The premium
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The face amount
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The term
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The number of insureds
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Question 14 of 15

14. Question

Which of the following is not a characteristic of industrial life policies sold by home service companies? Page 51

The policy’s face amount is small, usually $1,000 or less.
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The premium is collected often, monthly or weekly.
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The premium is usually collected in person.
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The policy provides substantial coverage.
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Question 15 of 15

15. Question

All of the following are uses for industrial life policies except: Page 51

Burial expenses
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Extra coverage for accidental death
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Dismemberment benefits
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Long-term care
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