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Thủ Thuật ❤️️ All of the following statements concerning whole life insurance are correct EXCEPT

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All of the following statements regarding term life insurance are correct EXCEPT:

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    What are 4 types of whole life policies?What are the main features of whole life insurance?Which of the following statements regarding term life insurance is true quizlet?What are the types of whole life insurance quizlet?

(A) a 3-year renewable policy allows a term policyowner to renew the same coverage for another 3 years
(B) a 3-year renewable policy allows a term policyowner to increase coverage for the next 3 years
(C) an option to convert provides that a term life insurance policy can be exchanged for a permanent one
(D) both the option to renew and the option to convert relieve the insured from furnishing evidence of insurability

(B) a 3-year renewable policy allows a term policyowner to increase coverage for the next 3 years

Which of the following terms best describes a life insurance policy that provides a straight $100,000 of coverage for a period of 5 years?

(A) Permanent level
(B) Whole term
(C) Level term
(D) Variable term

"When level premium insurance is renewed, the premium amount rises to reflect the increased mortality risk of the insured's older age." What phrase best describes this approach to increasing premiums?

(A) Variable rate
(B) Targeted rate
(C) Step rate
(D) Seniority rate

Which of the following statements describing whole life insurance is CORRECT?

(A) The face amount of the policy gradually increases the longer the policy remains in force.
(B) The shorter the premium period, the slower the cash value will grow.
(C) Whole life insurance is designed to mature age 100.
(D) The policy's cash value decreases each year the policy is in force.

(C) Whole life insurance is designed to mature age 100.

The cash value of life insurance policies belong to which of the following?

(A) Policyowner
(B) Insured
(C) Insurer
(D) Beneficiary

All of the following statements regarding basic forms of whole life insurance are correct EXCEPT:

(A) generally, straight life premiums are payable, least annually, for the duration of the insured's life
(B) the owner of a 30-pay life policy will owe no more premiums after the 30th year the policy is in force
(C) limited payment life provides protection only for the years during which premiums are paid
(D) a single-premium life policy is purchased with a large one-time only premium

(C) limited payment life provides protection only for the years during which premiums are paid

Which of the following statements regarding modified endowment contracts (MECs) is CORRECT?

(A) A 1988 revenue act, commonly known as TAMRA, greatly increased the popularity of MECs.
(B) Congress has granted the MEC the most favorable tax status among all life insurance policies.
(C) To avoid being classified as an MEC, a life insurance policy must satisfy the "7-pay test."
(D) According to the "7-pay test," if the total amount a policyowner pays into a life contract during its first 7 years is less than the sum of the net level premiums that would have been payable to provide paid-up future benefits in 7 years, the policy is an MEC.

(C) To avoid being classified as an MEC, a life insurance policy must satisfy the "7-pay test."

Which of the following whole life insurance policies attempts to make insurance premiums more manageable by offering lower premiums during the first few years following issue?

(A) Minimum deposit whole life
(B) Indexed whole life
(C) Modified whole life
(D) Indeterminate premium whole life

What type of policy would be best used when the need for protection declines from year to year?

(A) Level term
(B) Decreasing term
(C) Whole life
(D) Universal life

All of the following statements about term insurance are correct EXCEPT:

(A) it pays a benefit only if the insured dies during a specified period
(B) level, decreasing, and increasing are basic forms of term insurance
(C) cash values build during the specified period
(D) it provides protection for a temporary period of time

(C) cash values build during the specified period

Bob purchases a $50,000 5-year level term policy. All of the following statements about Bob's coverage are correct EXCEPT:

(A) the policy provides a straight, level $50,000 of coverage for 5 years
(B) if the insured dies any time during the 5 years, his beneficiary will receive the policy's face value
(C) if the insured dies beyond the specified 5 years, only the policy's cash value will be paid
(D) if the insured lives beyond the 5 years, the policy expires and no benefits are payable

(C) if the insured dies beyond the specified 5 years, only the policy's cash value will be paid

Mrs. Williamson purchases a 5-year $50,000 level term policy with an option to renew. At the end of the 5-year term, she renews the policy. Which of the following statements is CORRECT?

(A) The premium for the renewal period will be the same as the initial period.
(B) The premium for the renewal period will be higher than the initial period.
(C) The premium for the renewal period will be the same as the initial period, but a one-time service charge will be assessed upon renewal.
(D) The premium for the renewal period will be lower than the initial period.

(B) The premium for the renewal period will be higher than the initial period.

All of the following statements about variable insurance policies are correct EXCEPT:

(A) sales presentation must be preceded or accompanied by a prospectus
(B) state laws protect consumers and promote meaningful communication
(C) materials used in selling variable policies must be approved only by the state Office of Insurance Regulation
(D) full and fair disclosure must be provided to prospective policyowners

(C) materials used in selling variable policies must be approved only by the state Office of Insurance Regulation

In contrast to traditional whole life insurance policies, with variable life insurance products:

(A) premiums are invested in an insurer's general account
(B) investments match the insurer's general account
(C) contract cash values are not guaranteed
(D) the insurer assumes the investment risk

(C) contract cash values are not guaranteed

All of the following statements about variable insurance are correct EXCEPT:

(A) they are considered insurance contracts
(B) sellers must hold a state insurance license
(C) they are not considered securities contracts
(D) sellers must hold a registered representative license from FINRA

(C) they are not considered securities contracts

A policy covering 2 lives that only pays a death benefit when the second insured person dies is:

(A) a joint life policy
(B) a family policy
(C) a double indemnity policy
(D) a joint and last survivor policy

(D) a joint and last survivor policy

A policy that pays double or triple the face amount if death occurs during a specified period is:

(A) a multiple protection policy
(B) a credit life policy
(C) a family policy
(D) a joint policy

(A) a multiple protection policy

What are 4 types of whole life policies?

Whole life insurance has several variations, including limited payment, modified, single-premium, and variable whole life. Different types offer alternative payment options or investment methods.

What are the main features of whole life insurance?

Whole life insurance Compared to other forms of permanent coverage, a whole life policy has three defining characteristics: The level premium remains the same for life. The death benefit is guaranteed as long as the guaranteed premiums are paid. The policy includes guaranteed cash values that grow a guaranteed rate.

Which of the following statements regarding term life insurance is true quizlet?

Which of the following statements regarding term life insurance is true? Term life usually offers lower initial premiums than other types of insurance.

What are the types of whole life insurance quizlet?

Whole life is the most common type of permanent insurance. Level Premium, Death benefit, Cash Value (Non-forfeiture Value), Living Benefits. Also known as ordinary life or continuous premium whole lfie, is the basic whole life policy. Tải thêm tài liệu liên quan đến nội dung bài viết All of the following statements concerning whole life insurance are correct EXCEPT

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