A policyowner may not pay premiums with which frequency?
A. Bi-weekly
B. Monthly
C. Quarterly
D. Semi-annually
Loans may generally be obtained against the cash value of a personal life Insurance policy and policy loan proceeds
A. accelerate the benefits under the policy.
B. are not treated as taxable income.
C. are subject to Federal estate tax.
D. generate nontaxable interest income.
As a form of level premium permanent Insurance, ordinary life Insurance accumulates a reserve that eventually
A. equals the face amount of the policy.
B. results In a dividend payment to the policyowner.
C. ceases to earn interest or grow in a positive earnings direction.
D. requires mandatory cash value distributions.
Which Is the name of the policy that combines a universal life policy with investment choices?
A. Interest-sensitive universal life policy.
B. Straight universal life policy.
C. Variable universal life policy.
D. Flexible universal life policy.
An Individual buys an annuity that will pay her spouse an income for 20 years. If the spouse dies within that time, the Income will be paid to their children for the remainder of the period. What kind of annuity did the Insured buy?
A. Life annuity with period certain
B. Joint life and survivorship annuity
C. Joint life annuity
D. Temporary annuity certain
Which of the following statements BEST describes a single premium cash value policy?
A. It requires only one payment to make the policy paid up.
B. It provides for only one premium to be paid without evidence of insurability.
C. It waives one future premium if the owner becomes disabled.
D. It requires the policyowner to pay one premium annually.
All of the following statements apply to the surrender of an annuity contract EXCEPT
A. surrender charges will reduce the contract payout amount.
B. the right to surrender Is available on immediate and deferred annuities.
C. the owner has the right to surrender the contract during the accumulation period.
D. surrender charges diminish over a stated number of years and will eventually disappear.
The most common use of a group life insurance policy is to insure
A. retirees.
B. company employees.
C. members of a family.
D. association members.
Which of the following represents a syndicate of underwriters that specialize in Insuring specific types of risk?
A. reciprocal insurer
B. Lloyd's association
C. risk retention group
D. fraternal benefit society
In which of the following fixed annuity features Is the surrender value tied to Interest rates?
A. fixed value rates
B. variable sub accounts
C. market value adjustments
D. interest sensitive trigger
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