A) furnishes permanent protection
B) small initial outlay v. single premium whole life
C) combines savings with insurance
D) provides inflation protection
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A) Is interest sensitive
B) Has flexible premiums and benefits
C) Usually involves more guarantees than ordinary whole life
D) The pattern of face amount may be selected
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IRS rules require the face amount of a l...View Answer
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A) Relatively small premiums are collected on a frequent basis.
B) They provide policyowners with more alternatives for investing cash values in their whole life policies.
C) They can duplicate universal life insurance.
D) Individual policies are large since it is purchased for employees by their unions.
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The features that distinguish traditiona...View Answer
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A) furnished permanent protection over all of one's life
B) small initial outlay compared to single premium, whole life
C) combines savings with insurance
D) premiums end at age 65
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A) Mortgage retirement fund
B) Dependent spouse income fund
C) Retirement need
D) Emergency fund
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A) cash
B) an annuity
C) a decreasing term policy
D) a permanent form of coverage
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A) term insurance only
B) a form of fixed face, fixed premium whole life insurance
C) a whole life policy where the face amount may be changed at any time
D) providing more flexibility in paying premiums
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A) Term life
B) Whole life
C) Universal life
D) Cannot be determined from the given information
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Term life insurance should be used when ...View Answer
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A) insured to have money for old age or for other purposes
B) insurer to reduce the cost of insurance by investing money at high interest rates
C) insured to accumulate funds to aid in the long-term financing of private business enterprises
D) insured to obtain lifetime protection at a level premium
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A) Mortality costs and minimum investment returns are known
B) Face amounts are fixed and premium payments are fixed
C) Pattern of death benefit is selectable
D) Ability to earn competitive returns
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A) Funding a child's college education
B) Paying off a mortgage loan
C) Providing for funeral expenses
D) Funding the readjustment period for a spouse
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The savings element results from the ins...View Answer
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A) Benefit amounts are usually increased by the employer at 5-year intervals.
B) Their number is growing.
C) Benefits are determined by a predetermined formula.
D) The group must not be formed solely to purchase insurance.
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A) Term life
B) Whole life
C) Universal life
D) Variable life
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