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LH Chapter 5 FL Manual

Quiz by Brian Morton

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8 questions
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  • Q1
    All of the following statements regarding term life insurance are correct EXCEPT
    An option to convert provides that a term life insurance policy can be exchanged for a permanent one
    Both the option to renew and the option to convert relieve the insured from furnishing evidence of insurability
    A 3-year renewable policy allows a term policyowner to renew the same coverage for another 3 years
    BA 3-year renewable policy allows a term policyowner to increase coverage for the next 3 years
    30s
  • Q2
    The cash values of life insurance policies belong to which of the following?
    Insurer
    Insured
    Beneficiary
    Policyowner
    60s
  • Q3
    All of the following statements regarding basic forms of whole life insurance are correct EXCEPT
    A single-premium life policy is purchased with a large one-time only premium
    Limited payment life provides protection only for the years during which premiums are paid
    The owner of a 30-pay life policy will owe no more premiums after the 30th year the policy is in force
    Generally, straight life premiums are payable, at least annually, for the duration of the insured’s life
    60s
  • Q4
    What type of policy would be best used when the need for protection declines from year to year?
    Level term
    Whole life
    Universal life
    Decreasing term
    60s
  • Q5
    All of the following statements about term insurance are correct EXCEPT
    Level, decreasing, and increasing are basic forms of term insurance
    It provides protection for a temporary period of time
    Cash values build during the specified period
    It pays a benefit only if the insured dies during a specified period
    60s
  • Q6
    Bob purchases a $50,000 5-year level term policy. All of the following statements about Bob’s coverage are correct EXCEPT
    If the insured lives beyond the 5 years, the policy expires and no benefits are payable
    If the insured dies beyond the specified 5 years, only the policy’s cash value will be paid
    If the insured dies at any time during the 5 years, his beneficiary will receive the policy’s face value
    The policy provides a straight, level $50,000 of coverage for 5 years
    60s
  • Q7
    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?
    The premium for the renewal period will be lower than the initial period
    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
    The premium for the renewal period will be the same as the initial period
    The premium for the renewal period will be higher than the initial period
    60s
  • Q8
    A policy covering 2 lives that only pays a death benefit when the second insured person dies is
    A family policy
    A joint and last survivor policy
    A joint life policy
    A double indemnity policy
    60s

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