LH Chapter 5 FL Manual
Quiz by Brian Morton
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8 questions
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- Q1All of the following statements regarding term life insurance are correct EXCEPTAn option to convert provides that a term life insurance policy can be exchanged for a permanent oneBoth the option to renew and the option to convert relieve the insured from furnishing evidence of insurabilityA 3-year renewable policy allows a term policyowner to renew the same coverage for another 3 yearsBA 3-year renewable policy allows a term policyowner to increase coverage for the next 3 years30s
- Q2The cash values of life insurance policies belong to which of the following?InsurerInsuredBeneficiaryPolicyowner60s
- Q3All of the following statements regarding basic forms of whole life insurance are correct EXCEPTA single-premium life policy is purchased with a large one-time only premiumLimited payment life provides protection only for the years during which premiums are paidThe owner of a 30-pay life policy will owe no more premiums after the 30th year the policy is in forceGenerally, straight life premiums are payable, at least annually, for the duration of the insured’s life60s
- Q4What type of policy would be best used when the need for protection declines from year to year?Level termWhole lifeUniversal lifeDecreasing term60s
- Q5All of the following statements about term insurance are correct EXCEPTLevel, decreasing, and increasing are basic forms of term insuranceIt provides protection for a temporary period of timeCash values build during the specified periodIt pays a benefit only if the insured dies during a specified period60s
- Q6Bob purchases a $50,000 5-year level term policy. All of the following statements about Bob’s coverage are correct EXCEPTIf the insured lives beyond the 5 years, the policy expires and no benefits are payableIf the insured dies beyond the specified 5 years, only the policy’s cash value will be paidIf the insured dies at any time during the 5 years, his beneficiary will receive the policy’s face valueThe policy provides a straight, level $50,000 of coverage for 5 years60s
- Q7Mrs. 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 periodThe premium for the renewal period will be the same as the initial period, but a one-time service charge will be assessed upon renewalThe premium for the renewal period will be the same as the initial periodThe premium for the renewal period will be higher than the initial period60s
- Q8A policy covering 2 lives that only pays a death benefit when the second insured person dies isA family policyA joint and last survivor policyA joint life policyA double indemnity policy60s