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VUL/ULP MOCK EXAM 1

Quiz by Maricar Y. Ladines

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49 questions
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  • Q1
    People generally invest their money to provide: I. An improvement in their financial position II. A less comfortable standard of living III. Retirement income IV. Funds of paying necessary expenses and taxes when the person dies
    I,III and IV
    I,II and IV
    II,III and IV
    I,II and III
    30s
  • Q2
    Which of the following funds is comprised of a higher proportion of equity and a lower proportion of fixed income instruments?
    Mixed funds
    Mange funds
    Cash funds
    Bonds of funds
    30s
  • Q3
    Which of the following are the main characteristics of variable life insurance policies? I. The policies can be used for investments, as a source of regular savings and protector II. The withdrawal and protection benefit are determined by the investment performance of the underlying assets. III. The net withdrawal values of the policies are the gross withdrawal values shown in the policy which includes cash dividends up to the date of surrender, less all indebtedness and includes interest.
    I only
    II only
    I and II only
    I, II and III
    30s
  • Q4
    Which of the following statements are FALSE? I. The policy owners may request a partial withdrawal of the policy and the amount will be met by cashing the units at the offer price. II. The structure of charges and the investment content of a variable life policy are specified in the policy documents and the policy statements/ III. Some Variable life policies grant loans to policy owners which is limited to a percentage of the cash value IV. Commissions and office expenses are met by a variety of implicit charges, some of which are variable.
    All of the above
    II and III only
    I and II only
    I and III only
    30s
  • Q5
    Which of the following statements about the feature of regular premium variable life policy are TRUE? I. Top-ups are usually allowed II. The level of cover can be varied III. Premium holidays are usually allowed
    II and III only
    I and III only
    I, II and III
    I and II only
    30s
  • Q6
    Which one of the following statements is NOT TRUE about the benefits of investing in variable life insurance policy?
    The fund enables small investors to participate in a pool of diversified portfolio in which he/she is unlikely to have access to with low investment capital.
    The fund ensures definite high yield for and investor since it is managed by professional who are well-versed in the management of risk of the investment portfolio.
    The fund relieves the investor from the hassles of administering his/her investment
    The fund provides a highly diversified portfolio, thus, lowering the risk of investment
    30s
  • Q7
    Which of the following statements the difference between variable life insurance product and participating products? I. Variable life insurance products allow policy owners to change the premium payments but traditional participating life products do not. II. Variable life insurance products can take the form of whole life or Endowment policies but Traditional Life policies around III. Variable life insurance products allow the policy owner to pay future single premiums from time to add more units to his account but Traditional Life participating products do not.
    I, II and III
    I and II only
    II and III only
    I only
    30s
  • Q8
    Which of the following are some of the flexibility of variable life insurance policies I. Partial withdrawal II. Variation in sum assured III. Guaranteed withdrawal values
    I and II only
    I, II and III
    III only
    I only
    30s
  • Q9
    Which of the following statements about single variable life policies are TRUE? I. There is no fixed in a single premium variable life policy and therefore, it is technically whole life insurance II. Top-ups or single premium injections are allowed III. Policy owners have the flexibility or varying the life coverage
    II and III
    I and II
    I, II and III
    I and III
    30s
  • Q10
    The benefits of investing in variable life funds include: I. Policy owners have access to a pooled and diversified portfolio of investment. II. The policy owner can easily change the level of premium payments as the product design of variable life insurance policies have clear structures which cater separately for investment and insurance protection. III. Policy owner can gain access to variable life funds managed by professional investment managers. IV. The policy owner is relieved of the day administration of his investment.
    I, III and IV
    All of the above
    I, II and III
    I, II and IV
    30s
  • Q11
    The flexibility benefits of investing in variable life funds include: I. Policy owners can easily change the level of sum insured and switch their investments between funds II. Policy owners can easily take premium holidays and single premium top-ups III. Variable life insurance products have simple product design with a clear structure which caters separately for investment and insurance protection IV. Policy owners can easily change the level of their premium payment
    I, III and IV
    I, II and III
    I, II, III and IV
    I, II and IV
    30s
  • Q12
    Which of the following statements describes the difference between variable life products and traditional participating life product? I. Variable life products allow policy owner to pay top-up premium from time to time to buy more units from his account unlike traditional participating life policies II. Variable life products allow policy owners to take premium holiday unlike Traditional participating life products. III. Variable life products can take the form of whole life or endowment policies unlike Traditional participating products.
    I and III
    I, II and III
    I
    I and II
    30s
  • Q13
    Your client is a 35yrs old male, earning P35,000 a month, has savings and with a moderate risk tolerance. What product would you recommend?
    Terms
    Participating whole life
    Endowment
    Variable life
    30s
  • Q14
    In a Unit Trust Investment, the duties of the trustee include of these EXCEPT:
    Select and manages the investment of the Trust
    Protect the interest of unit holders.
    Hold the pool of money and assets in Trust on behalf of the investors
    Ensures that the fund managers adhere to the provisions of the trust deed
    30s
  • Q15
    With traditional participating life insurance products, the allocations to policy owners of the dividends: I. Are not directly linked to the investments of the life company II. Are smothered III. Do not have the highs and lows of investment returns in good times IV. Are not fixed
    I, II and III
    II and IV
    I, II and IV
    I and II
    30s

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