Insurance companies were created to ensure that customers are cushioned from the repercussions of a risk occurring. Life insurance is a contract in which a person’s beneficiaries get some paint after the insured`s death. The quiz below is designed to help you review chapter 12 on life insurance policies that we covered in class. Give it a try and see what you’ve got.
Expired Term
Increasing Term
Decreasing Term
Whole Term
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Survivorship Policy
Whole Life Policy
Family Income Policy
Family Policy
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Adjustable Life
Universal Life
Graded Premium Whole Life
Variable Universal Life
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Life Annuity, Period Certain
Limited Pay Whole Life insurance
Increasing Term insurance
10-year endowment
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Option A and Option B
Guaranteed and current
Fixed and Variable
Minimum and Target
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The policy has a cash value account at a guaranteed interest rate and endowment insurance
The insurance company reserves the right to adjust the mortality charges and/or interest rate
The planned premium pays for mortality charges and expenses and any excess is returned to the policy owner
In effect, Universal Life is a combination of term insurance and a separate savings account joined in a single contract
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Quiz Review Timeline (Updated): Mar 22, 2023 +
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