Variable Universal Life Insurance: Sales Quiz!

25 Questions | Total Attempts: 14

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Variable Universal Life Insurance: Sales Quiz!

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Questions and Answers
  • 1. 
    Which carriers offer a true guaranteed VUL product?
    • A. 

      Pacific Life and AIG

    • B. 

      Hancock, AIG and Protective

    • C. 

      Hancock, Lincoln and Prudential

    • D. 

      Lincoln and Pacific Life

  • 2. 
    Which carrier's GUL product offers a return of premium at years 20 and 25?
    • A. 

      AIG

    • B. 

      Prudential

    • C. 

      Protective

    • D. 

      Lincoln

  • 3. 
    GUL policies within Edward Jones MUST BE guaranteed at least to what age?
    • A. 

      Age 90

    • B. 

      Age 95

    • C. 

      Age 100

    • D. 

      Age 105

  • 4. 
    Check the boxes for the two carriers that offer a term or term-like product, where the premium stays the same when the term is over?
    • A. 

      Lincoln

    • B. 

      AIG

    • C. 

      Pacific Life

    • D. 

      Protective

  • 5. 
    Please check the boxes for all of the carriers that offer a 4% or higher chronic illness/LTC rider. (Please check the box even if that carrier has only one product that offers the 4%or higher.)
    • A. 

      Lincoln

    • B. 

      Protective

    • C. 

      Pacific Life

    • D. 

      Prudential

    • E. 

      John Hancock

    • F. 

      AIG

  • 6. 
    Regarding each carrier's chronic illness/LTC riders, please check the boxes for those that require the condition to be deemed permanent.
    • A. 

      AIG - Accelerated Access Solution

    • B. 

      John Hancock - LTC rider

    • C. 

      Lincoln - LifeEnhance

    • D. 

      Protective - ExtendCare

    • E. 

      Prudential - BenefitAccess rider

    • F. 

      Pacific Life - Premier Living Benefits rider

    • G. 

      Pacific Life - Premier LTC rider

  • 7. 
    Are there any chronic illness benefits available on Survivor policies?
    • A. 

      Yes

    • B. 

      No

  • 8. 
    In order to shop a case via Protective Distributors, the client must have been given at least which table rating?
    • A. 

      Table 2/B or worse

    • B. 

      Table 3/C or worse

    • C. 

      Table 4/D or worse

    • D. 

      We can only shop cases if they applied at nontobacco and come back at tobacco

  • 9. 
    What is the minimum policy size for an informal inquiry?
    • A. 

      At least $1M in coverage, or annual premium of at least $5k

    • B. 

      At least $2M in coverage, or annual premium of at least $10k

    • C. 

      At least $5M in coverage, or annual premium of $10k

    • D. 

      We can do an informal inquiry on any size case.

  • 10. 
    Each carrier offers a different Intent To Buy system. Which type of application CANNOT be entered via any carrier's ITB?
    • A. 

      Replacement of term coverage

    • B. 

      1035 exchange

    • C. 

      New policy with no replacement/change

  • 11. 
    VUL policies/illustrations within Edward Jones must do what at age 100?
    • A. 

      Endow

    • B. 

      Show $0 in cash value

    • C. 

      Be guaranteed to 100 at 0% return

    • D. 

      Offer a return of premium

  • 12. 
    If my client chews tobacco, which carriers will still be able to rate him a non-smoker on a permanent policy? (check all that apply)
    • A. 

      AIG

    • B. 

      Hancock

    • C. 

      Lincoln

    • D. 

      Prudential

    • E. 

      Pacific Life

    • F. 

      Protective

  • 13. 
    Who can help you facilitate an informal inquiry or quick-quote?
    • A. 

      Jim Wagner

    • B. 

      Wendy Arther

    • C. 

      Ben Robertson

    • D. 

      Kelly Hutchinson

  • 14. 
    True or false: The John Hancock LTC rider is capped at the IRS per diem limit.
    • A. 

      True

    • B. 

      False

  • 15. 
    True or false: The AIG return of premium option is capped at 40% of the death benefit.
    • A. 

      True

    • B. 

      False

  • 16. 
    Which carriers offer a 25-year policy?
    • A. 

      AIG

    • B. 

      Protective

    • C. 

      Hancock

    • D. 

      Pacific Life

  • 17. 
    What is the highest age that we can offer a chronic illness/LTC rider?
    • A. 

      70

    • B. 

      75

    • C. 

      80

    • D. 

      85

  • 18. 
    Not including the Protective Preserver II SPVL, what is the lowest face amount we can specify on permanent policies?
    • A. 

      $25,000

    • B. 

      $50,000

    • C. 

      $100,000

    • D. 

      $250,000

  • 19. 
    What is the lowest face amount we can offer on a term policy?
    • A. 

      $25,000

    • B. 

      $50,000

    • C. 

      $100,000

    • D. 

      $250,000

  • 20. 
    Some carriers offer a TeleApp option. What does this mean?
    • A. 

      TeleApp is another name for Intent-to-Buy. There is no paperwork for a TeleApp.

    • B. 

      TeleApp is a shortened form of the application. If additional forms are needed, the carrier will request them from the client once the TeleApp is received.

    • C. 

      TeleApp is an application done completely over the phone. The carrier will then send the paperwork to the FA to complete with the client.

    • D. 

      TeleApp is another name for a full paper application. All forms are signed and submitted at once.

  • 21. 
    Which carrier offers a Quit Smoking Incentive?
    • A. 

      AIG

    • B. 

      Protective

    • C. 

      Pacific Life

    • D. 

      Hancock

  • 22. 
    What is the highest rate of return we are allowed to illustrate for VUL cases, per Edward Jones guidelines?
    • A. 

      6% as long as all funds are allocated to bonds only, otherwise 5%.

    • B. 

      7% if all funds are allocated to a fixed account, otherwise 10%.

    • C. 

      8% if all funds are allocated to aggressive portfolios, otherwise 7%

    • D. 

      9% if variable UL, 10% if indexed UL

  • 23. 
    Every carrier has a separate VUL that is used specifically for LIRPs.
    • A. 

      True

    • B. 

      False

  • 24. 
    Which of the Hancock portfolios are NOT approved in Edward Jones?
    • A. 

      Lifestyle MVP funds

    • B. 

      Lifestyle PS funds

  • 25. 
    Explain Pacific Life's PPT (Planned Performance Tracking) tool do?
    • A. 

      PPT allows for additional insurance to be purchased on inforce policies.

    • B. 

      PPT is the same as Protective's Defined Objectives.

    • C. 

      PPT is another name for their social security tool.

    • D. 

      PPT is a website that allows FAs to track inforce policies, set reminders to generate inforce illustrations, and generally maintain an inforce policy.

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