Team Af Quiz Awla

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| By Alison Anderson
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Alison Anderson
Community Contributor
Quizzes Created: 16 | Total Attempts: 2,472
| Attempts: 178
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  • 1/10 Questions

    What is the minimum face amount ages 18 to 80 for Allstate Whole Life Advantage?

    • 100,000
    • 25,000
    • 200,000
    • 50,000
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About This Quiz

This quiz, titled 'Team AF Quiz AWLA,' assesses knowledge on Allstate Whole Life Advantage, focusing on policy details like minimum face amounts, term riders, and policy loans. It is designed to enhance understanding of specific insurance products, vital for professionals in the field.

Product Knowledge Quizzes & Trivia

Quiz Preview

  • 2. 

    Which of the follow is not true in regards to the AWLA prime term rider?

    • 10,15 or ,20 year level period, no ART.

    • Total coverage pricing.

    • Avoids policy fee from having seperate term policy.

    • Is available in any increment between 10 and 20 years.

    Correct Answer
    A. Is available in any increment between 10 and 20 years.
    Explanation
    The given correct answer states that the AWLA prime term rider is not available in any increment between 10 and 20 years. This means that the rider cannot be customized or adjusted to fit a specific time period within that range.

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  • 3. 

    Which of the following is true about Paid-up Insurance Rider?

    • The minimum annual premium is $100.

    • If the annual premium for this rider is not paid no further payments will be allowed.

    • First year required premium is $0.

    • All of the above

    Correct Answer
    A. All of the above
    Explanation
    The correct answer is "All of the above." This means that all of the statements provided in the question are true about the Paid-up Insurance Rider. The minimum annual premium for this rider is $100, if the annual premium is not paid, no further payments will be allowed, and the first year required premium is $0.

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  • 4. 

    Which of the following is not true about Excess Credits?

    • Based on expected future motality, interest & expense experience

    • Declared and paid at beginning of policy year

    • Once paid, they become a guaranteed element of the policy

    • Excess credits are the equivalent of dividends.

    Correct Answer
    A. Declared and paid at beginning of policy year
    Explanation
    Excess credits are not declared and paid at the beginning of the policy year. This means that they are not predetermined or guaranteed elements of the policy. Instead, excess credits are typically determined based on the insurance company's performance and policyholder experience throughout the year. These credits are similar to dividends, as they represent a return of excess premiums to the policyholders.

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  • 5. 

    Which of the following is true about Excess Credit options?

    • Can be used to increase death benefit and cash

    • Can be paid in cash

    • Can be used to repay policy debt

    • Can be used to reduce premiums due.

    • All of the above

    Correct Answer
    A. All of the above
    Explanation
    Excess Credit options in a policy allow the policyholder to utilize the excess cash value to increase the death benefit and cash, repay policy debt, and reduce premiums due. This means that all of the given statements are true about Excess Credit options.

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  • 6. 

    Which of the following is not true about policy loans on AWLA

    • Variable loan rate is currently 5%.

    • Excess credits will not be paid on money that is out on loan

    • If the policy lapses, the loan amount amy be taxable.

    • Paid Up Additions from excess credts can be borrowed.

    Correct Answer
    A. Excess credits will not be paid on money that is out on loan
    Explanation
    The correct answer is "Excess credits will not be paid on money that is out on loan." This means that if a policyholder takes a loan against their AWLA policy, any excess credits they have accumulated will not be paid to them while the loan is outstanding. This is different from other policies where excess credits can be borrowed through Paid Up Additions.

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  • 7. 

    You have a female age 35, non-smoker, rated standard select. With the following coverages: $250,000 death benefit, $250,000 PITR (15 yr), waiver of premium (max), guaranteed insurability rider($50,000). She wants to pay quarterly auto. What will be her premium?

    • 896.87

    • 931.37

    • 3449.50

    • 805.64

    Correct Answer
    A. 896.87
    Explanation
    Based on the given information, the female is a non-smoker and rated standard select. She has a $250,000 death benefit, $250,000 PITR (15 yr), waiver of premium (max), and guaranteed insurability rider ($50,000). The question states that she wants to pay quarterly auto. The premium amount that matches these coverages and payment frequency is $896.87.

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  • 8. 

    According to the AWLA  Marketing Tool Overview the AWLA provides new opportunity to help you do each of the following "except"?

    • Sell larger cases with bigger premiums

    • Meet the needs of business insurance customers

    • Provide lower initial premiums

    • Expand your business rather than just shifting current customers

    Correct Answer
    A. Provide lower initial premiums
    Explanation
    The AWLA Marketing Tool Overview provides new opportunities to help agents sell larger cases with bigger premiums, meet the needs of business insurance customers, and expand their business rather than just shifting current customers. However, it does not provide lower initial premiums.

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  • 9. 

    Whole life insurance market share has grown by over what % since 2007?

    • 0%

    • 25%

    • 100%

    • 50%

    Correct Answer
    A. 50%
    Explanation
    The correct answer is 50%. This means that the market share of whole life insurance has increased by 50% since 2007. This indicates a significant growth in the popularity and demand for whole life insurance policies over the years.

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  • 10. 

    You write a AWLA on a 10 year old boy with $100,000 coverage and do a 10 year pay on the premium. The policy will be a MEC?

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The policy will be considered a Modified Endowment Contract (MEC) because it meets the criteria for a MEC. A MEC is a life insurance policy that has been funded with more premium payments than allowed by the tax laws. In this case, the premium payments are being made over a 10-year period, which exceeds the allowable limits. As a result, the policy will be classified as a MEC, which has different tax implications compared to a non-MEC policy.

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Quiz Review Timeline (Updated): Mar 21, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jan 24, 2014
    Quiz Created by
    Alison Anderson
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