Team Af Ultra Index/Plus Quiz

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| By Alison Anderson
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Alison Anderson
Community Contributor
Quizzes Created: 16 | Total Attempts: 2,418
Questions: 10 | Attempts: 179

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• 1.

Ultra Index is a fixed product.

• A.

True

• B.

False

A. True
Explanation
The given statement is true because it states that "Ultra Index is a fixed product." This means that Ultra Index is not subject to change and remains constant.

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• 2.

The current "Cap" for Ultra Index is

• A.

8%

• B.

7%

• C.

9%

• D.

6%

C. 9%
Explanation
The current "Cap" for Ultra Index is 9%. This means that the maximum limit or ceiling for the Ultra Index is 9%. Any value or percentage above 9% would not be applicable or accepted for the Ultra Index.

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• 3.

The current rate for the "fixed account" for Ultra Index is...

• A.

2%+

• B.

2.75%

• C.

3.35%

• D.

3.85%

D. 3.85%
Explanation
The correct answer is 3.85% because it is the highest rate listed among the options. This suggests that the "fixed account" for Ultra Index offers the highest interest rate compared to the other rates provided.

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• 4.

What is the "floor" on Ultra Index?

• A.

2%

• B.

1%

• C.

0%

• D.

3%

C. 0%
Explanation
The "floor" on Ultra Index refers to the minimum value that can be attained. In this case, the correct answer is 0%, indicating that there is no lower limit or restriction on the Ultra Index.

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• 5.

A "standard loan" on Ultra Index is charged and credited at the following interest rate(s).

• A.

Charged 2% and credited 2%

• B.

Charged 4% and credited 2%

• C.

Charged 3% and credited 2%

• D.

Charged 3% and credited 1%

C. Charged 3% and credited 2%
Explanation
The correct answer is "Charged 3% and credited 2%". This means that when a standard loan is taken on Ultra Index, the borrower is charged an interest rate of 3% and the lender is credited an interest rate of 2%. This indicates that the borrower pays a higher interest rate than what the lender receives, resulting in a profit for the lender.

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• 6.

The persistency bonus on the Ultra Plus is?

• A.

1.0%

• B.

None

• C.

.50%

• D.

.25%

C. .50%
Explanation
The persistency bonus on the Ultra Plus is 0.50%. This means that customers who maintain their policy for a certain period of time will receive a bonus of 0.50% on their premiums. This bonus is a reward for loyalty and encourages policyholders to keep their policies in force. It serves as an incentive for customers to stay with the company and continue paying their premiums regularly.

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• 7.

What is the minimum interest guaranteed on the UIltra Index?

• A.

3.0%

• B.

2.0%

• C.

4.0%

• D.

.50%

B. 2.0%
Explanation
The minimum interest guaranteed on the Ultra Index is 2.0%. This means that regardless of market conditions, the Ultra Index will provide a minimum return of 2.0% on investments. This guarantee ensures that investors will not experience any losses and will at least earn a 2.0% return on their investment.

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• 8.

What is the target premium for a 30 year old male, preferred smoker, \$500,000 coverage (DB option 1) and GIR (\$50,000)?

• A.

\$3319.54

• B.

\$2757.48

• C.

\$3427.50

• D.

\$3400.00

C. \$3427.50
Explanation
The target premium for a 30-year-old male, preferred smoker, with \$500,000 coverage (DB option 1) and GIR (\$50,000) is \$3427.50.

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• 9.

If you miss one of the opportunities to increase the customers coverage under the GIR  you forfeit all remaining increases. True or False?

• A.

True

• B.

False

B. False
Explanation
If you miss one of the opportunities to increase the customers coverage under the GIR, you do not forfeit all remaining increases. This means that even if you miss one chance, you still have the opportunity to increase the customers coverage in the future. Therefore, the statement is False.

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• 10.

All the following products are available for Juveniles"except"?

• A.

Legacy Secure

• B.

Ultra Plus

• C.

Ultra Index

• D.

AWLA

A. Legacy Secure
Explanation
The given question asks for a product that is not available for Juveniles. The answer is "Legacy Secure" because all the other products listed (Ultra Plus, Ultra Index, AWLA) are available for Juveniles.

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• Current Version
• Mar 21, 2023
Quiz Edited by
ProProfs Editorial Team
• Feb 10, 2014
Quiz Created by
Alison Anderson