Team Af Ultra Index/Plus Quiz
Questions and Answers
- 1.
Ultra Index is a fixed product.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
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.Rate this question:
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- 2.
The current "Cap" for Ultra Index is
- A.
8%
- B.
7%
- C.
9%
- D.
6%
Correct Answer
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.Rate this question:
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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%
Correct Answer
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.Rate this question:
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- 4.
What is the "floor" on Ultra Index?
- A.
2%
- B.
1%
- C.
0%
- D.
3%
Correct Answer
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.Rate this question:
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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%
Correct Answer
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.Rate this question:
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- 6.
The persistency bonus on the Ultra Plus is?
- A.
1.0%
- B.
None
- C.
.50%
- D.
.25%
Correct Answer
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.Rate this question:
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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%
Correct Answer
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.Rate this question:
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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
Correct Answer
C. $3427.50Explanation
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.Rate this question:
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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
Correct Answer
B. FalseExplanation
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.Rate this question:
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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
Correct Answer
A. Legacy SecureExplanation
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.Rate this question:
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Quiz Review Timeline +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 21, 2023Quiz Edited by
ProProfs Editorial Team -
Feb 10, 2014Quiz Created by
Alison Anderson
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