Team Af Ultra Index/Plus Quiz

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

True

False

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.

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.

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

Charged 2% and credited 2%

Charged 4% and credited 2%

Charged 3% and credited 2%

Charged 3% and credited 1%

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.

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.

3. What is the minimum interest guaranteed on the UIltra Index?

3.0%

2.0%

4.0%

.50%

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.

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.

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

Legacy Secure

Ultra Plus

Ultra Index

AWLA

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.

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.

5. Ultra Index is a fixed product.

True

False

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.

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.

6. The current "Cap" for Ultra Index is

8%

7%

9%

6%

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.

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.

7. What is the "floor" on Ultra Index?

2%

1%

0%

3%

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.

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.

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

$3319.54

$2757.48

$3427.50

$3400.00

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.

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.

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

2%+

2.75%

3.35%

3.85%

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.

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.

10. The persistency bonus on the Ultra Plus is?

1.0%

None

.50%

.25%

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.

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.