Team Af Ultra Index/Plus Quiz

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| By Alison Anderson
A
Alison Anderson
Community Contributor
Quizzes Created: 16 | Total Attempts: 2,472
| Attempts: 179
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  • 1/10 Questions

    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
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Team Af Ultra Index/Plus Quiz - Quiz

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  • 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%

    Correct Answer
    A. 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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  • 3. 

    What is the minimum interest guaranteed on the UIltra Index?

    • 3.0%

    • 2.0%

    • 4.0%

    • .50%

    Correct Answer
    A. 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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  • 4. 

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

    • Legacy Secure

    • Ultra Plus

    • Ultra Index

    • AWLA

    Correct Answer
    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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  • 5. 

    Ultra Index is a fixed product.

    • True

    • False

    Correct Answer
    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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  • 6. 

    The current "Cap" for Ultra Index is

    • 8%

    • 7%

    • 9%

    • 6%

    Correct Answer
    A. 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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  • 7. 

    What is the "floor" on Ultra Index?

    • 2%

    • 1%

    • 0%

    • 3%

    Correct Answer
    A. 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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  • 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

    Correct Answer
    A. $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. 

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

    • 2%+

    • 2.75%

    • 3.35%

    • 3.85%

    Correct Answer
    A. 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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  • 10. 

    The persistency bonus on the Ultra Plus is?

    • 1.0%

    • None

    • .50%

    • .25%

    Correct Answer
    A. .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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Quiz Review Timeline (Updated): Mar 21, 2023 +

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