Team Af Quiz - Review
-
You are planning to do a term conversion on on a existing TrueTerm policy. Where can you find the underwriting class that the policy was"issued as" while viewing the current policy (view the "Service This Customer" area)?
-
View Transactions
-
Contract Information Change
-
View Customer Information
-
Request Billing Change
-
The Team AF Quiz - Review assesses understanding of various insurance policies and their features, including riders, premiums, and conversion privileges. It is designed to test knowledge crucial for insurance professionals.
Quiz Preview
- 2.
Your client wants a policy that has the following; level premiums that are set and will not increase, death benefit that is certain to be there and will not decrease (it could increase) and increasing cash value that is safe, secure for the future (regardless of market conditions). Which policy would best fit their needs?
-
TrueTerm
-
Allstate Whole Life Advantage
-
Ultra Plus
-
Legacy Secure
Correct Answer
A. Allstate Whole Life AdvantageExplanation
The Allstate Whole Life Advantage policy would best fit the client's needs because it offers level premiums that will not increase over time. Additionally, it guarantees a death benefit that will not decrease and has the potential to increase. The policy also provides increasing cash value that is safe and secure for the future, regardless of market conditions.Rate this question:
-
- 3.
The "Guaranteed Insurability Rider" is available on all the following policies "except"?
-
TotalAccumualtor
-
AWLA
-
TrueTerm
-
Ultra Plus
Correct Answer
A. TrueTermExplanation
The "Guaranteed Insurability Rider" is available on all the mentioned policies except for the TrueTerm policy.Rate this question:
-
- 4.
When using the "Product Info" drop down under "Products" if you are viewing TrueTerm (LBL company view) you can use the "Quick Links" to jump to information on the Face Amount, Riders, Conversion Privileges and Issue Ages. True or False?
-
True
-
False
Correct Answer
A. TrueExplanation
When using the "Product Info" drop down under "Products" in the TrueTerm (LBL company view), you can indeed use the "Quick Links" to jump to information on the Face Amount, Riders, Conversion Privileges, and Issue Ages. This means that the statement is true.Rate this question:
-
- 5.
Which of the following policies have guaranteed premiums and guaranteed cash values?
-
AWLA
-
TrueTerm
-
Legacy Secure
-
Ultra Plus
Correct Answer
A. AWLAExplanation
AWLA is the policy that has guaranteed premiums and guaranteed cash values. This means that the premiums paid for the policy will remain the same throughout the life of the policy, and the policyholder will also have a guaranteed cash value that they can access if needed. The other policies listed may have different premium structures or may not offer guaranteed cash values.Rate this question:
-
- 6.
On a "Child Term Rider" when any child on the rider reaches Age 25, they can convert this coverage to 5x the face amount of the rider and have their own policy without proof of insurability. What is/are the options they have as to what kind of policy that they can convert to?
-
Another term policy
-
Permanent policy (could have a term rider)
-
Only an Allstate policy
-
None
Correct Answer
A. Permanent policy (could have a term rider)Explanation
When a child on the "Child Term Rider" reaches age 25, they have the option to convert their coverage to a permanent policy. This means that they can have their own policy without needing to provide proof of insurability. The permanent policy they can convert to may also include a term rider, which provides additional coverage for a specified period of time. Therefore, the correct answer is "Permanent policy (could have a term rider)".Rate this question:
-
- 7.
The Extended Coverage Option under the "Coverage Gurantee Rider" that is available on the TotalAccumulator provides a guaranteed death benefit for 20 years or age 70 whichever is greater. True or False?
-
True
-
False
Correct Answer
A. TrueExplanation
The Extended Coverage Option under the "Coverage Guarantee Rider" on the TotalAccumulator offers a guaranteed death benefit for a minimum of 20 years or until the insured reaches age 70, whichever is longer. This means that if the insured passes away within the specified time frame, the policy will pay out a death benefit. Therefore, the statement is true.Rate this question:
-
- 8.
UL policies have "flexible" premiums and "flexible" death benfits. The whole life polcies have "guaranteed" premiums and "guaranteed" death benfits. True or False?
-
True
-
False
Correct Answer
A. TrueExplanation
The statement is true. UL policies, which stands for universal life policies, have flexible premiums and flexible death benefits. This means that the policyholder can adjust the amount of premium they pay and the death benefit amount throughout the life of the policy. On the other hand, whole life policies have guaranteed premiums and guaranteed death benefits. This means that the premium amount and death benefit amount remain fixed for the entire duration of the policy.Rate this question:
-
- 9.
The "Liquidity Rider" is available on the following policy?
-
Ultra Plus
-
L:egacy Secure
-
AWLA
-
TrueTerm
Correct Answer
A. L:egacy SecureExplanation
The "Liquidity Rider" is available on the L:egacy Secure policy.Rate this question:
-
- 10.
Which of the following statements is "false" regarding the Ultra Index policy?
-
It is considered a fixed product
-
The "Floor" is 0%
-
Can not write juveniles (under 18)
-
The minium interest guarantee is 2%
Correct Answer
A. Can not write juveniles (under 18)Explanation
The statement "Can not write juveniles (under 18)" is false regarding the Ultra Index policy. This means that the policy does allow writing insurance for individuals who are under 18 years old.Rate this question:
-
Quiz Review Timeline (Updated): Mar 19, 2023 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
-
Current Version
-
Mar 19, 2023Quiz Edited by
ProProfs Editorial Team -
Mar 04, 2014Quiz Created by
Alison Anderson
Back to top