Free Types of Life Insurance Policies Practice Questions
Arizona Life exam (series 13-31) — 105 practice questions.
Subtopics: Term insurance, Whole life, Universal life, Variable life, Group life, Decreasing term, Endowment, Group life dependents, Group life grace, Term basics, Level term, Renewable term, Convertible term, Limited-pay life, Single premium, Adjustable life, UL death benefit options, UL corridor, Variable universal life, Indexed universal life, Joint life, Survivorship life, Increasing term, Annual renewable term, Juvenile insurance, Jumping juvenile, Return of premium term, Modified whole life, Index whole life, Continuous premium, Group eligible groups, Group characteristics, Noncontributory plan, Contributory plan, Credit life, Survivorship cost, Interest-sensitive whole life, Conversion timing, Survivorship second-to-die life, Family income policy, Family maintenance policy, Family plan policy, Graded premium whole life, Graded death benefit policy, Guaranteed issue life, Simplified issue life, Multiple protection policy, Endowment policy, Pure endowment, Term to age 100, Conversion attained vs original age, Reentry term, Deposit term, Group term dependent coverage, Group permanent life, Franchise life insurance, Industrial life insurance, Pre-need funeral insurance, Final expense whole life, Standalone accidental death policy, Survivorship universal life, UL Option A death benefit, Target premium UL, Single-premium variable life, Minimum deposit policy, Modified coverage whole life, Combination whole life and term, Joint life vs survivorship, Convertible group term, Level term premium, Term expiration, Renewal premium, Original age conversion, Decreasing term premium, Whole life cash value at maturity, Limited pay premium, Life paid-up at 65, Single premium MEC, UL cash value crediting, UL monthly deductions, UL lapse, UL no-lapse guarantee, Indexed UL floor, Indexed UL participation, Variable life investment risk, Group life minimum size, Group certificate, Group conversion death, Group life COBRA, Multiple employer trust, Credit life amount, Credit life beneficiary, Joint life cost, Juvenile owner, Return of premium term cost, Equity indexed whole life, Term vs permanent selection, Second-to-die use, Group term imputed income
Read the Types of Life Insurance Policies study guide
Sample questions & answers
1. A key characteristic of term life insurance is that it:
Pays a death benefit only if the insured dies within the stated term
The buyer's guide describes term insurance as death protection for a term of one or more years, paid only if death occurs within the term.
2. Traditional ordinary (straight) whole life insurance features:
Level premiums for life and growing cash values
The buyer's guide states straight or ordinary life charges the same premium as long as you live and develops cash values.
3. Universal life insurance is best known for:
Flexible premiums and an adjustable death benefit
Universal life lets the owner vary premiums and adjust the death benefit within limits, with cash value credited interest.
4. Variable life insurance differs from whole life because its cash value is:
Held in separate accounts and fluctuates with the market
Variable life values depend on separate-account investments; Arizona requires a separate variable life and variable annuity line of authority (A.R.S. 20-286(A)(5)).
Practice: Types of Life Insurance Policies
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
