Free Types of Life Insurance Policies Practice Questions
Illinois Life, Accident & Health exam — 54 practice questions.
Subtopics: Variable licensing, Term life, Whole life, Universal life, Indexed life, Variable life, Variable universal life, Group life, Specialized policies, Annual renewable term, Return of premium term, Increasing term, Modified whole life, Limited-pay life, Joint life, Universal life Option A, Universal life target premium, Universal life interest crediting, Variable life prospectus, Variable products licensing, Interest-sensitive whole life, Endowment policy, Family income policy, Adjustable life, Industrial life, Credit life, Multiple protection, Fraternal and other
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Sample questions & answers
1. To sell registered variable life or variable annuity contracts in Illinois, a life producer must also:
Obtain a variable contract license (Series 6 or 7)
50 Ill. Adm. Code 1551.90 requires a life producer license and proof of passing the Securities Examination (FINRA Series 6 or 7) before the Director issues a variable contract license.
2. Term life insurance provides:
Death protection for a specified period that expires without value
Term insurance pays only if the insured dies within the stated period; if the insured survives, the coverage expires without value.
3. A term policy whose death benefit remains the same throughout the term is:
Level term
Level term keeps a constant face amount for the policy term.
4. Decreasing term insurance is commonly used to:
Cover a debt that shrinks, such as a mortgage
Decreasing term has a face amount that declines over time, matching a reducing obligation like a mortgage.
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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.
