Free Types of Life Insurance Policies Practice Questions
Pennsylvania Life, Accident & Health exam (series 16-03) — 56 practice questions.
Subtopics: Group life conversion, Group life grace, Group conversion forms, 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
Read the Types of Life Insurance Policies study guide
Sample questions & answers
1. When a Pennsylvania group life policy terminates entirely, a covered person may convert to an individual policy only if insured under the group for at least:
Five years
Conversion on termination of the group policy is available to persons insured at least five years; conversion on leaving employment has no such minimum.
2. A Pennsylvania group life policy must give the policyholder a premium grace period of:
31 days
Group life policies must include a 31-day grace period during which death coverage continues.
3. When a Pennsylvania employee converts group life coverage after leaving employment, the individual policy may be:
Any form the insurer customarily issues except term insurance
The converted policy is issued without evidence of insurability, on any customary form except term, at attained-age rates, if applied for within 31 days.
4. 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.
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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.
