Free Types of Life Insurance Policies Practice Questions
Virginia Life exam (series 11-05) — 117 practice questions.
Subtopics: Term insurance, Decreasing term, Whole life, Limited pay, Universal life, Variable life, Variable products regulation, Endowment, Joint life, Survivorship, Group life minimum, Association groups, Noncontributory group life, Creditor group life, Dependent group life, Group life conversion, Group policy termination, Death during conversion, Facility of payment, Variable separate accounts, 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, 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. Level term life insurance provides:
A level death benefit for a set period with no cash value
Level term provides a level death benefit for a specified term and typically builds no cash value.
2. Decreasing term insurance is often used to:
Cover a declining debt such as a mortgage
Decreasing term has a death benefit that declines over time, matching obligations such as a mortgage balance.
3. A key feature of whole life insurance is:
Level premiums and guaranteed cash value for life
Whole life offers level premiums, a guaranteed death benefit, and guaranteed cash value that grows over the insured's lifetime.
4. A 20-pay whole life policy is one in which:
Premiums stop after 20 years but coverage lasts for life
Limited-pay whole life compresses premiums into a set period (here 20 years) while coverage continues for life.
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.
