Free Types of Life Insurance Policies Practice Questions
Wisconsin Life, Accident & Health exam — 57 practice questions.
Subtopics: Group life, Group conversion, Term life, Whole life, Universal life, Indexed life, Variable life, Variable universal 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. A Wisconsin group life policy's facility-of-payment clause may let the insurer pay part of the death benefit, up to what amount, to someone who paid funeral expenses?
$1,000
Wis. Stat. 632.56(3) allows the insurer to pay at its option up to $1,000 to a person equitably entitled because of funeral or last-illness expenses.
2. When group life coverage ends because employment terminates, a Wisconsin employee may convert to an individual policy without evidence of insurability by applying and paying the first premium within:
31 days
Wis. Stat. 632.57(2) requires the insurer to issue an individual policy without evidence of insurability on application and payment within 31 days after termination.
3. On conversion from Wisconsin group life, the individual policy may be any form the insurer customarily issues EXCEPT:
Term insurance
Wis. Stat. 632.57(3)(a) lets the applicant choose any customarily issued form except term insurance.
4. A terminated employee dies 20 days after group life coverage ended, before applying to convert. Under Wisconsin law:
The convertible amount is payable as a group claim
Wis. Stat. 632.57(5) pays the convertible amount as a claim under the group policy if death occurs during the conversion period, whether or not the person applied.
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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.
