Free Types of Life Insurance Policies Practice Questions
West Virginia Life exam — 112 practice questions.
Subtopics: Term insurance, Whole life, Universal life, Variable life licensing, Decreasing term, Renewable term, Convertible term, Limited-pay whole life, Single premium, Endowment, Survivorship life, Joint life, Indexed universal life, Juvenile insurance, Family income policy, Current assumption life, Term basics, Level term, Limited-pay life, Adjustable life, UL death benefit options, UL corridor, Variable life, Variable universal life, Increasing term, Annual renewable term, 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 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 is best described as coverage that:
Protects for a set period and builds little or no cash value
Term insurance covers a stated term, pays only if death occurs during that term, and generally does not build cash value.
2. A traditional whole life policy is characterized by:
A level premium, lifetime coverage, and guaranteed cash value
Whole life features a level premium, coverage for the insured's lifetime, and a guaranteed accumulating cash value.
3. A key flexibility of universal life insurance is that the policyowner may generally:
Vary premium payments and adjust the face amount within limits
Universal life offers flexible premiums and an adjustable death benefit within the policy's limits.
4. In West Virginia, the variable life and variable annuity line of authority is obtained by passing which examination?
A FINRA Series 6 or Series 7 examination
The candidate handbook lists the Financial Industry Regulatory Authority Series 6 or 7 examination, not a Commissioner exam, for the variable life and annuities line.
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.
