Free Types of Life Insurance Policies Practice Questions
Wyoming Life exam — 117 practice questions.
Subtopics: Decreasing term, Limited-pay whole life, Endowment, Variable life, Joint life, Survivorship life, Modified whole life, Group life, Group life premiums, Group life conversion, Group life provisions, Group life eligibility, Group life assignment, Credit life, Term basics, Level term, Renewable term, Convertible term, Whole life, Limited-pay life, Single premium, Adjustable life, Universal life, UL death benefit options, UL corridor, Variable universal life, Indexed universal life, Increasing term, Annual renewable term, Juvenile insurance, Jumping juvenile, Return of premium term, Index whole life, Continuous premium, Group eligible groups, Group characteristics, Noncontributory plan, Contributory plan, 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. A term life policy whose death benefit declines over time and is often used to cover a mortgage balance is:
Decreasing term insurance
Decreasing term provides a death benefit that declines over the policy period, matching a falling debt such as a mortgage.
2. A whole life policy on which premiums are paid only for a set number of years, such as 20, is called:
Limited-pay whole life
Limited-pay whole life is fully paid up after a stated number of premium-paying years while coverage continues for life.
3. A policy that pays the face amount if the insured dies during the term or survives to the maturity date is a(n):
Endowment
An endowment pays the face amount at the insured's death during the term or upon survival to the policy's maturity date.
4. In a variable life insurance policy, the cash value and a portion of the death benefit may vary with:
The performance of investment subaccounts chosen by the owner
Variable life ties cash value and part of the death benefit to investment subaccounts, so values fluctuate with market performance.
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.
