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Variable Life Insurance Mock Exam (Set D)

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Variable Life Insurance Mock Exam (Set D)

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Questions and Answers

Variable life insurance policy owners may make withdrawals in terms of ___________.

Number of units or fixed monetary amount through cancellation of units

Number of units through cancellation of units (correct)

Number of units of fixed monetary through reduction of the life cover sum assured

Fixed monetary amount only through reduction of the life cover sum assured

Which of the following statements about flexibility features of variable life policies is false?

Policyholders may request for a partial withdrawal of the policy and the withdrawal amount will be met by cashing the units at the bid price.

Policyholders can choose to increase or decrease the sum assured during the policy term

Policyholders have the option to make unlimited free switches between the investment funds available under the policy (correct)

Policyholders can take loans against their variable life up to the entire withdrawal value of their policies

Study Notes

Variable life insurance policy owners may make withdrawals in terms of ___________. Which of the following statements about flexibility features of variable life policies is false?

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Description

Test your knowledge and prepare for the variable life licensing exam with this mock exam (Set D). This quiz covers various aspects of variable life insurance, including policy withdrawals and more. Sharpen your skills and get ready to ace the exam!