Untitled Quiz

Questions and Answers

Which type of term protection has an increasing face value as the insured gets older?

Increasing Term (correct)

Renewable Term

Decreasing Term

Level Term

How is a Variable Universal Life Insurance policy different from a Universal Life Insurance policy?

The ability to invest the cash values in various separate accounts.

Where does the initial benefit money from a long-term care rider come from in a participating life insurance policy?

An advance of the face amount of the policy.

Which of the following term policies costs the most, all other factors being equal?

Renewable and convertible Signup and view all the answers

What must Jill do after recovering from disability if her policy contains a waiver of premium rider?

Begin paying the premiums as they become due. Signup and view all the answers

Ideally, which rider should Sean acquire to cover the balance of his outstanding mortgage?

Decreasing Term Rider Signup and view all the answers

Which type of rider covers all members of a family with one policy?

Family Rider. Signup and view all the answers

How is insurance protection increased to keep a Current Assumption policy from endowing?

Without evidence of insurability. Signup and view all the answers

What provides the basis for the benefit amount paid to an insured under a disability income rider?

The face amount of the policy. Signup and view all the answers

An insured owning an Adjustable Life Policy enjoys a policy that has characteristics of both and _.

Permanent and Term. Signup and view all the answers

What is a viatical settlement?

Contract between a life insurance policy owner and a viatical settlement provider. Signup and view all the answers

What is required if a policyholder wants to increase the death benefit of an Adjustable Life Insurance policy?

Prove insurability for the increase. Signup and view all the answers

If a policy owner cancels a rider, what will be the total premium annually for a policy with a waiver of premium rider?

$750. Signup and view all the answers

At what age does the waiver of premium rider normally expire?

Age 65. Signup and view all the answers

What is the fastest way to pay up a traditional whole life policy?

Buy a single premium policy. Signup and view all the answers

Variable whole life has all of the following features, except:

Partial surrenders are allowed Signup and view all the answers

Which of the following would have the lowest first-year annual premium for a 30-year-old, all other factors being equal?

Term to age 40 Signup and view all the answers

Life insurance that does not require a medical exam is known as:

Simplified issue. Signup and view all the answers

Which of the following policies cannot have a premium payment period of less than to age 100?

Ordinary Straight Whole Life Signup and view all the answers

What is the risk to the purchaser in a viatical settlement transaction?

The insured does not die within the time period anticipated. Signup and view all the answers

Which of the following Whole Life insurance policies has the highest annual premium payment per $1,000 of coverage for a 35-year-old, all other factors being equal?

20-Pay Ordinary Whole Life Signup and view all the answers

All of the following riders will waive the premiums in the event of a disability, except:

Guaranteed Insurability Signup and view all the answers

What do Variable Life Policy owners allocate their premiums into?

A subaccount which is part of the separate account. Signup and view all the answers

All of the following are risks to the life settlement purchaser, except:

The insured dies sooner than expected Signup and view all the answers

Each of the following are characteristics of a Current Assumption Whole Life insurance policy, except:

The death benefit is not guaranteed Signup and view all the answers

What death benefit option provides for an increasing death benefit in Universal Life policies?

Death Benefit Option B. Signup and view all the answers

Which of the following policies requires a producer to have both a life and securities license to sell?

Variable Universal Signup and view all the answers

What should a life insurance applicant purchase if they want a combination of savings and insurance protection with guarantees, paying premiums only until age 65?

Limited Pay Whole Life Signup and view all the answers

All of the following are true regarding Current Assumption Whole Life, except:

If current rates decrease, the policyowner pays reduced premiums, or the cash values will grow faster Signup and view all the answers

What rider is designed to help the insured offset the effects of future inflation on the policy's face amount?

Cost of Living Signup and view all the answers

When does the rider benefit start for a whole life insurance policy with a disability waiver of premium?

Typically 6 months after the disability occurs Signup and view all the answers

What do Equity Universal, Variable, and Variable Universal each have in common?

The overall policy performance is tied to the stock market Signup and view all the answers

Which of the following policies must be sold by prospectus?

Variable Whole Life Signup and view all the answers

What happens to any extra premium charged for the waiver of premium rider?

Does not apply to the policy's cash value Signup and view all the answers

Which permanent policy could act like term life insurance?

Adjustable Life Signup and view all the answers

What transaction took place when XYZ Inc. purchased Quentin's life insurance policy for more than cash value but less than face amount?

Life Settlement Signup and view all the answers

What best describes a Straight Whole Life Policy?

Level guaranteed premium and face value for the life of the insured Signup and view all the answers

What type of policy does a payor rider keep in force?

Juvenile insurance policy Signup and view all the answers

If the insured becomes totally disabled, the company waives premiums for the duration of the disability if a _____________ is in force.

Waiver of premium rider Signup and view all the answers

How much did Z have to pay before the waiver of premium benefit started after his total disability?

$600 Signup and view all the answers

All of the following are correct about Decreasing Term, except:

The premium declines throughout the term of the policy Signup and view all the answers

How is a life settlement transaction similar to a viatical settlement transaction?

A third party buys a life insurance policy for less than its face amount Signup and view all the answers

Which Whole Life insurance policy has the lowest annual premium payment per $1,000 of coverage for a 35-year-old?

Ordinary Straight Whole Life Signup and view all the answers

Some traditional whole life policies offer a(n) __________ feature to keep the policy in force if there are sufficient cash values to do so.

Automatic premium loan Signup and view all the answers

What is the purpose of the Re-Entry Term option?

Obtain a new term policy at a lower rate Signup and view all the answers

What is a single policy covering two or more lives that pays benefits upon the death of the first insured called?

Joint Life Signup and view all the answers

All of the following are true regarding re-entry term, except:

The new policy's premium will be based on the insured's original age Signup and view all the answers

What is a contractual agreement that allows a company or person to buy rights of ownership in a life policy if the owner/insured becomes terminally ill?

Viatical Settlement Signup and view all the answers

What happens to the overall policy premium when most riders on a life insurance policy expire?

It goes down Signup and view all the answers

Most group life insurance has a(n) ______ term death benefit.

level Signup and view all the answers

Which features are included in a Child Rider added to an insured's permanent policy?

All children are covered, and the rider may be converted to permanent coverage at a specified age without evidence of insurability Signup and view all the answers

All of the following are characteristics of Universal Life Insurance, except:

The policyowner can choose which investment(s) to place the cash values into from those available Signup and view all the answers

How does an Option A death benefit feature of a Universal Life policy work?

It pays out the policy's face amount Signup and view all the answers

Who is typically not the owner of a juvenile policy from the outset?

A brother or sister Signup and view all the answers

What does a Guaranteed Insurability rider allow Greg to do?

Purchase more insurance on his own life at certain specified ages without proof of insurability Signup and view all the answers

What happens to premium payments made into a variable universal life policy?

Are invested in one or more investment portfolios at the policyowner's option Signup and view all the answers

Which statement is incorrect when a producer explains limited-pay life insurance?

By paying over a shorter period of time, each of the payments will be lower Signup and view all the answers

Which of the following are characteristics of universal life insurance policies?

Death benefit options and premium flexibility Signup and view all the answers

What type of policy has a death benefit that can increase or decrease based on stock market performance?

Variable Life Signup and view all the answers

What jumps in a jumping juvenile policy?

The face amount jumps one time, usually to five times the amount of insurance, at age 21 or 25 Signup and view all the answers

A Last-to-Die policy would be most appropriate for which of the following situations?

A husband and wife concerned about estate taxes after they die Signup and view all the answers

Which of these best describes a disability income rider?

Pays a percentage of the death benefit as monthly income when totally disabled Signup and view all the answers

What does a long-term care rider offer that a Living Needs rider does not?

Provides up to 100% of the death benefit in a daily or monthly amount for the non-hospital expenses of a chronically ill person who cannot perform any 2 of the 6 activities of daily living. Signup and view all the answers

A viatical settlement is made between the purchaser of a person's life insurance policy and _____________.

The terminally ill insured Signup and view all the answers

If Joe exercises all options under the guaranteed insurability rider, how many policies will he end up with?

7 Signup and view all the answers

All of the following are true regarding the accelerated death benefit rider, except:

Accelerated death benefits have to be repaid if the insured's health improves Signup and view all the answers

Generally, how many death benefit options does Universal Life have?

2 Signup and view all the answers

Equity Universal, Variable, and Variable Universal all have which of the following characteristics in common?

The overall policy performance is tied to the stock market Signup and view all the answers

What happens to the death benefit of a variable life policy?

May go up or down but will never fall below the face amount of the policy. Signup and view all the answers

What must producers selling variable life insurance have?

A valid life license and must also be registered with FINRA. Signup and view all the answers

How is variable whole life different from variable universal life?

The policy has a guaranteed minimum face amount. Signup and view all the answers

What happens when the cash value account of a universal life policy reaches zero?

The policy goes into the grace period. Signup and view all the answers

Which of the following policies could be expected to have the lowest premium?

Whole life Signup and view all the answers

If the insured of a Whole Life policy is on claim with a Waiver of Premium rider, what happens to the cash values?

Cash value and dividends are not affected. Signup and view all the answers

All of the following statements regarding the Living Needs Rider are true, except:

The insurer charges an annual premium for this rider Signup and view all the answers

Which policy provides the highest face value for the lowest premium amount for a 22-year-old with a limited budget?

Annually Renewable Term. Signup and view all the answers

All of the following are characteristics of Universal Life Insurance, except:

The policyowner can choose which investments to place cash values into Signup and view all the answers

An existing term life insurance policy may be exchanged for a new term life insurance policy on the __________ date.

Re-Entry Signup and view all the answers

Which statement is true regarding Mary converting her Term Policy to permanent protection?

She may convert without evidence of insurability. Signup and view all the answers

Which of the following policies cannot have a premium payment period of less than age 100?

Ordinary Straight Whole Life Signup and view all the answers

What happens to a spouse or child rider just prior to expiration?

The spouse or child has a conversion option. Signup and view all the answers

Which of the following policies must be sold by prospectus?

Variable Whole Life Signup and view all the answers

If Alvin purchases a Variable Universal Life Policy with a face amount of $250,000, and chooses death benefit Option B, the benefit payable to the beneficiary would be __________ if the policy had $25,000 in cash values.

$275,000 Signup and view all the answers

The face amount of an Ordinary Whole Life Policy __________ over the life of the policy.

Remains the same. Signup and view all the answers

In which of the following circumstances would an accidental death benefit not apply?

Death caused by an intentional act Signup and view all the answers

Which of the following statements about Equity Indexed Life insurance is TRUE?

The interest credited to the policy is based off the performance of a stock market index Signup and view all the answers

In a Universal Life policy, the minimum separation between the cash value and the death benefit is called the __________.

Risk corridor Signup and view all the answers

Which of the following is correct regarding a 15-Pay Life policy?

It is permanent insurance but the insured only pays premiums for 15 years Signup and view all the answers

______________ is a form of whole life in which the insurance company can change the premiums or interest rate being credited to the account based on current money market rates.

Current Assumption Whole Life Signup and view all the answers

What is the total premium annually the policyowner must pay to keep a $100,000 policy with a waiver of premium rider and $30,000 of cash value in force?

$800 Signup and view all the answers

With a Variable Life Policy, which of the following is guaranteed?

Death benefit Signup and view all the answers

The cash value of a permanent life insurance policy can be used for all of the following, except:

Accidental death benefits Signup and view all the answers

An indeterminate premium whole life policy has __________ premiums.

Adjustable. Signup and view all the answers

If X has a life insurance policy that is no longer wanted or needed, how much might X receive if the premiums are $10,000 annually, the cash value is $200,000, and the face amount is $1,000,000?

More than $200,000 but less than $1,000,000. Signup and view all the answers

All of the following provisions of an adjustable life policy may be changed to meet the policyholder's needs, except:

The person named as the insured on the policy Signup and view all the answers

How long would a policyowner have to pay premiums on a term life policy to age 65 that was taken out at age 35?

To the earlier of the insured's death, or to age 65. Signup and view all the answers

What is the maximum amount Jason can borrow using his Whole Life insurance policy with a face amount of $100,000 and cash value of $10,000?

$10,000. Signup and view all the answers

Adjustable life allows the policyowner to do all of the following, except:

Change the insured Signup and view all the answers

Which of the following term life insurance policies would have the lowest first-year annual premium, all other factors being equal?

1-year Signup and view all the answers

Study Notes

Life Insurance Policies and Riders

Limited Pay Whole Life: Offers a combination of savings and insurance protection, requiring premiums until age 65. The policy becomes fully paid-up at this age.
Current Assumption Whole Life: Premiums are affected by current interest rates; if rates increase, premiums may decrease, leading to faster cash value growth.
Cost of Living Rider: Adjusts the policy's death benefit to counteract inflation without requiring insurability proof, although premiums increase.
Disability Waiver Rider: Begins typically six months after a qualifying disability occurs, requiring the insured to continue paying premiums during this period.
Equity Universal, Variable, and Variable Universal Life Policies: All have death benefits associated with stock market performance and lack guaranteed death benefits.
Variable Whole Life Policy: Must be sold with a prospectus as it is classified as a security; requires a securities registration for sale.
Waiver of Premium Rider: Extra premium does not contribute to the cash value of the policy; it covers the cost of the rider itself.
Adjustable Life Insurance: Provides the flexibility of adjusting features and can function similarly to term insurance if premium payments are reduced.
Life Settlement: Transaction where an individual sells a life insurance policy for cash, typically for more than cash surrender value but less than face value.
Straight Whole Life Policy: Offers a level guaranteed premium and death benefit for the insured's life, characterized by fixed costs and little flexibility.
Payor Rider: Maintains juvenile insurance policies by waiving premiums if the policy's payor (usually a parent) becomes disabled or dies.
Viatical Settlement: Involves selling a life insurance policy by someone terminally ill; they must receive at least as much as the cash value from surrendering the policy.
Group Term Life Insurance: Often features a level death benefit, providing uniform coverage for members of a group.
Child Rider: Covers all children (over 14 or 15 days of age) and allows conversion to permanent life insurance without proof of insurability.
Universal Life Insurance: Offers flexibility in premium payments and death benefit adjustments, but does not allow policyowners to choose investments for cash values.
Option A Death Benefit in Universal Life: Provides the face amount upon death, while Option B includes the cash value in the total benefit.
Juvenile Policies: Typically initiated by parents or grandparents, not siblings, and can include features like jumping benefits at specific ages.
Guaranteed Insurability Rider: Allows the individual to purchase additional insurance amounts at specified ages without needing proof of insurability.
Variable Universal Life: Features cash value based on the performance of selected investment portfolios as per the policyowner's discretion.
Jumping Juvenile Policy: Provides a face amount increase (usually by five times) at ages 21 to 25 without a change in premium.
Last-to-Die Policy: Best suited for married couples concerned about estate taxes, as it pays the benefit after the second insured's death.
Disability Income Rider: Offers monthly income based on a percentage of the death benefit during total disability without impacting the policy's death benefit.
Long-Term Care Rider: Provides financial support for non-hospital expenses during chronic illness, claiming daily or monthly benefits up to the full death benefit.
Re-Entry Term Option: Permits healthy insureds to obtain a new term policy at a lower rate based on improved health.
Rider Expiration Effects: Linked premiums typically decrease once associated riders expire, as do obligations to maintain additional premium payments.### Accelerated Death Benefit Rider
Accelerated death benefits usually do not include disability income.
Benefits must be repaid only if the insured’s health improves.
Benefits can be triggered by catastrophic illnesses, like the need for an organ transplant.
Long-term care qualification can also trigger benefits if the insured cannot perform daily activities.

Universal Life Insurance

Offers two death benefit options: Option A and Option B.
Death benefit can change based on cash value and investment performance.

Equity Universal, Variable, and Variable Universal Life Policies

Performance is linked to the overall stock market.
All have death benefits associated with market performance.
No guaranteed death benefit, and securities registration required for sale.

Variable Life Policy Death Benefit

Death benefit may fluctuate but never falls below the policy's initial face amount.

Selling Variable Life Insurance

Requires both a valid life insurance license and registration with FINRA.
Investment risks are borne by the policyowner, classifying these products as securities.

Variable Whole Life vs. Variable Universal Life

Variable whole life guarantees a minimum face amount if premiums are paid on time, unlike variable universal life that does not guarantee a death benefit.

Universal Life Policy Cash Value

If cash value reaches zero, the policy enters a grace period before lapsing if no premium is paid.

Premium Structures

Whole life insurance offers the lowest premiums compared to limited-pay policies.
Cash value and dividends remain unaffected under a Waiver of Premium rider.

Living Needs Rider

Typically added without additional premiums and allows early face amount payment under terminal illness circumstances.
Does not involve an insurer-charged annual premium.

Term Life Policy Exchange

A term life policy can be exchanged for a new term policy based on specific dates mentioned in the original policy.

Term Policy Conversion

Allows conversion to permanent insurance without proof of insurability, typically within the first 10 years or before a specified age.

Adjustable Life Policy

Options for modification include death benefit, premiums, and insurance protection period, but not the insured individual.

Death Benefit Characteristics

A variable universal life policy guarantees a death benefit as long as premiums are paid.
Cash values can be utilized for loans and nonforfeiture options but not for accidental death benefits.

Life Settlement

A life insurance policy can be sold for a price higher than the cash value but lower than the face amount.

Term Insurance for Limited Cash Flow

Term life insurance delivers the highest coverage for the lowest cost due to the exclusion of cash value accumulation.

Increasing Term Insurance

Provides an increasing death benefit annually and is often used as a rider on permanent policies.

Current Assumption Whole Life

Features adjustable premiums and interest rates based on market conditions.

Payment Requirements Post-Disability

After recovery from disability with a waiver, premium payments resume as due.

Family Rider

Offers affordable life insurance coverage for the family under one policy.

Corridor of Insurance Protection

Increases in insurance coverage are added to prevent policies from maturing before age 100 without needing evidence of insurability.### Disability Income Rider
The benefit amount from a disability income rider is typically based on the face amount of the attached life insurance policy.
The income provided is usually expressed as a specified dollar amount per $1,000 of coverage.

Adjustable Life Policy

Combines features of both permanent and term life insurance.
Precursor to Universal Life policies.

Viatical Settlement

A contract between a life insurance policyholder and a viatical settlement provider.
A viatical settlement broker may facilitate but is not party to the contract.

Increasing Death Benefit

Policyowners must prove insurability to increase the death benefit in an Adjustable Life Insurance policy.

Premium Costs

If a waiver of premium rider is canceled, the annual premium for a $100,000 policy drops to $750, excluding the rider's cost.

Waiver of Premium Rider

Generally expires when the insured reaches age 65.

Whole Life Policy Payment

Purchasing a single premium life policy is the fastest way to pay off a traditional whole life policy.

Variable Whole Life Features

Allows owners to choose separate accounts for premium investment but does not permit partial surrenders.

Lowest First-Year Premium

Term to age 40 offers the lowest first-year premium for a 30-year-old, compared to longer term policies.

Simplified Issue Life Insurance

This type of insurance requires no medical exam, only basic health-related questions, and is often available for lower face amounts.

Whole Life Premium Payment Period

Ordinary Straight Whole Life policies cannot have a premium payment period of less than to age 100.

Viatical Settlement Risks

Purchasers risk losing money if the insured does not die within the expected time frame.

Whole Life Premium Comparisons

20-Pay Ordinary Whole Life has the highest annual premium payment per $1,000 of coverage due to its shorter premium-paying period.

Premium Waiving Riders

Guaranteed insurability does not waive premiums in the event of a disability; it allows future coverage purchases at specified times.

Variable Life Policy

Owners allocate premiums into a separate account, part of the insurer's separate accounts akin to mutual funds.

Life Settlement Purchaser Risks

Risks include third-party insolvency or inability to cover ongoing premiums, but not if the insured dies sooner than expected.

Current Assumption Whole Life Characteristics

Guarantees a death benefit.
Premiums and interest credited can be adjusted based on current interest rates.

Universal Life Death Benefit Options

Death Benefit Option B provides an increasing death benefit by adding cash value to the level term face amount.

Licensing for Variable Life Policies

A securities license is required to sell Variable Universal Life policies, in addition to a life insurance license.

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Untitled Quiz

Questions and Answers

Which type of term protection has an increasing face value as the insured gets older?

How is a Variable Universal Life Insurance policy different from a Universal Life Insurance policy?

Where does the initial benefit money from a long-term care rider come from in a participating life insurance policy?

Which of the following term policies costs the most, all other factors being equal?

What must Jill do after recovering from disability if her policy contains a waiver of premium rider?

Ideally, which rider should Sean acquire to cover the balance of his outstanding mortgage?

Which type of rider covers all members of a family with one policy?

How is insurance protection increased to keep a Current Assumption policy from endowing?

What provides the basis for the benefit amount paid to an insured under a disability income rider?

An insured owning an Adjustable Life Policy enjoys a policy that has characteristics of both ______ and _______.

What is a viatical settlement?

What is required if a policyholder wants to increase the death benefit of an Adjustable Life Insurance policy?

If a policy owner cancels a rider, what will be the total premium annually for a policy with a waiver of premium rider?

At what age does the waiver of premium rider normally expire?

What is the fastest way to pay up a traditional whole life policy?

Variable whole life has all of the following features, except:

Which of the following would have the lowest first-year annual premium for a 30-year-old, all other factors being equal?

Life insurance that does not require a medical exam is known as:

Which of the following policies cannot have a premium payment period of less than to age 100?

What is the risk to the purchaser in a viatical settlement transaction?

Which of the following Whole Life insurance policies has the highest annual premium payment per $1,000 of coverage for a 35-year-old, all other factors being equal?

All of the following riders will waive the premiums in the event of a disability, except:

What do Variable Life Policy owners allocate their premiums into?

All of the following are risks to the life settlement purchaser, except:

Each of the following are characteristics of a Current Assumption Whole Life insurance policy, except:

What death benefit option provides for an increasing death benefit in Universal Life policies?

Which of the following policies requires a producer to have both a life and securities license to sell?

What should a life insurance applicant purchase if they want a combination of savings and insurance protection with guarantees, paying premiums only until age 65?

All of the following are true regarding Current Assumption Whole Life, except:

What rider is designed to help the insured offset the effects of future inflation on the policy's face amount?

When does the rider benefit start for a whole life insurance policy with a disability waiver of premium?

What do Equity Universal, Variable, and Variable Universal each have in common?

Which of the following policies must be sold by prospectus?

What happens to any extra premium charged for the waiver of premium rider?

Which permanent policy could act like term life insurance?

What transaction took place when XYZ Inc. purchased Quentin's life insurance policy for more than cash value but less than face amount?

What best describes a Straight Whole Life Policy?

What type of policy does a payor rider keep in force?

If the insured becomes totally disabled, the company waives premiums for the duration of the disability if a _____________ is in force.

How much did Z have to pay before the waiver of premium benefit started after his total disability?

All of the following are correct about Decreasing Term, except:

How is a life settlement transaction similar to a viatical settlement transaction?

Which Whole Life insurance policy has the lowest annual premium payment per $1,000 of coverage for a 35-year-old?

Some traditional whole life policies offer a(n) __________ feature to keep the policy in force if there are sufficient cash values to do so.

What is the purpose of the Re-Entry Term option?

What is a single policy covering two or more lives that pays benefits upon the death of the first insured called?

All of the following are true regarding re-entry term, except:

What is a contractual agreement that allows a company or person to buy rights of ownership in a life policy if the owner/insured becomes terminally ill?

What happens to the overall policy premium when most riders on a life insurance policy expire?

Most group life insurance has a(n) ______ term death benefit.

Which features are included in a Child Rider added to an insured's permanent policy?

All of the following are characteristics of Universal Life Insurance, except:

How does an Option A death benefit feature of a Universal Life policy work?

Who is typically not the owner of a juvenile policy from the outset?

What does a Guaranteed Insurability rider allow Greg to do?

What happens to premium payments made into a variable universal life policy?

Which statement is incorrect when a producer explains limited-pay life insurance?

Which of the following are characteristics of universal life insurance policies?

What type of policy has a death benefit that can increase or decrease based on stock market performance?

What jumps in a jumping juvenile policy?

A Last-to-Die policy would be most appropriate for which of the following situations?

Which of these best describes a disability income rider?

What does a long-term care rider offer that a Living Needs rider does not?

A viatical settlement is made between the purchaser of a person's life insurance policy and _____________.

If Joe exercises all options under the guaranteed insurability rider, how many policies will he end up with?

All of the following are true regarding the accelerated death benefit rider, except:

Generally, how many death benefit options does Universal Life have?

Equity Universal, Variable, and Variable Universal all have which of the following characteristics in common?

What happens to the death benefit of a variable life policy?

What must producers selling variable life insurance have?

How is variable whole life different from variable universal life?

What happens when the cash value account of a universal life policy reaches zero?

Which of the following policies could be expected to have the lowest premium?

If the insured of a Whole Life policy is on claim with a Waiver of Premium rider, what happens to the cash values?

All of the following statements regarding the Living Needs Rider are true, except:

Which policy provides the highest face value for the lowest premium amount for a 22-year-old with a limited budget?

All of the following are characteristics of Universal Life Insurance, except:

An existing term life insurance policy may be exchanged for a new term life insurance policy on the __________ date.

An insured owning an Adjustable Life Policy enjoys a policy that has characteristics of both and _.