Examfx Chapter 2: Types Of Life Policies

If an agent wishes to sell variable life policies, what license must the agent obtain? ASurplus Lines BPersonal Lines CSecurities DAdjuster {Ans: Securities}W owns a policy in which she is covered as the bread-winner with permanent insurance and with decreasing term insurance in the form of a rider. What type of policy is this? AFamily Protection Policy BFamily Income Policy CFamily Policy DFamily Maintenance Policy {Ans: Family Income Policy}Which of the following best describes annually renewable term insurance? ANeither the premium nor the death benefit is affected by the insured's age. BIt provides an annually increasing death benefit. CIt is level term insurance. DIt requires proof of insurability at each renewal. {Ans: It is level term insurance.}In a survivorship life policy, when does the insurer pay the death benefit? AIf the insured survives to age 100 BUpon the last death CUpon the first death DHalf at the first death, and half at the second death {Ans: Upon the last death}Which of the following is NOT allowed in credit life insurance? ACreditor having a collateral assignment on the policy BCreditor requiring that a debtor has a life insurance CCreditor becoming a policy beneficiary. DCreditor requiring that a