Oklahoma Life, Health, & Accident-Whole Life

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Author:
hicksmix6
ID:
306019
Filename:
Oklahoma Life, Health, & Accident-Whole Life
Updated:
2015-08-04 14:48:37
Tags:
Oklahoma
Folders:
Insurance
Description:
L-58 to L-59
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  1. Which of the following non-forfeiture values has the highest death benefit?
    a. cash
    b. reduced paid up
    c. renewable and convertible
    d. extended term
    a. cash
  2. A 20-Pay Whole Life policy endows when?
    a. insured reaches age 20
    b. insured reaches age 100
    c. after the insured pays the premium for 20 years
    d. after the insured pays the premium for 100 years
    b. insured reaches age 100
  3. Which of the following policies would be the most expensive initial premium?
    a. single premium whole life
    b. limited pay whole life
    c. straight whole life
    d. straight whole life with a decreasing term rider
    a. single premium whole life
  4. A single premium whole life policy's most significant characteristic is:
    a. policy endows at age 65
    b. entire policy premium is paid at the time of application
    c. policy generates a higher interest rate than other whole life policies
    d. policy is pure protection
    b. entire policy premium is paid at the time of application
  5. When the policy cash value on a whole life policy is used to purchase a lesser amount of the same type of insurance, what is the name of the non-forfeiture option used?
    a. cash surrender
    b. reduced paid up
    c. extended term
    d. double indemnity
    b. reduced paid up
  6. Which of the following is NOT a characteristic of a Straight Life policy?
    a. increasing death benefit
    b. level premiums
    c. non-forfeiture values
    d. guaranteed cash surrender value
    a. increasing death benefit
  7. Which of the following is true regarding non-forfeiture values?
    a. values begin to accumulate immediately
    b. the policy owner can choose both cash surrender and reduced paid up
    c. the purpose is to protect the policy owner investment
    d. reduced paid up is the "automatic option"
    c. the purpose is to protect the policy owner investment
  8. The cash surrender value on a "Paid Up at 65 Whole Life" policy will equal the face amount of coverage when:
    a. insured reaches age 65
    b. insured reaches age 75
    c. insured reaches age 100
    d. never
    c. insured reaches age 100
  9. Regarding a 35 year old applicant for life insurance, which of the following permanent life insurance policies would have the most annual premium outlay?
    a. paid up at 65 whole life
    b. annual renewal term
    c. 10 pay whole life
    d. 20 pay whole life
    c. 10 pay whole life
  10. Which whole life policy would have the least annual premium outlay for an insured 20-year old?
    a. 20 pay life
    b. 30 pay life
    c. ordinary whole life
    d. paid up at 65
    c. ordinary whole life
  11. Which life insurance provision recognizes the equity build up in an ordinary life policy?
    a. grace period
    b. non-forfeiture values
    c. incontestability
    d. premiums
    b. non-forfeiture values
  12. Non-forfeiture options in life insurance include all of the following EXCEPT?
    a. cash
    b. reduced paid up insurance
    c. interest only
    d. extended term insurance
    c. interest only

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