Oklahoma Life, Health, & Accident-Endowments

Card Set Information

Author:
hicksmix6
ID:
306042
Filename:
Oklahoma Life, Health, & Accident-Endowments
Updated:
2015-08-04 16:46:06
Tags:
Oklahoma
Folders:
Insurance
Description:
L-63
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  1. All of the following are true regarding endowment EXCEPT?
    a. offer death protection
    b. offer non-forfeiture values
    c. offer a high amount of protection for the premium cost
    d. may be used for retirement purposes
    c. offer a high amount of protection for the premium cost
  2. Non-forfeiture values would be found in all of the following EXCEPT?
    a. paid up at 65
    b. endowment at age 65
    c. 20 year level term
    d. Single Pay Ordinary Life
    c. 20 year level term
  3. Regarding an endowment policy, which of the following is a true statement?
    a. cash value builds quickly
    b. cash value builds slowly but provides an increasing amount of life insurance
    c. protects future insurability
    d. pure protection providing no cash value
    a. cash value builds quickly
  4. An insured has purchased a 20-year endowment policy with a face amount of $100,000. After 5 years, the policy has $25,000 cash value.  If the insured dies at this time, the beneficiary will receive how much?
    a. $25,000
    b. $75,000
    c. $100,000
    d. $125,000
    c. $100,000
  5. A person who wants to accumulate a certain amount of dollars by a given age and have life insurance protection would choose which type of policy?
    a. term with annuity rider
    b. whole life insurance policy
    c. endowment policy
    d. limited payment whole life
    c. endowment policy
  6. A person at age 25 purchases an "Endowment at age 65" policy.  At what age does the insurance stop?
    a. 25
    b. 65
    c. 100
    d. never
    b. 65

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