Texas Life, Accident and Health Agent Exam, Life: Types of Policies: all 37 questions

All questions from the Life: Types of Policies section for Texas Life, Accident and Health Agent Exam, each with the correct answer.

1001Which feature is characteristic of ordinary (straight) whole life insurance?
1002A limited-pay whole life policy differs from ordinary whole life because the
1003A single-premium whole life policy is purchased by
1004Which statement about universal life insurance is correct?
1005In a universal life policy, the cash value is reduced each month by
1006Who bears the investment risk in a variable life insurance policy?
1007To sell variable life insurance or variable annuities in Texas, an agent needs
1008Variable universal life combines
1009How does indexed universal life credit interest to the cash value?
1010An interest-sensitive whole life policy typically
1011Term life insurance is best described as
1012Which type of term insurance has a death benefit that declines over the policy period?
1013A father wants coverage that will pay off his mortgage balance if he dies, with the amount of protection shrinking as the loan is repaid. Which policy fits best?
1014With a return of premium term policy, the insurer
1015Annually renewable term insurance provides
1016A renewable term policy allows the insured to
1017A convertible term policy lets the owner
1018Which annuity pays benefits beginning one year or less after a single lump sum purchase?
1019An annuity owner is in the accumulation period. This means the
1020Which annuity option provides income for as long as the annuitant lives, with nothing paid to a beneficiary after death?
1021A life annuity with a 10-year period certain pays the annuitant for life. If the annuitant dies in year 4, the
1022Which annuity credits interest at a rate guaranteed by the insurer, with the insurer bearing the investment risk?
1023In a deferred annuity, annuity units are used in which kind of contract during the payout phase?
1024A joint life (first to die) policy pays the death benefit
1025Survivorship life (second to die) is most commonly used to
1026Which policy generally has the lowest initial premium for a given amount of coverage for a 30-year-old?
1027Which feature distinguishes a participating policy?
1028Which of the following is true about a family income policy?
1029Family maintenance and family income policies are similar except that
1030A juvenile insurance policy often includes a
1031A modified endowment contract (MEC) is a policy that
1032A life insurance policy that endows at age 100 means
1033Which of these is a characteristic of term insurance compared with whole life?
1034Which type of policy has a death benefit that is level and a premium that is guaranteed to stay the same for a stated number of years, after which it may increase sharply?
1035A policyowner wants permanent protection with the lowest possible premium that is guaranteed never to change. Which policy fits best?
1036Which feature of an indexed annuity or indexed life policy limits the amount of index gain that can be credited in a period?
1037An annuity in which the owner pays premiums as a series of payments over time before income begins is a

Texas Life, Accident and Health Agent Exam, Life: Types of Policies: all 37 questions

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