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  4. Types of Life Insurance Policies

Free Types of Life Insurance Policies Practice Questions

Georgia Life exam — 75 practice questions.

Subtopics: Term, Whole life, Universal life, Variable life, Joint life, Survivorship, Endowment, Limited pay, Graded premium, Term basics, Level term, Decreasing term, Renewable term, Convertible term, Limited-pay life, Single premium, Adjustable life, UL death benefit options, UL corridor, Variable universal life, Indexed universal life, Survivorship life, Increasing term, Annual renewable term, Juvenile insurance, Jumping juvenile, Return of premium term, Modified whole life, Index whole life, Continuous premium, Group eligible groups, Group characteristics, Noncontributory plan, Contributory plan, Credit life, Survivorship cost, Interest-sensitive whole life, Conversion timing, Survivorship second-to-die life, Family income policy, Family maintenance policy, Family plan policy, Graded premium whole life, Graded death benefit policy, Guaranteed issue life, Simplified issue life, Multiple protection policy, Endowment policy, Pure endowment, Term to age 100, Conversion attained vs original age, Reentry term, Deposit term, Group term dependent coverage, Group permanent life, Franchise life insurance, Industrial life insurance, Pre-need funeral insurance, Final expense whole life, Standalone accidental death policy, Survivorship universal life, UL Option A death benefit, Target premium UL, Single-premium variable life, Minimum deposit policy, Modified coverage whole life, Combination whole life and term, Joint life vs survivorship, Convertible group term

Read the Types of Life Insurance Policies study guide

Sample questions & answers

1. A policy that provides protection for a specified period and builds no cash value is:

Term life

Term life provides temporary, pure protection for a stated period and does not develop cash value.

2. Permanent insurance with level premiums and guaranteed cash value is:

Whole life

Whole life offers lifetime coverage, level premiums, and a guaranteed cash value that grows over time.

3. A policy featuring flexible premiums and an interest-sensitive cash value account is:

Universal life

Universal life is interest-sensitive permanent insurance allowing flexible premiums and adjustable death benefits.

4. A life policy whose cash value and death benefit vary with separate-account investments, requiring securities registration, is:

Variable life

Variable life places cash value in separate accounts; producers must also hold the proper securities registration to sell it.

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Practice: Types of Life Insurance Policies

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Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.