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  4. Types of Life Insurance Policies

Free Types of Life Insurance Policies Practice Questions

Massachusetts Life exam — 74 practice questions.

Subtopics: Term, Whole life, Universal life, Variable life, Variable license, Endowment, Group life, Decreasing term, Term basics, Level term, Renewable term, Convertible term, Limited-pay life, Single premium, Adjustable life, UL death benefit options, UL corridor, Variable universal life, Indexed universal life, Joint 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. Which life insurance type provides protection for a specified period with no cash value?

Term life

Term life provides death protection for a set term and ordinarily builds no cash value.

2. A distinguishing feature of whole life insurance is that it:

Builds cash value and provides lifetime coverage

Whole life offers permanent lifetime coverage and accumulates guaranteed cash value.

3. Universal life insurance is best known for providing:

Flexible premiums and adjustable death benefits

Universal life offers flexible premiums and an adjustable death benefit with a cash value account.

4. In a variable life policy the cash value and death benefit may vary based on:

Performance of the underlying separate account investments

Variable life cash values and death benefits fluctuate with the performance of separate account investments.

All Life topics

Practice: Types of Life Insurance Policies

Take a randomized, timed-style practice test. Answer choices are shuffled and your results are scored instantly with an explanation for every question.

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 Pennsylvania Insurance Department and the exam administrator before relying on it.