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  4. Types of Life Insurance Policies

Free Types of Life Insurance Policies Practice Questions

Michigan Life exam — 74 practice questions.

Subtopics: Term insurance, Whole life, Universal life, Variable life, Variable products license, Decreasing term, Endowment, Joint life, 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, 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 type of life insurance provides protection for a specified period with no cash value?

Term life

Term life provides temporary protection for a set period and generally builds no cash value.

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

Level premiums and guaranteed cash value

Whole life features level premiums, a guaranteed death benefit, and guaranteed cash value accumulation.

3. Universal life insurance is best described as:

Flexible-premium adjustable life insurance

Universal life is flexible-premium, adjustable life insurance separating mortality, expense, and interest elements.

4. The cash value of a variable life policy is invested in:

Separate account subaccounts chosen by the owner

Variable life cash value is held in separate-account subaccounts, shifting investment risk to the owner.

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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.