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  4. Types of Life Insurance Policies

Free Types of Life Insurance Policies Practice Questions

New Jersey Life exam — 75 practice questions.

Subtopics: Term insurance, Whole life, Universal life, Variable life, Decreasing term, Endowment, Group conversion, Limited pay, Variable contracts, 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 policy provides protection for a set period with no cash value?

Term life

Term life provides temporary death protection for a stated period and builds no cash value.

2. Which policy offers level premiums, lifetime coverage, and guaranteed cash value?

Whole life

Whole life offers permanent coverage with level premiums and a guaranteed cash value.

3. A key feature distinguishing universal life from traditional whole life is:

Flexible premiums and an adjustable death benefit

Universal life allows flexible premiums and an adjustable death benefit within policy limits.

4. To sell variable life insurance in New Jersey, a producer must hold:

A life license plus appropriate securities registration

Variable products are securities, so a producer needs a life license and a securities registration.

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.