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  4. Types of Life Insurance Policies

Free Types of Life Insurance Policies Practice Questions

New York Life exam (series 17-51) — 34 practice questions.

Subtopics: Group life conversion, Term basics, Level term, Decreasing term, Renewable term, Convertible term, Whole life, Limited-pay life, Single premium, Adjustable life, Universal life, UL death benefit options, UL corridor, Variable life, 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

Sample questions & answers

1. When New York group life coverage terminates, an insured employee generally has the right to:

Convert to an individual policy without evidence of insurability within the conversion period

New York group life insureds may convert to an individual policy without proving insurability within the statutory conversion period.

2. Term life insurance is best described as:

Temporary coverage for a specified period with no cash value

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

3. In a level term policy, the death benefit:

Remains constant for the term

Level term keeps the face amount constant throughout the term while the premium for the term is level.

4. Decreasing term insurance is commonly used to:

Cover a declining debt such as a mortgage

Decreasing term has a face amount that declines over time, matching an amortizing debt like a mortgage.

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