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Free Types of Life Insurance Policies Practice Questions

Pennsylvania Life exam (series 16-01) — 68 practice questions.

Subtopics: Group conversion plan, Credit life insurance, 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, 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. When converting group life to an individual policy, the new policy is generally:

A permanent (whole life) form at the insured's attained-age rate

Conversion is typically to an individual permanent policy at attained-age rates, without evidence of insurability.

2. The death benefit of a credit life insurance policy in Pennsylvania generally may not exceed:

The outstanding balance of the loan

Credit life insurance is limited to the outstanding indebtedness so the benefit retires the covered loan.

3. 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.

4. 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.

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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.