Free Types of Life Insurance Policies Practice Questions
South Carolina Life exam — 112 practice questions.
Subtopics: Term insurance, Whole life, Universal life, Variable life, Decreasing term, Group life, Survivorship, Endowment, Limited pay, Credit life, Industrial life, Group life eligibility, Group life underwriting, Group dependent life, Franchise life, Group life misstated age, 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, 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, Level term premium, Term expiration, Renewal premium, Original age conversion, Decreasing term premium, Whole life cash value at maturity, Limited pay premium, Life paid-up at 65, Single premium MEC, UL cash value crediting, UL monthly deductions, UL lapse, UL no-lapse guarantee, Indexed UL floor, Indexed UL participation, Variable life investment risk, Group life minimum size, Group certificate, Group conversion death, Group life COBRA, Multiple employer trust, Credit life amount, Credit life beneficiary, Joint life cost, Juvenile owner, Return of premium term cost, Equity indexed whole life, Term vs permanent selection, Second-to-die use, Group term imputed income
Read the Types of Life Insurance Policies study guide
Sample questions & answers
1. Term life insurance is best characterized as:
Temporary protection with little or no cash value
Term insurance provides death protection for a set period and generally builds little or no cash value.
2. Whole life insurance generally provides:
Lifetime coverage, level premium, cash value
Whole life offers permanent coverage with level premiums and a guaranteed cash value that grows over time.
3. A key feature of universal life insurance is:
Flexible premiums and an adjustable death benefit
Universal life is a flexible-premium permanent policy that allows the owner to adjust premiums and the death benefit within limits.
4. In a variable life insurance policy, the cash value:
Varies with subaccount performance
Variable life cash values are invested in subaccounts and rise or fall with investment performance; they are not guaranteed.
Practice: Types of Life Insurance Policies
Answer choices are shuffled every time, and every question comes with an explanation.
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.
