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  4. Types of Life Insurance Policies

Free Types of Life Insurance Policies Practice Questions

South Dakota Life exam — 77 practice questions.

Subtopics: Term insurance, Whole life, Universal life, Variable life, Decreasing term, Endowment, Joint life, Survivorship life, Limited-pay life, Modified premium, Group conversion, Term basics, Level term, Renewable term, Convertible term, Single premium, Adjustable life, UL death benefit options, UL corridor, Variable universal life, Indexed universal 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. Level term life insurance is generally characterized by:

A death benefit that stays level for a set period with no significant cash value

Level term provides a level death benefit for a stated period and builds little or no cash value.

2. A distinguishing feature of traditional whole life insurance compared with term is that whole life:

Builds a guaranteed cash value and covers the whole of life

Whole life provides lifetime coverage and accumulates a guaranteed cash value, unlike term insurance.

3. Universal life insurance is best known for offering the policyowner:

Flexible premiums and an adjustable death benefit

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

4. In a variable life insurance policy, the cash value and death benefit may fluctuate because premiums are:

Invested in separate account subaccounts chosen by the owner

Variable life places cash value in separate-account investment options, so values vary with investment performance.

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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 Insurance Department and the exam administrator before relying on it.