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Free Types of Life Insurance Policies Practice Questions

Virginia Life exam — 76 practice questions.

Subtopics: Term insurance, Decreasing term, Whole life, Limited pay, Universal life, Variable life, Variable products regulation, Endowment, Joint life, Survivorship, 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, 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. Level term life insurance provides:

A level death benefit for a specified period with no cash value buildup

Level term provides a level death benefit for a set term and typically builds no cash value.

2. Decreasing term insurance is often used to:

Cover a declining debt such as a mortgage

Decreasing term has a death benefit that declines over time, matching obligations like a mortgage balance.

3. A key feature of whole life insurance is:

Guaranteed level premiums and cash value to age 100/121

Whole life offers guaranteed level premiums, a guaranteed death benefit, and guaranteed cash value growth.

4. A 20-pay whole life policy is one in which:

Premiums are paid for 20 years but coverage continues for life

Limited-pay whole life compresses premium payments into a set period (here 20 years) while coverage remains for life.

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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.