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Free Types of Life Insurance Policies Practice Questions

Washington Life exam — 73 practice questions.

Subtopics: Term insurance, Whole life, Universal life, Variable life, Variable license, Joint life, Survivorship, Term basics, Level term, Decreasing 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. A Washington consumer wanting the most death benefit per premium dollar for a temporary need should consider:

Term life insurance

Term life provides pure death protection for a set period at the lowest initial cost per dollar of coverage.

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

Builds guaranteed cash value

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

3. A flexible-premium policy that lets the owner adjust the death benefit and premium within limits is:

Universal life

Universal life offers premium and death-benefit flexibility along with a cash value tied to interest crediting.

4. In a variable life policy sold in Washington, the cash value's investment risk is generally borne by:

The policyowner

In variable life, the policyowner directs subaccount investments and bears the investment risk and reward.

All Life topics

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.