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Free Types of Life Insurance Policies Practice Questions

Wisconsin Life exam — 76 practice questions.

Subtopics: Term insurance, Whole life, Universal life, Variable life, Decreasing term, Endowment, Joint life, Survivorship life, Limited-pay whole life, Group life, 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, 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 offers a constant death benefit for a set term and typically builds little or no cash value.

2. A distinguishing feature of whole life insurance is that it:

Provides lifetime coverage and builds guaranteed cash value

Whole life provides permanent protection with level premiums and a guaranteed, growing cash value.

3. Universal life insurance is best described as:

Flexible-premium permanent insurance with adjustable death benefit

Universal life is flexible permanent coverage allowing adjustable premiums and death benefits with a cash value account.

4. Cash values in a variable life insurance policy are:

Invested in separate accounts and can rise or fall

Variable life places cash value in separate accounts whose performance, and thus values, varies with the chosen investments.

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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 Pennsylvania Insurance Department and the exam administrator before relying on it.