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  4. Types of Life Policies

Free Types of Life Policies Practice Questions

West Virginia Life exam — 78 practice questions.

Subtopics: Decreasing term, Renewable term, Convertible term, Limited-pay whole life, Single premium, Endowment, Survivorship life, Joint life, Indexed universal life, Juvenile insurance, Family income policy, Current assumption life, Term basics, Level term, Whole life, Limited-pay life, Adjustable life, Universal life, UL death benefit options, UL corridor, Variable life, Variable universal life, Increasing term, Annual renewable term, 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 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

Sample questions & answers

1. Decreasing term life insurance is often used to cover:

A mortgage or other debt that reduces over time

Decreasing term has a death benefit that declines over time, making it well suited to a reducing debt such as a mortgage.

2. A renewable term life policy allows the insured to:

Continue coverage for another term without new evidence of insurability

A renewable provision lets the insured extend term coverage for another period without proving insurability, usually at a higher rate.

3. The convertible feature of a term life policy permits the owner to:

Change to a permanent policy without new evidence of insurability

A convertible term policy can be exchanged for a permanent policy without proving insurability, within the conversion period.

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

Pays premiums for 20 years but is covered for life

A limited-pay whole life policy such as 20-pay is fully paid up after the stated number of years while coverage continues for life.

All Life topics

Practice: Types of Life 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.