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Free Types of Life Policies Practice Questions

Wyoming Life exam — 74 practice questions.

Subtopics: Decreasing term, Limited-pay whole life, Endowment, Variable life, Joint life, Survivorship life, Modified whole life, Group life, Term basics, Level term, Renewable term, Convertible term, Whole life, Limited-pay life, Single premium, Adjustable life, Universal 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, 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

Sample questions & answers

1. A term life policy whose death benefit declines over time and is often used to cover a mortgage balance is:

Decreasing term insurance

Decreasing term provides a death benefit that declines over the policy period, matching a falling debt such as a mortgage.

2. A whole life policy on which premiums are paid only for a set number of years, such as 20, is called:

Limited-pay whole life

Limited-pay whole life is fully paid up after a stated number of premium-paying years while coverage continues for life.

3. A policy that pays the face amount if the insured dies during the term or survives to the maturity date is a(n):

Endowment

An endowment pays the face amount at the insured's death during the term or upon survival to the policy's maturity date.

4. In a variable life insurance policy, the cash value and a portion of the death benefit may vary with:

The performance of investment subaccounts chosen by the owner

Variable life ties cash value and part of the death benefit to investment subaccounts, so values fluctuate with market performance.

All Life topics

Practice: Types of Life 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.