The death protection component of a universal life policy is expressed as what type of coverage?annually renewable termIn variable universal insurance to what policy component does the term "variable" refer?Cash value and death benefitWhat annuity settlement option provides income payments to the annuitant for the duration of his or her life, and also guarantees payment for a specified number of years?Life income with period certainWhat is the difference between a single premium and flexible premium payment options in a deferred annuity?The number of payments that purchase the annuityRegarding annuity payments, what is the difference between the annuitant and the beneficiary of an annuity?The annuitant receives payments from the annuity during the annuitization period; the beneficiary receives benefits after the annuitant's deathWhat type of annuity credits it interest based upon an index such as S&P 500?Equity indexed annuityWhat type of whole life insurance policies only requires a payment of premium at its inception, and in addition to providing insurance protection for the life of the insured, endows at the insured's age 100?Single premium whole lifeWhat happens the cash value when a whole life insurance policy matures?Cash value is paid to the policyownerWhat type of life insurance policy provides permanent protection?whole lifeWhat are the death benefit options in universal life policies?Option A - level death benefit, and Option B - increasing death benefitWhat is the main reason for purchasing an annuity?To provide income that the annuitant cannot outliveWhen does an adjustable life policy accumulate cash value?When the premiums paid are more than the cost of the policyWhat universal life option has a gradually increasing cash value and a level death benefit?Option A (level death benefit)A whole life policy that requires that the policy owner only pays premiums for a specific number of years is known as what kind of policy?Limited pay whole lifeIf the annuitant dies before the annuitization period starts, what will the beneficiary receive?Either the amount paid into the annuity or the cash value, whichever is greaterAn individual has just borrowed 10,000 on a 15-year note from his bank. The note is due in installments what type of life insurance policy would be best suited to this situation?Decreasing termWhat does the term "level" refer to in level term insurance?Face amountIf an annuity provides a set amount of income for two or more persons with the income ceasing upon the first death, what type of annuity is that?Joint life annuityWhat type of life insurance policy is life paid up at age 66?Limited-pay whole lifeIn joint life policy when is the death benefit paid?Upon the first death (if first-to-die policy), or upon the second death (if survivor ship policy)In annually renewable term policies, what is the annual premium based upon?The insured's attained ageWhat are the two phases of an annuity?Accumulation and annuitization (or pay-in and pay-out)What type of annuity can be purchased with a single premium?Immediate annuityAn annuity purchased with multiple payments that begins income payments after one year from the moment of purchase is known as what type of annuity?Flexible premium deferred annuityWhat type of whole life insurance policy generates immediate cash value?Single premium whole lifeWhat are the two classifications of annuities according to the time when annuity payments begin?Immediate and deferredWhat happens to the premium in an annually renewable term life policy?The premium increases with each renewalWhat type of annuity is suitable for someone who wants to select the benefit option that will pay the largest amount only for as long as the annuitant lives?Straight lifeWhat type of insurance would perform the function of cash accumulation?whole life insuranceWhat annuity settlement option provides income payments to the annuitant for the duration of his or her life, and also guarantees payment for a specified number of years?Life income with period certainA policy states that it will pay a specified face amount if the insured dies during the 20 year premium-paying period and nothing if death occurs after the 20 year period. What type of policy is this?20-year level termUnder Option B in a universal life policy, what happens to the death benefit?Under Option B, the death benefit increases each year by the amount of the cash value increasesWhat type of life insurance offers an applicant a cash value element?Permanent insurance (usually, whole life)What elements of an adjustable life policy can be changed by the policy owner?The amount and payment period of the premium, the face amount, and the period for protectionWhen would a 20-pay whole life policy endow?When the insured reaches age 100Variable whole life is based on what type of premiumLevel fixed

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