Life Insurance Policies
For what periods is level premium term commonly issued?
Answer and explanation
Answer: A. Level premium term is sold in defined blocks, commonly ten to thirty years, after which the policy expires or converts to an annually increasing premium. A one year period is annually renewable term, and lifetime cover is permanent insurance.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, level premium term periods
More life insurance policies questions
- How does a benefit schedule support group underwriting?
- How does annually renewable term differ from a ten year level term policy?
- How does fixed indexed life differ from variable life in where the risk falls?
- How does group credit life differ from individual credit life?
- How does level term differ from decreasing term in the pattern of benefit and premium?
- How does the cash value of a continuous premium whole life policy behave over time?
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