Life Insurance Policies
What is limited about a limited payment whole life policy?
Answer and explanation
Answer: C. Premiums are compressed into a stated number of years or to a stated age, after which the policy is paid up and remains in force for the whole of life. The protection itself is not limited in duration or in the values it builds.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, limited payment whole life
More life insurance policies questions
- A married couple buys a survivorship life policy for estate tax planning. The husband dies first. What happens to the policy?
- A married couple expect estate taxes to fall due only after both have died. Which policy matches that liability?
- A one-year renewable term policy states that renewal rights end at age 70. The insured renews at age 69 and reaches 70 during that term. What should the producer explain?
- A parent carrying two hundred thousand dollars of life insurance applies for cover on a six year old child. What ceiling does section 3207(b) set?
- A policyowner’s income varies and the owner wants to adjust premium timing within policy limits while keeping permanent coverage. Which product feature most directly addresses that need?
- A producer illustrates a fixed indexed life policy using the best index period of the last twenty years. What is the objection?
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