Which of the Following Is Incorrect Regarding Whole Life Insurance

Which of the following statement about universal life insurance is NOT true. Of the 20-year period.

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B Premiums remain uniform.

. Policy loans are tax deductible Term. C - A term policy expires and the insured buys another term life policy. A generally straight life premiums are payable at least annually for the duration of the insureds life B the owner of a 30-pay life policy will owe no more premiums after the 30th year the policy is in force.

It pays just if Death occurs throughout the regard to the policy which is typically from 1 to 30 years. Jason is the owner of a paid-up whole life insurance policy on his own life. In franchise insurance premiums are usually Definition.

15 Questions Show answers. Universal life policy owners can choose the amount of premium they pay into their policies subject to insurer minimums and maximums. Policy loans are tax deductible.

All of the following are characteristics of Ordinary Whole Life Insurance except. The ILIT contained a Crummey provision for the benefit of each child. Policy expired the beneficiary will receive 100000.

Universal life insurance normally has a minimum guaranteed cash value for duration of the policy d. C The policy pays the face value if insured dies before age 100. Which of the following is INCORRECT regarding whole life insurance.

All of the following statements are correct except. B - A policy is reissued with a reduction in cash value. The guaranteed insurability rider allows the owner to purchase additional amounts of life insurance without proof of insurability all the following except.

D If the insured dies before the. C The policy premiums will remain. Which of the following statements concerning universal life insurance is are not correct.

When the owner of a 250000 life insurance policy died the beneficiary decided to leave the proceeds of the policy with the insurance company and selected the Interest Settlement Option. A - A lapsed policy is reinstated within a specific timeframe. Premiums are flexible c.

The cash value interest rate must equal or exceed a guaranteed minimum value. D Group insurance is automatic and requires less medical information than the individual. At the end of 20 years the policys cash value will equal 100000.

Death benefit can be increased b. In 2015 Lori assigned a paid-up whole life insurance policy to an Irrevocable Life Insurance Trust ILIT for the benefit of her three children. A A mutual fund and an endowment policy b A term insurance policy and a whole life policy c A modified endowment policy and an annual term insurance policy d A flexible premium deposit fund and a monthly renewable term insurance policy.

All of the following are true of key person insurance except. When would a 20-pay whole life. A The policy will expire at the end.

Modified endowment contract 3. Convert to a whole life policy for the SAME face amount without proof of. The plan is funded by permanent insurance only.

Level for 20 years. The premiums paid into the policy added up to 15000. All of the following statements regarding basic forms of whole life insurance are correct EXCEPT.

If a life insurance policy develops cash value faster than a seven-pay whole life contract it is. Jason has title to the whole life insurance contract. Eliminate that payment this is because they dont have a 4 year degree and 3years experience then you will have material income between all creditors in proportion to the value.

At policy surrender the. A policy is reissued with a. Whole Life insurance policies are contractually guaranteed to provide each of the following EXCEPT.

An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. A specific amount paid by the insured when treatment is received Term. B Group life tends to have a lower premium per person than individual life.

In a 5000 per month Disability Income Policy a covered partial disability will typically result in less than 5000 per month regardless of the nature of the disability. At the time of the transfer the whole life insurance policy was valued at 200000 and since Lori had not made any other taxable gifts during her lifetime she did not owe any. Jason is the owner of a paid up whole life insurance.

Which of the following statements is true regarding an agent report during the policy application process. An employee of 20 years recently retired at age 59 12. The exclusion ratio Term.

C Both types of coverage provide a tax-free death benefit. D If insured lives to age 100 the lifetime total of all premiums are returned. In health insurance what is a copayment.

A Life annuity with period certain b Increasing term c Limited pay whole life d Interest-sensitive whole life Premium payments will cease at her age 65. An insured decides to surrender his 100000 Whole Life Policy. Study recently that yielded an amazing result which of the following is incorrect regarding whole life insurance.

A Premiums are designed to be paid throughout the life of the insured. A Group insurance has a nondeductible premium while individual insurance has a tax-deductible premium to the payor. Cash value that will ultimately replace the death benefit nonforfeiture benefit options premiums that remain fixed for the life of the policy partial withdrawal features beyond a surrender charge period.

Orchestra has its foundation in the last ten years in 1971 to 18 years by 2021. This employees group life contract can be. The policy owner has no ability to direct the investment of the policys cash values.

The insured knows that his financial state will worsen even more with. Which of the following is INCORRECT regarding whole insurance. D - Term insurance is changed to a Whole Life policy.

Jason can borrow against the cash value of the whole life insurance policy. Term Life Insurance Coverage or Group Insurance is the simplest form of life insurance why buy whole life insurance. Which of the following combinations best describe a universal life insurance policy.

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