Whole Life Insurance (ID-L)

Whole life is considered to be which type of life insurance?

For a whole life policy, if the insured is still alive at a specific age (usually 100 or 120), the policy’s cash value will reach its death benefit, and the policyowner, therefore, will receive an amount equal to the death benefit. This specific age is called what?

Which of the following is NOT true regarding a continuous premium whole life policy?

Stanley wants to purchase a whole life policy in which he can stop paying the premiums when he plans to retire 20 years from now. Which type of whole life policy should he purchase?

Which of the following statements is FALSE regarding a single premium whole life policy?

An index whole life policy earns interest and builds cash value based on what?

Why is an index whole life policy considered a fixed life insurance product?

With a variable whole life policy, the insurer takes premiums received and deposits them into what?

Which of the following statements is FALSE about cash value?

Regarding all whole life insurance policies, as long as the policyowner pays the required premium and the policy remains active, which of the following is true about the death benefit?

What does the beneficiary receive when the insured on a whole life insurance policy dies?