Life Insurance Exam (Wyoming) Chap 3
EXAM QUESTIONS AND ANSWERS 100%
SOLVED (Newest 2025) Ordinary Life Insurance - Correct Answers ✅individual life insurance that includes many types of temporary and permanent insurance protection plans written on individuals.Term life insurance - Correct Answers ✅simplest type of insurance plan which provides low cost insurance protection for a specified period of time and pays a benefit only if the insured dies during that period.Level Term insurance - Correct Answers ✅provides level amount of protection for a specified period, after which the policy expires.Decreasing term insurance - Correct Answers ✅benefit amounts decrease gradually over the term of protection and have level premiums.commonly used to protect an insured's mortgage.Increasing term insurance - Correct Answers ✅provides a death benefit that increases at periodic intervals over the policy's term. The amount of increase is usually stated as specific amounts or as percentage of the original amount. 1 / 2
Life Insurance Exam (Wyoming) Chap 3
EXAM QUESTIONS AND ANSWERS 100%
SOLVED (Newest 2025) Features of term insurance include - Correct Answers ✅options to renew options to convert Re-entry term insurance Whole life insurance - Correct Answers ✅provides permanent protection for one's entire life- from the date of issue to the date of the insured's death.
Features of whole life insurance include: - Correct Answers
✅cash values: guaranteed rate of interest which grows over
time.This creates a savings element because it represents the amount of money the policyowner will receive if the policy is ever surrendered.
Maturity at Age 100: Assumed that most policy owners will be
dead by then so no more premiums are owed and the policy is completely paid up. Rather checks will be issued for the full value of their policies.Living Benefits
Amount of policies cash value depends on factors including: -
Correct Answers ✅face amount of the policy duration and amount of the premium payments
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