Which of the following types of policies allows the policyowner to skip premium payments

Single premium whole life (SPWL)

Single premium whole life (SPWL) is designed to provide a level death benefit to the insured's age 100 for a one-time, lump-sum payment

2 components of universal life

universal life policy has two components: an insurance component and a cash account. The insurance component of a universal life policy is always annually renewable term insurances

Withdrawals on universal life policies

Universal life policies allow the partial withdrawal (partial surrender) of the policy cash value....
During the withdrawal, the interest earned on the withdrawn cash value may be subject to taxation, depending upon the plan. The death benefit will be reduced by the amount of any partial surrender

Agents selling variable life insurance products must:

Agents selling variable life insurance products must:

Be registered with FINRA;
Have a securities license; and
Be licensed by the state to sell life insurance.

Why are annuities purchased?

they are also purchased to fund or to help fund a college education.

provide or supplement retirement income

Payment methods for annuities

An immediate annuity is one that is purchased with a single, lump-sum payment and provides income payments that start within one year from the date of purchase

Can illustrations be altered

An illustration may not be altered by an agent and must clearly state that it is not part of the contract. It is legal to list nonguaranteed values in the contract, but they must be specifically labeled as projected, not guaranteed values.

When is the earliest a policy may go into effect?

When the application is signed and a check is given to the agent.....

The policy can be effective as early as the date of the application, if the premium is submitted with the application and the policy is issued as applied for.

Which Universal Life option has a gradually increasing cash value and a level death benefit?

Option A
Under Option A, the death benefit remains level while the cash value gradually increases. The death benefit will increase at a later date in order to maintain a gap between the cash value and the death benefit before the policy matures.

Which of the following best describes what the annuity period is?

The period of time during which accumulated money is converted into income payments

All other factors being equal, what would the premium be like in a survivorship life policy as compared to the premium in a joint life policy

Lower....
Survivorship Life is much the same as joint life in that it insures two or more lives for a premium that is based on a joint age. The major difference is that survivorship life pays on the last death rather than upon the first death. Since the death benefit is not paid until the last death, the joint life expectancy in a sense is extended, resulting in a lower premium than that which is typically charged for joint life.

Which statement is NOT true regarding a Straight Life policy?

Its premium steadily decreases over time, in response to its growing cash value.

Straight Life policies charge a level annual premium throughout the insured’s lifetime and provide a level, guaranteed death benefit.

If the owner of a whole life policy who is also the insured dies at age 80, and there are no outstanding loans on the policy, what portion of the death benefit will be paid to the beneficiary?

Full death benefit
....

Whole life insurance policies guarantee the death benefit. If the insured lives to the age of 100, the insurance company pay the owner the face amount (equal the cash value). However, if the insured dies prior to the policy maturity date, the death benefit is paid to the beneficiary.

All of the following are true regarding a decreasing term policy EXCEPT

Premiums remain level with a decreasing term policy; only the face amount decreases. The payable premium amount steadily declines throughout the duration of the contract.....

In which of the following cases will the insured be able to receive the full face amount from a whole life policy?

If the insured lives to age 100

What is the purpose of establishing the target premium for a universal life policy?

To keep the policy in force

All of the following are true about variable products EXCEPT

The premiums are invested in the insurer’s general account.

An insurance policy that only requires a payment of premium at its inception, provides insurance protection for the life of the insured, and matures at the insured's age 100 is called

Single premium whole life

A Return of Premium term life policy is written as what type of term coverage?

Increasing .

......

Return of premium (ROP) life insurance is an increasing term insurance policy that pays an additional death benefit to the beneficiary equal to the amount of the premiums paid.

Which of the following is another term for the accumulation period of an annuity?

Pay-in period

.....
The accumulation period is also known as the pay-in period. It is the period of time over which the annuitant makes payments (premiums) into an annuity.