Universal Life Insurance Overview FINAL EXAM (MI 88151)

The frequency and amount of universal life premiums are controlled by the _____ after the first year.

A universal life policy face amount can be increased:

Which universal life death benefit option has a generally decreasing risk amount?

Which of the following pertains to universal life death benefit Option B?

Choosing death benefit Option B will automatically:

Mortality charges in a universal life insurance policy are based upon the age, gender and _____ of the insured as well as the amount at risk.

When universal life loan repayments are made by a policy owner:

Back-end expense loads are usually deducted from the _____ when a universal life policy is surrendered.

The lowest interest rate that can be credited to the cash value in a universal life insurance policy is called

Which of the interest rates may be adjusted by the agent when requesting a universal life illustration?

The universal life assumed interest rate is used for:

The universal life policy cash value will earn interest at the rate set by the company. This statement describes the:

If a policy owner withdraws funds from his or her universal life policy’s cash value:

A partial surrender of a universal life policy is also called a:

The growth of the cash value in universal life insurance is:

A minimum risk corridor must be maintained between the universal life cash value and the _____ in order for the policy to be considered life insurance.

In what year was variable life insurance introduced in the U.S. insurance marketplace?

Which of the following VUL characteristics is different in a declared-rate universal life insurance policy?

Which of the following does NOT normally differentiate one variable sub-account from another in the VUL separate account?

Which of the following bond portfolios would usually NOT be offered as a variable sub-account in which policy owners may invest VUL premiums?

How are gains in variable sub-accounts treated for tax purposes when a VUL policy owner transfers existing cash value from one variable sub-account to another?

The risk that the group of lives that an insurer has insured under a VUL policy will not survive as long as expected is covered through the:

M&E risk charges are deducted by the insurer:

What special VUL policy owner right is the result of VUL policies’ differing from traditional life insurance policies with respect to guarantees?

By using _____ an investor may experience an average share cost that is lower than the average share price in a fluctuating market.