In Life & Health Chp 9

Front 1

Universal Life is comprised of cash value and pure insurance protection in the form of

Back 1

Term

Front 2

The cash value of a Universal Life policy accumulates tax ____ until it is withdrawn.

Back 2

Deferred

Front 3

____ Life offers a guaranteed minimum death benefit, fixed, level premiums, permanent protection, and a cash value which increases or decreases.

Back 3

Variable Whole

Front 4

Within certain limits, the ____ of a Universal Life policy can be increased or decreased.

Back 4

Face amount

Front 5

___ Life could be Term or Whole Life, and easily changed from one to the other.

Back 5

Adjustable

Front 6

The investment of the cash value of ____ Life is controlled by the policy owner and, therefore, is not guaranteed.

Back 6

Variable Whole or Variable Universal

Front 7

____ Life is a policy in which the policyowner chooses two of three variables: face amount, premium, and type of plan.

Those choices dictate the third variable

Back 7

Adjustable

Front 8

In order to sell Variable Whole Life or Variable Universal Life, the agent must hold both a ____ and a ____ license.

Back 8

Life Insurance and Securities

Front 9

A Variable Whole Life policy's ____ may increase or decrease, but it will never drop below a guaranteed minimum amount as long as the premiums are paid and the policy remains in force

Back 9

Face amount

Front 10

A Variable Whole Life policy could be declared a MEC if the cash value grows too rapidly. The feature of the policy that avoids this problem is known as the

Back 10

Corridor