1. A partial withdrawal is permitted on which of the following policies?
A. Variable Whole Life
B. Universal Life
C. rrent Assumption Whole Life
D. Whole Life
2. If the premiums are not paid on a Traditional Whole Life policy that has been in force for decades with no loan outstanding, what happens?
A. The policy becomes a reduced paid-up policy
B. The insurer mails a check to the policyowner in the amount of the policy's cash value
C. Unless specified otherwise, the cash values buy extended term
D. The policy lapses and is of no value to the policyowner
3. Which of the following death benefit settlement options pays out a benefit that is 100% income tax-free to the recipie
A. Fixed Period
B. Fixed Amount
C. Lump Sum
D. Life Income Only
5. Which of the following is responsible for paying the premiums due on a life insurance policy?
A. The beneficiary
B. The policyowner
C. The insured
D. The producer
6. Frank, the owner of a life insurance policy, chooses a Settlement Option whereby the proceeds of his policy will be paid out over 20 years. Frank has chosen:
A. Life Income Joint and Survivor
B. Fixed Amount
C. Life Income Period Certain
D. Fixed Period