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Question
a straight whole life policy will mature when the insured reaches:
1 point
age 65
age 85
age 100 ( or policy maturity age)
the end of premium period
clear selection
a 20- pay whole life policy means that:
1 point
coverage lasts 20 years
premiums are paid for 20 years
death benefit is paid for 20 years
cash value stops at 20 years
For the first question: A straight whole life insurance policy is designed to remain in force for the insured's entire lifetime, and it matures (pays out the face value while the insured is alive) when the insured reaches the standard maturity age, which is typically 100 (or the policy's specified maturity age).
For the second question: A 20-pay whole life policy is a type of limited-payment whole life insurance, where the policyholder pays premiums for a fixed 20-year period, after which no more premiums are due, but coverage continues for the insured's lifetime.
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- Age 100 (or policy maturity age)
- Premiums are paid for 20 years