Question

0 points
which life insurance policy provides coverage for a specific period of time and pays a death benefit only if the insured dies during that period?
whole life
universal life
term life
variable life
clear selection
1 point
all of the following are characteristics of whole life insurance except:
fixed premiums
guaranteed cash value
coverage for a specified period
permanent protection
clear selection
1 point
a policy that combines life insurance protection with investment options in separate accounts is known as:
universal life
variable life

Explanation:

1. For the first question: Term life insurance is defined as coverage that lasts for a set time frame, with a death benefit only paid if the insured passes away during that period. Whole, universal, and variable life are permanent policies (or have permanent components) that cover the insured's entire lifetime.
2. For the second question: Whole life insurance is a permanent policy, so it provides lifetime coverage, not a specified period. It has fixed premiums, guaranteed cash value, and permanent protection as core features.
3. For the third question: Variable life insurance combines a death benefit with investment options held in separate accounts, where the policy's cash value fluctuates based on the performance of these investments. Universal life has flexible premiums and cash value but not separate account investments as its defining feature.

Answer:

1. Term life
2. Coverage for a specified period
3. Variable life