Practice Quiz

Health and Life Insurance

Category - Annuities & Policies

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What is the purpose of a flexible policy?
  1. Allows for flexible premiums during periods of economic downturn
  2. Allows for flexible premiums during periods of unemployment
  3. Allows policy owner the ability to change one or more components if needed
  4. Allows the policy owner to change the policy premium payment date
Explanation
Answer: C - The purpose of a flexible policy is to allow the policy owner to change one or more components if needed. These components include the premiums, cash values, and face amounts determined at the time of purchase. A flexible policy allows these to be changed as the needs of the policy owner change over the course of the policy.
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