Practice Quiz

Health and Life Insurance

Category - Annuities & Policies

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Whole life insurance policies are designed to provide protection for the whole life of the insured and have a variety of common characteristics. Which of the following are some of these common characteristics?
  1. Non-forfeiture value and increased premiums
  2. Level face amount and level premiums
  3. Limited payment and single premiums
  4. Continuous premiums and decreased premiums
Explanation
Answer: B - Common characteristics of whole life insurance policies include level face amount and level premiums. Level face amount means the face amount of the policy will remain the same for the life of the policy. Level premiums mean the premiums remain the same for the term of the policy.
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