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Professional Development

15 Qs

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Nilo

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Assessment

Quiz

Other

Professional Development

Easy

Created by

Denice Abordo

Used 6+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The characteristics of a variable life insurance include ____________________:

I. Its withdrawal value and protection benefits are determined by the investment performance of the underlying assets.
II. Its protection costs are generally met by implicit charges
III. Its commission and company expenses are met by a variety of explicit charges with normally 6 months’ notice given by the life companies prior to any change
IV. Its withdrawal value is normally the value of units allocated to the policy owner calculated at the bid price

I,II & III

II, III & IV

I,II & IV

I, III & IV

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following statements about single premium variable life policies are TRUE?
I. There is no fixed term in a single premium variable life policy and therefore, they are technically whole life insurance
II. Top – ups or single premium injections are allowed in these plans
III. Policyholders have the flexibility of varying the level cover

I, II & III

II & III

I & II

I & III

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the statements is true about CASH?

It has a high yield potential

Amount invested in cash depends on size of the cash flow requirement

Investment in cash increase when there is a bull run in the stock market

Investment in cash decrease when interest rates rise

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following statements BEST describes “variable life” policies?

It is a fixed premium policy with returns that will not vary with the underlying value of investments.

It is a fixed premium policy with returns that will vary with the underlying value of investments.

It is a flexible premium policy with returns that will not vary with the underlying value of investments.

It is a flexible premium policy with returns that will vary with the underlying value of investments.

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Investing in bonds offer the following EXCEPT

Must be issued with a minimum death benefit

Must be issued with a maximum withdrawal value

It allows the investor a chance for capital preservation

It enables the investor an opportunity for capital appreciation

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements about variable life policies is TRUE

I. Offer price is used to determine the number of units to be credited to the account
II. The margin between the bid and offer price is used to cover the managements cost of the policy
III.The policy value is calculated based on the bid price of units allocated into the policy

I, II and III

I & II

I & III

II & III

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The protection cost under a variable life insurance policy ___________________.
I. Are met by flat initial charges for regular premium plans
II. Are generally covered by cancellation of units in the fund
III. Are generally met by explicit charges stipulated openly in the policy terms
IV. Vary with age of policy owner and level of cover

I, II, & III

I, II, & IV

I, III & IV

II, III, & IV

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