問題一覧
1
Which of the following are the main characteristics of Variable Life insurance policies?
I. The policies can be used for investments, as a source of regular savings and protection.
II. The withdrawal and protection benefit are determined by the investment performance of the
underlying assets.
III. The net withdrawal values of the policies are the gross withdrawal values shown in the policy
which includes cash dividends up to the date of surrender, less all indebtedness and includes
interests.
I and II only
2
Which of the following statements are FALSE?
I. The policyowners may request a partial withdrawal of the policy and the amount will be met by cashing the units at the offer price.
II. The structure of charges and the investment content of a Variable Life policy are specified in the policy document and the policy statement.
III. Some Variable Life policies grant loans to policyowners which is limited to a percentage of the cash value.
IV. Commissions and office expenses are met by a variety of implicit charges, some of which are variable.
I and III only
3
Which of the following statements about the feature of Regular Premium Variable Life Policy are
TRUE?
I. Top-ups are usually allowed.
II. The level of coverage can be varied.
III. Premium holidays are usually allowed.
I, II, and III
4
Policy fee payable by variable life insurance policy owner is to cover _______________:
The administrative expenses of setting up the variable life insurance policy
5
Which of the following statements describes the difference between Variable Life insurance products and Traditional participating products?
I. Variable Life insurance products allow policyowners to change the premium payments but Traditional Participating Life products do not.
II. Variable Life insurance products can take the form of Whole Life or Endowment policies but Traditional Life policies cannot.
III. Variable Life insurance products allow the policyowners to pay future single premiums from time to time to add more units to his account but Traditional Life participating products do not.
I and III only
6
Which of the following are some of the flexibility features of Variable Life insurance policies?
I. Partial Withdrawal
II. Variation in sum assured
III. Guaranteed withdrawal values
I and II only
7
Which of the following is/are the main characteristic(S) of variable life policies?
I. The policies can be used for investment, as a source of regular savings and protection
II. The withdrawal values and protection benefits are determined by the investment performance of the underlying assets
III. The net cash values of the policies are the gross cash values shown in the policy that includes dividends up to the date of surrender, less any indebtedness including interest
I and II
8
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, it is technically Whole Life insurance.
II. Top-ups or single premium injections are allowed
III. Policyowners have the flexibility of varying the life coverage.
I, II, and III
9
Under a regular premium variable whole life insurance plan _________________
I. Premium top-ups and holidays, subject to the life company’s administrative rules are usually allowed
II. Life protection is the main objective of the plan with investment as a nominal purpose
III. Withdrawals after the payment of a few years premium are usually allowed
IV. A single premium contribution is made to the policy which uses the premium to purchase units in variable life fund and to provide certain level of life cover
I, II, and III
10
Which of the following statements describes the difference between Variable Life products and Traditional Participating Life products?
I. Variable Life products allow policyowners to pay top-up premiums from time to time to buy more units for his account unlike Traditional Participating Life policies.
II. Variable Life products allow policyowners to take premium holiday unlike Traditional Participating Life products.
III. Variable Life products can take the form of Whole Life or Endowment policies unlike Traditional Participating Life product
I and III only
11
Your client is a 35-year-old male, earning P35,000.00 a month, has savings, and with a moderate risk tolerance. What product will you recommend?
Variable Life
12
The protection costs under a variable life insurance policy ______________________:
I. Are met by a flat initial charge for regular premiums 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
II, III, and IV
13
Which statement best describes Variable Life?
Flexible premium with returns that will vary.
14
The switching facility under variable life insurance policies is a very useful _________________
For the purpose of financial planning by the policy owners
15
The fundamental differences between traditional participating life insurance policies and variable life insurance policies include __________________
I. Variable life insurance policies are less likely to offer more choices in terms of the type of
investment funds
II. The investment elements of variable life insurance policies is made known to the policyowner
at the outset and is invested in a separately identifiable fund which is made up units of
investment
III. Variable life insurance policies offer the potential for higher returns
IV. Traditional participating policies aim to produce a steady return by smoothing out market
fluctuation
II, III, and IV
16
Which statements are FALSE regarding the difference between Endowment policies and Variable Life policies?
I. The benefits and risks of Endowment and Variable Life policies directly accrue to the policyowners.
II. The premiums and benefits of the Endowment policies are stated at its inception while those of Variable Life policies are flexible as they are account driven.
III. Their policy values directly reflect the performance of the fund of the life company.
I and III only
17
Which of the following statements about characteristics of variable life policies are FALSE?
I. Variable life policies generally have a larger exposure to equity investment than with participating and other traditional policies
II. The protection costs are generally met by implicit charges, which vary with age and level of cover
III. Commissions and company expenses are met by a variety of explicit charges, some of which are variable
II and III
18
Which of the following statements about variable life policies are TRUE?
I. The withdrawal value is not guaranteed
II. The volatility of the returns depends on the investment strategy of the fund
III. The variable life policyholder has direct control over the investment decisions of the variable life fund
I and II
19
Single premium variable life insurance policy:
Must be issued with a minimum death benefit
20
The statements below are true about the top-up option of a Variable Life insurance product EXCEPT:
Policyowners may buy additional units of Variable Life fund and these units will be allocated to new Variable Life insurance policies.
21
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 single premium injections are allowed in these plans
III. Policyholders have the flexibility of varying the level cover
I, II, and III
22
Which of the following statements are FALSE?
I. The bid-offer spread is used to provide a death benefit for the Variable Life insurance policy.
II. The bid price is always higher than the offer price.
III. The bid-offer spread is usually about 5%.
IV. There are two types of death benefits under the Variable Life insurance product. They may offer either/or both types depending on its product design and on the discretion of the policyowner.
I and II only
23
Which is NOT a characteristic of a Variable Life policy?
It is used solely for investment purposes.
24
Which of the following statements about option to top-up under variable life insurance products is FALSE?
Policy owners may buy additional units of the variable life fund and these units will be allocated to new variable life insurance policies
25
The characteristics of a variable life insurance policy include _____________________
I. Its withdrawal value and protection benefits are determined by the investment performance of the underlying assets
II. Its protection cost are generally met by implicit charges
III. Its commission and company expenses are met by a variety of implicit 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, III, and IV
26
Which of the following statements about investment returns under a Variable Life insurance policy is NOT TRUE?
It is assured.
27
Which statements are FALSE regarding the difference between Endowment policies and Variable Life policies?
I. The benefits and risks of Endowment and Variable Life policies directly accrue to the policyowners.
II. The premiums and benefits of the Endowment policies are stated at its inception while those of Variable Life policies are flexible as they are account driven.
III. Their policy values directly reflect the performance of the fund of the life company.I
I and III
28
Which one of the following statement is FALSE?
Variable life insurance policies offer investors policies with values and indirectly linked to the investment performance of the life company
29
The investment returns under Variable Life insurance policy
I. Are not guaranteed
II. Are insured
III. Are linked to the performance of the investment fund managed by the life office
IV. Fluctuate according to the rise and fall of market prices.
I, III, and IV
30
Under variable life insurance policies ____________________
I. There is no guaranteed minimum sum assured for the purpose of declaring dividends
II. There is no guaranteed minimum sum assured as a level of life insurance protection
III. Each of the policy owner’s premiums will be used to purchase units the number of which is dependent on the selling price of each unit.
IV. Purchase of units can only be made from the variable life fund itself, which will then create new units and add the investment monies to the value of the fund.
III and IV
31
Which of the following statements are FALSE?
I. Higher capital gain is normally associated with lower risk
II. One way to lower risk in investment is to diversify
III. One method of measuring risk is to determine the average return and its standard deviation from future data
IV. Diversification can be achieved by investing in different countries and/or types of assets
V. An investor can always choose an investment that is risk free
I, III, and V
32
Which of the following information must NOT be conveyed to the client in the sale of Variable Life insurance policies?
Guaranteed interest rate
33
Mr. Juan dela Cruz is currently earning Ps, 30,000/month. He is 35 years old and has a reasonable amount of savings. He has a moderate level for risk tolerance. What kind of policy would you recommend for him to buy?
Variable life policies
34
Which of the following statement about the differences between variable life policies and endowment policies are FALSE
I. The policy values of variable life and endowment policies directly reflect the performance of the fund of the life company
II. The premiums and benefits of the endowment policies are described at inception of the policy whereas variable life policies are flexible as they are account driven
III. The benefits and risks variable life and endowment policies directly accrue to the policyholders
I and III
35
All of these are mandatory provisions in Variable Life policy contract EXCEPT:
None of the above
36
The investment returns under variable life insurance policy __________________
I. Are not guaranteed
II. Are assured
III. Are linked to the performance of the investment fund management by the life company
IV. Fluctuate according to the rise and fall of the market prices
I, III, and IV
37
If a policyowner fails to pay the premium on time and there are no withdrawal values in the account, the policy will:
Continue in full force for a specific period of grace.
38
If a policyowner returns the Variable Life insurance contract within the cooling off period, he will
receive:
A refund equal to the market value of the units plus initial charges
39
Variable life insurance policy owners may make withdrawals in terms of ________________
Number of units through cancellation of units
40
Which one of the following statements about the flexibility features of variable life policies is FALSE?
Policyholders can take loans against their variable life policies up to the entire withdrawal value of their policies
Property and Casualty Insurance Basics Quiz 5
Property and Casualty Insurance Basics Quiz 5
ユーザ名非公開 · 15問 · 3ヶ月前Property and Casualty Insurance Basics Quiz 5
Property and Casualty Insurance Basics Quiz 5
15問 • 3ヶ月前ユーザ名非公開
Property and Casualty Insurance Basics Quiz 4
Property and Casualty Insurance Basics Quiz 4
ユーザ名非公開 · 15問 · 3ヶ月前Property and Casualty Insurance Basics Quiz 4
Property and Casualty Insurance Basics Quiz 4
15問 • 3ヶ月前ユーザ名非公開
IMB 4/4
IMB 4/4
Lorenzo Cokee · 8問 · 3ヶ月前IMB 4/4
IMB 4/4
8問 • 3ヶ月前IMB 3/4
IMB 3/4
Lorenzo Cokee · 10問 · 3ヶ月前IMB 3/4
IMB 3/4
10問 • 3ヶ月前IBM 2/4
IBM 2/4
Lorenzo Cokee · 9問 · 3ヶ月前IBM 2/4
IBM 2/4
9問 • 3ヶ月前IBM 1/4
IBM 1/4
Lorenzo Cokee · 6問 · 3ヶ月前IBM 1/4
IBM 1/4
6問 • 3ヶ月前JAMES
JAMES
Desa Mae Santiago · 35問 · 3ヶ月前JAMES
JAMES
35問 • 3ヶ月前Micro_Stats
Micro_Stats
Lorenzo Cokee · 8問 · 3ヶ月前Micro_Stats
Micro_Stats
8問 • 3ヶ月前Property and Casualty Insurance Basics Quiz 3
Property and Casualty Insurance Basics Quiz 3
ユーザ名非公開 · 15問 · 3ヶ月前Property and Casualty Insurance Basics Quiz 3
Property and Casualty Insurance Basics Quiz 3
15問 • 3ヶ月前ユーザ名非公開
Property and Casualty Insurance Basics Quiz 2
Property and Casualty Insurance Basics Quiz 2
ユーザ名非公開 · 15問 · 3ヶ月前Property and Casualty Insurance Basics Quiz 2
Property and Casualty Insurance Basics Quiz 2
15問 • 3ヶ月前ユーザ名非公開
Property and Casualty Insurance Basics Quiz 1
Property and Casualty Insurance Basics Quiz 1
ユーザ名非公開 · 14問 · 3ヶ月前Property and Casualty Insurance Basics Quiz 1
Property and Casualty Insurance Basics Quiz 1
14問 • 3ヶ月前ユーザ名非公開
Insurance Regulation Quiz 91
Insurance Regulation Quiz 91
ユーザ名非公開 · 15問 · 3ヶ月前Insurance Regulation Quiz 91
Insurance Regulation Quiz 91
15問 • 3ヶ月前ユーザ名非公開
Insurance Regulation Quiz 90
Insurance Regulation Quiz 90
ユーザ名非公開 · 15問 · 3ヶ月前Insurance Regulation Quiz 90
Insurance Regulation Quiz 90
15問 • 3ヶ月前ユーザ名非公開
Insurance Regulation Quiz 9
Insurance Regulation Quiz 9
ユーザ名非公開 · 14問 · 3ヶ月前Insurance Regulation Quiz 9
Insurance Regulation Quiz 9
14問 • 3ヶ月前ユーザ名非公開
Insurance Regulation Quiz 8
Insurance Regulation Quiz 8
ユーザ名非公開 · 15問 · 3ヶ月前Insurance Regulation Quiz 8
Insurance Regulation Quiz 8
15問 • 3ヶ月前ユーザ名非公開
Insurance Regulation Quiz 7
Insurance Regulation Quiz 7
ユーザ名非公開 · 15問 · 3ヶ月前Insurance Regulation Quiz 7
Insurance Regulation Quiz 7
15問 • 3ヶ月前ユーザ名非公開
Insurance Regulation Quiz 6
Insurance Regulation Quiz 6
ユーザ名非公開 · 15問 · 3ヶ月前Insurance Regulation Quiz 6
Insurance Regulation Quiz 6
15問 • 3ヶ月前ユーザ名非公開
Insurance Regulation Quiz 5
Insurance Regulation Quiz 5
ユーザ名非公開 · 15問 · 3ヶ月前Insurance Regulation Quiz 5
Insurance Regulation Quiz 5
15問 • 3ヶ月前ユーザ名非公開
Insurance Regulation Quiz 4
Insurance Regulation Quiz 4
ユーザ名非公開 · 15問 · 3ヶ月前Insurance Regulation Quiz 4
Insurance Regulation Quiz 4
15問 • 3ヶ月前ユーザ名非公開
Insurance Regulation Quiz 3
Insurance Regulation Quiz 3
ユーザ名非公開 · 15問 · 3ヶ月前Insurance Regulation Quiz 3
Insurance Regulation Quiz 3
15問 • 3ヶ月前ユーザ名非公開
問題一覧
1
Which of the following are the main characteristics of Variable Life insurance policies?
I. The policies can be used for investments, as a source of regular savings and protection.
II. The withdrawal and protection benefit are determined by the investment performance of the
underlying assets.
III. The net withdrawal values of the policies are the gross withdrawal values shown in the policy
which includes cash dividends up to the date of surrender, less all indebtedness and includes
interests.
I and II only
2
Which of the following statements are FALSE?
I. The policyowners may request a partial withdrawal of the policy and the amount will be met by cashing the units at the offer price.
II. The structure of charges and the investment content of a Variable Life policy are specified in the policy document and the policy statement.
III. Some Variable Life policies grant loans to policyowners which is limited to a percentage of the cash value.
IV. Commissions and office expenses are met by a variety of implicit charges, some of which are variable.
I and III only
3
Which of the following statements about the feature of Regular Premium Variable Life Policy are
TRUE?
I. Top-ups are usually allowed.
II. The level of coverage can be varied.
III. Premium holidays are usually allowed.
I, II, and III
4
Policy fee payable by variable life insurance policy owner is to cover _______________:
The administrative expenses of setting up the variable life insurance policy
5
Which of the following statements describes the difference between Variable Life insurance products and Traditional participating products?
I. Variable Life insurance products allow policyowners to change the premium payments but Traditional Participating Life products do not.
II. Variable Life insurance products can take the form of Whole Life or Endowment policies but Traditional Life policies cannot.
III. Variable Life insurance products allow the policyowners to pay future single premiums from time to time to add more units to his account but Traditional Life participating products do not.
I and III only
6
Which of the following are some of the flexibility features of Variable Life insurance policies?
I. Partial Withdrawal
II. Variation in sum assured
III. Guaranteed withdrawal values
I and II only
7
Which of the following is/are the main characteristic(S) of variable life policies?
I. The policies can be used for investment, as a source of regular savings and protection
II. The withdrawal values and protection benefits are determined by the investment performance of the underlying assets
III. The net cash values of the policies are the gross cash values shown in the policy that includes dividends up to the date of surrender, less any indebtedness including interest
I and II
8
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, it is technically Whole Life insurance.
II. Top-ups or single premium injections are allowed
III. Policyowners have the flexibility of varying the life coverage.
I, II, and III
9
Under a regular premium variable whole life insurance plan _________________
I. Premium top-ups and holidays, subject to the life company’s administrative rules are usually allowed
II. Life protection is the main objective of the plan with investment as a nominal purpose
III. Withdrawals after the payment of a few years premium are usually allowed
IV. A single premium contribution is made to the policy which uses the premium to purchase units in variable life fund and to provide certain level of life cover
I, II, and III
10
Which of the following statements describes the difference between Variable Life products and Traditional Participating Life products?
I. Variable Life products allow policyowners to pay top-up premiums from time to time to buy more units for his account unlike Traditional Participating Life policies.
II. Variable Life products allow policyowners to take premium holiday unlike Traditional Participating Life products.
III. Variable Life products can take the form of Whole Life or Endowment policies unlike Traditional Participating Life product
I and III only
11
Your client is a 35-year-old male, earning P35,000.00 a month, has savings, and with a moderate risk tolerance. What product will you recommend?
Variable Life
12
The protection costs under a variable life insurance policy ______________________:
I. Are met by a flat initial charge for regular premiums 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
II, III, and IV
13
Which statement best describes Variable Life?
Flexible premium with returns that will vary.
14
The switching facility under variable life insurance policies is a very useful _________________
For the purpose of financial planning by the policy owners
15
The fundamental differences between traditional participating life insurance policies and variable life insurance policies include __________________
I. Variable life insurance policies are less likely to offer more choices in terms of the type of
investment funds
II. The investment elements of variable life insurance policies is made known to the policyowner
at the outset and is invested in a separately identifiable fund which is made up units of
investment
III. Variable life insurance policies offer the potential for higher returns
IV. Traditional participating policies aim to produce a steady return by smoothing out market
fluctuation
II, III, and IV
16
Which statements are FALSE regarding the difference between Endowment policies and Variable Life policies?
I. The benefits and risks of Endowment and Variable Life policies directly accrue to the policyowners.
II. The premiums and benefits of the Endowment policies are stated at its inception while those of Variable Life policies are flexible as they are account driven.
III. Their policy values directly reflect the performance of the fund of the life company.
I and III only
17
Which of the following statements about characteristics of variable life policies are FALSE?
I. Variable life policies generally have a larger exposure to equity investment than with participating and other traditional policies
II. The protection costs are generally met by implicit charges, which vary with age and level of cover
III. Commissions and company expenses are met by a variety of explicit charges, some of which are variable
II and III
18
Which of the following statements about variable life policies are TRUE?
I. The withdrawal value is not guaranteed
II. The volatility of the returns depends on the investment strategy of the fund
III. The variable life policyholder has direct control over the investment decisions of the variable life fund
I and II
19
Single premium variable life insurance policy:
Must be issued with a minimum death benefit
20
The statements below are true about the top-up option of a Variable Life insurance product EXCEPT:
Policyowners may buy additional units of Variable Life fund and these units will be allocated to new Variable Life insurance policies.
21
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 single premium injections are allowed in these plans
III. Policyholders have the flexibility of varying the level cover
I, II, and III
22
Which of the following statements are FALSE?
I. The bid-offer spread is used to provide a death benefit for the Variable Life insurance policy.
II. The bid price is always higher than the offer price.
III. The bid-offer spread is usually about 5%.
IV. There are two types of death benefits under the Variable Life insurance product. They may offer either/or both types depending on its product design and on the discretion of the policyowner.
I and II only
23
Which is NOT a characteristic of a Variable Life policy?
It is used solely for investment purposes.
24
Which of the following statements about option to top-up under variable life insurance products is FALSE?
Policy owners may buy additional units of the variable life fund and these units will be allocated to new variable life insurance policies
25
The characteristics of a variable life insurance policy include _____________________
I. Its withdrawal value and protection benefits are determined by the investment performance of the underlying assets
II. Its protection cost are generally met by implicit charges
III. Its commission and company expenses are met by a variety of implicit 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, III, and IV
26
Which of the following statements about investment returns under a Variable Life insurance policy is NOT TRUE?
It is assured.
27
Which statements are FALSE regarding the difference between Endowment policies and Variable Life policies?
I. The benefits and risks of Endowment and Variable Life policies directly accrue to the policyowners.
II. The premiums and benefits of the Endowment policies are stated at its inception while those of Variable Life policies are flexible as they are account driven.
III. Their policy values directly reflect the performance of the fund of the life company.I
I and III
28
Which one of the following statement is FALSE?
Variable life insurance policies offer investors policies with values and indirectly linked to the investment performance of the life company
29
The investment returns under Variable Life insurance policy
I. Are not guaranteed
II. Are insured
III. Are linked to the performance of the investment fund managed by the life office
IV. Fluctuate according to the rise and fall of market prices.
I, III, and IV
30
Under variable life insurance policies ____________________
I. There is no guaranteed minimum sum assured for the purpose of declaring dividends
II. There is no guaranteed minimum sum assured as a level of life insurance protection
III. Each of the policy owner’s premiums will be used to purchase units the number of which is dependent on the selling price of each unit.
IV. Purchase of units can only be made from the variable life fund itself, which will then create new units and add the investment monies to the value of the fund.
III and IV
31
Which of the following statements are FALSE?
I. Higher capital gain is normally associated with lower risk
II. One way to lower risk in investment is to diversify
III. One method of measuring risk is to determine the average return and its standard deviation from future data
IV. Diversification can be achieved by investing in different countries and/or types of assets
V. An investor can always choose an investment that is risk free
I, III, and V
32
Which of the following information must NOT be conveyed to the client in the sale of Variable Life insurance policies?
Guaranteed interest rate
33
Mr. Juan dela Cruz is currently earning Ps, 30,000/month. He is 35 years old and has a reasonable amount of savings. He has a moderate level for risk tolerance. What kind of policy would you recommend for him to buy?
Variable life policies
34
Which of the following statement about the differences between variable life policies and endowment policies are FALSE
I. The policy values of variable life and endowment policies directly reflect the performance of the fund of the life company
II. The premiums and benefits of the endowment policies are described at inception of the policy whereas variable life policies are flexible as they are account driven
III. The benefits and risks variable life and endowment policies directly accrue to the policyholders
I and III
35
All of these are mandatory provisions in Variable Life policy contract EXCEPT:
None of the above
36
The investment returns under variable life insurance policy __________________
I. Are not guaranteed
II. Are assured
III. Are linked to the performance of the investment fund management by the life company
IV. Fluctuate according to the rise and fall of the market prices
I, III, and IV
37
If a policyowner fails to pay the premium on time and there are no withdrawal values in the account, the policy will:
Continue in full force for a specific period of grace.
38
If a policyowner returns the Variable Life insurance contract within the cooling off period, he will
receive:
A refund equal to the market value of the units plus initial charges
39
Variable life insurance policy owners may make withdrawals in terms of ________________
Number of units through cancellation of units
40
Which one of the following statements about the flexibility features of variable life policies is FALSE?
Policyholders can take loans against their variable life policies up to the entire withdrawal value of their policies