Colorado Life & Health Insurance Exam Guide with Questions and

Colorado Life & Health Insurance Exam Guide with Questions and ANSWERs
What are the types of Traditional Whole Life Insurance?
ANSWER: Ordinary (Straight) Life, Limited-Pay & SinglePremium Whole Life, Adjustable Whole Life
What are the key features of Ordinary (Straight) Life insurance?
ANSWER: Provides coverage until age 100 or death, whichever
comes first; offers permanent protection; rates and benefits are
based on the law of large numbers (mortality rate); features a
, tax-deferred interest rate; premium remains level
while the company’s risk decreases as cash value increases;
insurer retains cash value at death to offset risk; has the lowest
net cost in the long run; client can access cash through cash
surrender or policy loan; rates are per unit of protection (1,000 is
1 unit); cash value is and equals the face amount at
policy maturity
What distinguishes Limited-Pay & Single-Premium Whole Life
insurance?
ANSWER: Premium paying period is shorter; cash value equals
face amount at age 100; 20-pay life is paid up in 20 years; life

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