WLAH - Wyoming Life & Accident and Health

Question 21: A term life insurance policy gives the policyowner a contractual right to exchange the term coverage for a permanent policy before a stated deadline, and the insurer must permit this exchange without requiring the insured to prove continued good health. Which term policy feature does this describe?

The renewable feature

A return-of-premium feature

The convertible feature

A surrender charge provision

Question 22: A joint life insurance policy covers two named insureds under one combined contract with a single premium, and the insurer's obligation to pay any death benefit under that contract is fully satisfied once the first of the two insureds has died. How many death benefit payments does this contract make?

Two, one at each insured's death

None, until both insureds have died

One per year until both have died

Exactly one, at the first death

Question 23: A policy lapses after the policyowner stops paying premiums, and several months later the owner wants coverage restored under the original contract rather than applying for an entirely new policy. Which process allows a lapsed policy to be brought back into force?

Reinstatement

Free look

Automatic premium loan

Extended term option

Question 24: An insurance producer tells a client that even though a variable whole life policy's cash value and death benefit both rise and fall with separate account investment performance, one specific feature of the contract does not change regardless of how poorly those subaccounts perform. Which feature is guaranteed?

A guaranteed maximum death benefit

A fixed, required minimum premium

Guaranteed subaccount investment returns

An unlimited guaranteed cash value floor

Question 25: A beneficiary elects to receive the entire death benefit in one single payment immediately after the claim is approved, rather than spreading the proceeds out over time through smaller periodic payments made by the insurer. Which settlement option was actually chosen here?

Interest only option

Fixed period option

Lump sum option

Life income option

Question 26: A policyowner names a beneficiary and later borrows against the cash value and changes that beneficiary without asking anyone's permission. A different policyowner names a beneficiary who must consent before the owner can take a loan or make any beneficiary change. Which designations describe these two arrangements?

Primary and contingent beneficiary

Per capita and per stirpes

Absolute and collateral assignment

Revocable and irrevocable beneficiary

Question 27: A term life insurance policy is structured so the death benefit and the premium remain the same amount for the entire coverage period, with neither one rising nor falling until the term expires. Which type of term insurance is this?

Level term life insurance

Decreasing term life insurance

Annually renewable term insurance

Return-of-premium term insurance

Question 28: An underwriter explains that one policy covering two insureds pays its death benefit at the first death and then terminates, while a second, differently structured policy on the same two insureds instead withholds payment until the second, later death occurs. Which pairing correctly names these policy types in that order?

Survivorship life, then joint life

Joint life, then survivorship life

Variable life, then indexed life

Immediate annuity, then deferred annuity

Question 29: A policyowner selects a permanent life insurance policy designed so that all premium obligations are completely satisfied within a stated number of years, even though the death benefit and cash value continue to build for the insured's entire life afterward. Which policy type fits this design?

Annually renewable term insurance

Single-premium whole life insurance

Limited-pay whole life insurance

Variable universal life insurance

Question 30: A young policyowner wants the right to purchase additional amounts of life insurance at specified future ages or upon certain life events, such as marriage or the birth of a child, without having to submit new medical evidence at that time. Which rider grants this right?

Return of premium rider

Term rider

Accidental death benefit rider

Guaranteed insurability rider

Question 31: A beneficiary leaves the entire death benefit on deposit with the insurer rather than withdrawing it, and periodically collects only the interest the principal earns, with the original sum remaining intact to be paid out later or passed to another named beneficiary. Which settlement option is being used?

Interest only option

Lump sum option

Fixed amount option

Fixed period option

Question 32: A policyowner names a young grandchild as sole beneficiary of a life policy without setting up any trust or naming a guardian to manage funds. Upon the insured's death, the insurer will not pay the proceeds directly to the child. What must generally happen before the funds can be released?

The policy must be reinstated

A guardian must be appointed

A collateral assignment must be filed

The insured's estate must be probated

Question 33: A term life insurance policy provides coverage for only a single year at a time, and it automatically renews each year without new proof of good health, though the premium increases at every renewal to reflect the insured's advancing attained age. Which type of term insurance is this?

Level term life insurance

Decreasing term life insurance

Annually renewable term insurance

Limited-pay whole life insurance

Question 34: A life insurance policy insures two people under one contract, but the insurer pays no death benefit until the second of the two insureds has died, so the policy remains in force after the first insured's death and pays at the later, second death. Which type of policy is this?

Joint life insurance

Variable whole life insurance

Annually renewable term insurance

Survivorship life insurance

Question 35: A deferred annuity places the owner's premiums into separate account subaccounts investing in stocks, bonds, or similar securities, so the accumulation value and the eventual income payments rise or fall with investment performance, and the owner bears that investment risk. Which type of annuity is this?

A variable annuity

A fixed annuity

An indexed annuity

A period certain annuity

Question 36: An insured dies from a heart attack suffered while resting at home, with no accident or injury involved in the death at all. The beneficiary files a claim expecting a doubled payout because the policy carries an accidental death rider. Which outcome should the beneficiary actually expect from the insurer?

The full doubled benefit

Only the base death benefit

A return of all premiums

An extended term benefit

Question 37: A policyowner forgets to pay a premium and the grace period expires without payment, yet the policy does not lapse because the insurer automatically deducts the overdue amount from the accumulated cash value as a loan. Which provision must the owner have previously elected for this to happen?

Reinstatement provision

Extended term option

Automatic premium loan provision

Waiver of premium rider

Question 38: Because a survivorship life policy insures two lives but does not pay its death benefit until the second, later death occurs, how does its premium for a given face amount typically compare with the premium for a joint life policy covering the same two insureds for that same face amount?

It is generally higher per given benefit

It is always exactly equal

It cannot be compared to joint life

It is generally lower per given benefit

Question 39: A policyowner borrows against the accumulated cash value of a permanent life policy, and the insurer charges interest on the outstanding balance while the loan remains unpaid, with any amount still owed at the insured's death simply subtracted from the proceeds paid to the beneficiary. Which feature is being used?

Policy loan provision

Reinstatement provision

Free look provision

Guaranteed insurability rider

Question 40: An insured becomes totally disabled and, rather than simply having life insurance premiums excused, begins receiving a monthly cash benefit from the life policy that can be used for rent, groceries, or any other living expense during the disability. Which rider produces this ongoing cash payment?

Waiver of premium rider

Disability income rider

Long-term care rider

Accidental death benefit rider

WLAH Wyoming Life & Accident and Health - Set 2 - Part 2

Question 23: A policy lapses after the policyowner stops paying premiums, and several months later the owner wants coverage restored under the original contract rather than applying for an entirely new policy. Which process allows a lapsed policy to be brought back into force?

Question 25: A beneficiary elects to receive the entire death benefit in one single payment immediately after the claim is approved, rather than spreading the proceeds out over time through smaller periodic payments made by the insurer. Which settlement option was actually chosen here?

Question 27: A term life insurance policy is structured so the death benefit and the premium remain the same amount for the entire coverage period, with neither one rising nor falling until the term expires. Which type of term insurance is this?

Question 30: A young policyowner wants the right to purchase additional amounts of life insurance at specified future ages or upon certain life events, such as marriage or the birth of a child, without having to submit new medical evidence at that time. Which rider grants this right?

Question 33: A term life insurance policy provides coverage for only a single year at a time, and it automatically renews each year without new proof of good health, though the premium increases at every renewal to reflect the insured's advancing attained age. Which type of term insurance is this?

Question 34: A life insurance policy insures two people under one contract, but the insurer pays no death benefit until the second of the two insureds has died, so the policy remains in force after the first insured's death and pays at the later, second death. Which type of policy is this?

Question 38: Because a survivorship life policy insures two lives but does not pay its death benefit until the second, later death occurs, how does its premium for a given face amount typically compare with the premium for a joint life policy covering the same two insureds for that same face amount?

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