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Question 1
Which life insurance product provides level death benefit and level premiums for a stated number of years, with no cash value, and is generally the lowest-cost form of pure protection?
Correct Answer:
Level term life insurance
Question 2
A whole life policy's guaranteed elements include all of the following EXCEPT:
Correct Answer:
Guaranteed dividends
Question 3
In a universal life policy, what does Option B (sometimes called Option 2) typically provide at the insured's death?
Correct Answer:
The face amount plus the cash value
Question 4
Which life insurance product allows the policyowner to direct cash value into separate-account subaccounts (mutual-fund-like investments) and therefore must be sold with a securities license and prospectus?
Correct Answer:
Variable universal life (VUL)
Question 5
A policy fails the 7-pay test under IRC Section 7702A. As a result, the policy is treated as a Modified Endowment Contract (MEC). Which statement about a MEC is TRUE?
Correct Answer:
Lifetime distributions, including loans, are taxed LIFO and may incur a 10% penalty before age 59 1/2
Question 1
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About this Exam

Prepare with the CIC Life & Health Practice Questions - CIC Life and Health Institute Exam practice quiz. This question bank includes 100 questions covering life, insurance, policy, plan, and coverage. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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CIC Life & Health Practice Questions - CIC Life and Health Institute Exam

This practice set contains 100 questions from the matching question bank and focuses on life, insurance, policy, plan, and coverage. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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