When Comparing Universal Life Policies with Whole Life Policies,which of the Following

question 151

Multiple Choice

When comparing Universal Life policies with Whole Life policies,which of the following is typically an advantage of a Universal Life policy?

• A)Cash value accumulates
• B)You can access cash value only through a policy loan
• C)The policy will lapse if a specific premium is not paid each year
• D)You have control over your outlay
• E)Generally, your premium is a fixed amount

---

Definitions:

Congress

The national legislative body of the United States, consisting of the Senate and the House of Representatives.

Chapter 13

A form of bankruptcy in the United States that allows individuals with a regular income to develop a plan to repay all or part of their debts.

Repayment Plan

A strategy or arrangement agreed upon to pay back borrowed money, often detailing the time frame and amounts due.

Insolvent

The condition of being unable to pay debts as they fall due, or having liabilities that exceed the value of assets.