31. If life insurance is convertible, the policy can be a. transferred to the life of another person. b. exchanged for cash. c. changed to health or disability protection d. changed to another type of life insurance. e. revised as needed. 32. Rodney and Toni are a young couple with two small children. They are doing well financially but their life insurance needs are high and their budget is tight. What type of life insurance will give them the most protection for their money? a. continuous premium b. universal life c. paid up life d. term life e. variable life 33. The least expensive form of whole life insurance protection is a. term. b. straight life. c. limited payment. d. universal. e. none of the above. 34. Whole life insurance is designed to provide a. protection only. b. savings only. c. savings and loan value. d. protection and savings. e. loan value only. 35. Which of the following is not characteristic of universal life insurance? a. flexible premiums b. choice of how the accumulation account is invested c. option A provides a level death benefit d. option B provides a stated amount of insurance plus the accumulated cash value e. the death protection and the savings portion are identified separately 36. An insured usually chooses variable life insurance in order to a. provide more flexible coverage. b. emphasize the savings portion while still having death protection. c. lessen the savings feature of life insurance. d. substitute for fixed-dollar insurance protection. e. reduce insurance premiums. 37. Which of the following is not true about survivorship insurance? a. It is needed by most dual-earner families. b. It is also know as last-to-die insurance. c. It is used primarily to help pay estate taxes. d. It is less expensive than two separate policies. e. It covers the lives of two people. 38. A grace period permits the policy holder to retain insurance even though the premium has not been paid for a. a year. b. 6 months. c. 3 months. d. 2 months. e. 30 days 39. Which of the following is a characteristic of an organized securities exchange? a. they facilitate trading unlisted securities b. municipal bonds are primarily traded in organized exchanges c. pink sheets are commonly used in these markets d. the NASDAQ is an example of an organized exchange e. trading in securities is carried out in a physical location 40. The Securities Investor Protection Corporation insures brokerage firm accounts up to a. $500,000 per account and $250,000 in cash b. $250,000 per account and $100,000 in cash c. $1,000,000 per account and $500,000 in cash d. $500,000 per account and $250,000 in cash e. $500,000 per account and $100,000 in cash