Upon his death Sam's life insurance policy is contracted to pay his spouse $2,783 a month for the remainder of her life. However, his wife dies after four years. The policy continues to make the same payment of $2,783 a month to her children for an additional six years after her death and then then stops. What settlement option did Sam select? Life Income 5-year Period certain Life Income - 10 Year Certain 10 Year Period Certain If an insurance company issues a policy on a unilateral basis, what does that mean? It is a universal contract with all legal requirements shared by all parties involved It is a one-sided contract with all the legal requirements on the part of the insurance company It is a one-sided contract with all the legal requirements on the part of the policyholder It is a universal contract with the legal requirements shared by policyholder and beneficiary Which of the following are primary benefits of a Universal life? (Select all that apply) Can access excess premiums accumulated to help make a payment for college tuition If payments stop, the policy automatically exercises the Reduced Paid Up provision Premiums are fixed Interest Sensitive Rates paid on premiums in excess of CSI. John, age 25, purchases a life insurance policy with an option to increase his coverage by $50,000 every three years, through age 40, regardless of his health status. What option did John purchase? Guaranteed Insurability Option Guaranteed Waiver of Premium Rider Auto Increasing Insurance Benefit Rider Flexible Death Benefit Rider Jill decided to buy a universal life term alternative life insurance policy. Which of the following options are available to her? (Check all that apply) If she opted for a 30-year return of premium, at the end of the 30 years, she could opt to just continue the premium payments, or leave the policy as is and stop premium payments; or terminate and walk away with the cash value accumulated She can start paying at the minimum premium payment calculated for 20 years, but can adjust to a 30-year option or even a return of premium, simply by adjusting the premium amount Universal life cannot be altered to look like term insurance She must decide if she wants a 20 or 30-year contract today and pay the appropriate premium