Question: Where would policy proceeds be paid if both the insured and primary beneficiary were killed in the same accident?

Answer: Contingent beneficiary

Question: What does a life insurance policy guarantee to the stated beneficiary up on the death of the insured?

Answer: Specified amount of money

Question: What is affected by the frequency of an insurance policy’s premium payments?

Answer: The cost

Question: What is the purpose of a Section 1035 exchange?

Answer: Enables a life policy to be replaced with another life policy and results in postponement of the tax consequence.

Question: A policyowner can receive a percentage payment of death benefits prior to death by using what kind of contract?

Answer: Viatical settlement agreement