Question

Question 7 (1 point) Life insurance agents and financial planners who sell VULs must be licensed to sell life insurance, but do not have to have a securities license. True False Question 8 (1 point) North Co. provides group term life insurance to its employees equal to 1.5 times each person's salary. Sam has a salary of $100,000 so he has $150,000 of protection. If the Table 1 cost per month per $1,000 equals 10 cents, Sam will have to include $180 into income due to the group term life insurance. True False

Answer 1

Answer:-

Q.7. ) False. A life insurance agent and financial planner who sells VULs must be licensed to sell life insurance and they must have a securities license. Because in order to sell VUL, an insurance must have a securities license alongwith life license and should be registered with a broker dealer.

Q.8.) False.

Explanation:- According to table 1, First $50,000 benefit is excluded. Accroding to Table 1, the employee falls in 40-44 age category which means for every $1,000 we take $0.10.

So, 1,50,000-50,000

=1,00,000

Monthly excess in force= $1,00,000 * $0.10

= $10,000