Insurance Commission Reviewer

Insurance Commission VUL Reviewer

Choose the best answer.

1. Which of the following statements about option to top-up under variable life insurance products is FALSE?

a. To top-up a policy, the policyowner pays further single premium at the time of top-up.
b. Policyowner may buy additional units in the variable life fund and these units will be allocated to
new variable life insurance policies.
c. Further premiums at time of top-up will be used in full, after deducting charges for top-ups, to
purchase additional units of the variable life funds.
d. Policyowners are normally allowed to top-up their policies at any time, subject to a minimum
amount

2. What are the disadvantages when investing in common shares? I. Dividends are paid not more than fixed
rates.
II. Investors are exposed to market and specific risks.
III. Shares can become worthless if company becomes insolvent.

a. I, and II
b. I, and III
c. II, and III
d. I, III, and III

3. Which of the following statements about the flexibility features of variable life policies is FALSE?

a. Policyholders may request for a partial withdrawal of the policy and the withdrawal amount will be
met by cashing the units at bid price.
b. Policyholders can take loans against their variable life policies up to the entire withdrawal value of
their policies.
c. Policyholders have the flexibility of switching from one fund to another, provided it satisfies the
company’s switching criteria.
d. Policyholders have the flexibility of increasing or decreasing their premiums for regular premiums
variable life policies.

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4. What is the most suitable investment instrument for someone who is interested in protecting his principal,
while receiving a steady stream of income?

a. Equities
b. Warrants
c. Variable Life Policies
d. Fixed Income Securities

5. A unit trust is ____.

a. Established by a trust deed, which enables a trustee to hold the pool of money and assets in trust
on behalf of the investor.
b. A close-end fund, and does not have to dispose of its assets if a large number of investors sell their
shares.
c. One whereby an investor buys units in the trust itself and not shares in the company.
d. An organization registered under the Securities and Exchange Commission (SEC) which usually
invests in a wide range of equities and other investments.

6. The following are characteristics of a variable life insurance policy

I. Its withdrawal value and protection benefits are determined by the investment performance of the
underlying assets.
II. Its protection costs are generally met by implicit charges.
III. Its commissions and company expenses are met by a variety of explicit charges, notice of which is
given by life companies normally 6 months prior to any change in such charges.
IV. Its withdrawal value is normally the value of units allocated to the policyholder calculated at the bid
price

a. I, II and IV
b. II, III and IV
c. I, II and III
d. I, III and IV

7. Which of the following statements are TRUE?

I. The policy value of variable life policies is determined by the offer price at the time of valuation.
II. The policy value of endowment policies is the cash values plus any accumulated dividends less any
outstanding loans due at time of surrender.
III. The life company needs to maintain a separate account for variable life policies distinct from the
general account.

a. II and III
b. I, II, and III
c. I and III
d. I

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8. Variable life insurance policy owners may withdraw in terms of ____.

a. Number of units or fixed monetary amount through cancellation of units.

b. Number of units or fixed monetary amount though reduction of the life cover sum assured.
c. Fixed monetary amount only through reduction of the life cover sum assured.
d. Number of units through cancellation of units.

9. An investor in variable life funds gets to enjoy these benefits:

I. Policy owners have access to pooled or diversified portfolios of investment.
II. Policy owners can easily change the level of the premium payments as the product design of variable
life insurance policies have clear structures which cater separately for investment and insurance
protection.
III. Policy owners can gain access to variable life funds managed by professional investment managers
with proven track records.
IV. Policy owners can buy a variable life insurance policy only with a high initial investment.

a. I, II, and IV
b. I, III, and IV
c. I, II, and III
d. II, III, and IV

10. Which of the following statements about rebating is/are TRUE ?

I. Rebating is prohibited under the Insurance Code.
II. Rebating deals with offering the prospect a special inducement to purchase a policy. III.
Rebating will enhance the sales performance and uphold the prestige of an agent.

a. I and II
b. I and III
c. II and III
d. III

11. Which of the following statements is FALSE?

a. Variable life insurance policies offer investors plans with values that are indirectly linked to the
investment performance of the life company.
b. A life insurance company will carry out a valuation of its funds yearly and any surplus may be
allocated to participating policyholders as cash dividends.
c. Both Whole Life and Endowment policies can be used as an investment media with benefits that
become payable at a future date.
d. The investment element of variable life policies varies according to underlying assets of portfolio.

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12. Which of the following statements about single premium variable life policy are TRUE?
I. There is no fixed term in a single premium variable life policy, and therefore, they are technically
whole life insurance.
II. Top-up single premium injections are allowed in these plans. III. Policyholders have the flexibility
of varying the level cover.

a. I, II, and III

b. II and III
c. I and II
d. I and III

13. Which of the following statements about variable life policies is/are TRUE? I. The cash withdrawal value is
not guaranteed.
II. The volatility of the returns depends on the investment strategy of the fund.
III. The variable life policyholder has direct control over the investment decisions of the variable life
fund.

a. I, II, and III

b. I and II
c. I and III
d. II and III

14. Which of the following statements about variable life policies are TRUE?
I. Variable life policies generally have larger exposure to equity investment that with participating and
other traditional policies.
II. The protection costs are generally met by implicit charges, which vary with age and level of cover.
III. Commissions and company expenses are met by a variety of explicit charges, some of which are
variable.

a. I, II, and III

b. I and II
c. II and III
d. I and III

15. The facility to do switching under a variable life insurance policy is a very useful ____.

a. For the purpose of profit planning by the life policies

b. For the purpose of assets planning by the trustee
c. For the purpose of sales planning by the fund managers
d. For the purpose of financial planning by the policy owners

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16. Which of the following is/are TRUE about the flexibility benefit of investing in variable life funds?
I. Policy owners can easily change the level of sum assured and switch their investment between
funds.
II. Policy owners can easily take premium holidays and add single premium to top-ups.
III. Variable life insurance products have a single product design with a clear structure which cater
separately for investment and insurance protection.
IV. Policy owners can easily change the level of their premium payment.

a. All of the above

b. I, II, and III
c. I, II, and IV
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
d. I, III, and IV
offer the potential for higher returns over the long term than traditional life insurance policies.
17. Which of the following statements about risks of investing in variable life funds is TRUE?

a. Investment in variable life funds which are fully invested in units of equity is not suitable for
policyowners who can tolerate the risks of short term fluctuations in their account value.
b. Policyowners who are risk averse should buy variable life insurance policies with high equity
investment.
c. Policyowners who are risk averse should not purchase life insurance policies with high protection
and guaranteed cash maturity values
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
d. Policyowners who invest in variable life funds with high equity investment face greater risk bu
offer the potential forpotential
offer the higher returns overreturns
for higher the longover
term than
the traditional
long term thanlife insurancelife
traditional policies.
insurance policie

18. What would be the withdrawal value after a year?

Offer price = Ps 16.00

Bid-offer spread = 4.5%
Number of Units bought = 25,000 units
Policy Fee = Ps. 1,800
Admin and Mortality Charge = Ps. 8,750
Top-Up Fee = Ps. 700
Admin for Top-Up = Ps. 2,000

Sum assured is 190% of single premium of the value of the units, whichever is higher.
Assumptions:
1. Charges and fees are deducted after the single premium has been invested into the account.
2. The growth rate of the unit price and the bid-offer spread is maintained at 8% and 4.5% respectively.
a. Ps. 432,000.00
b. Ps. 420,069.02
c. Ps. 401,107.58
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
d. Ps. 412,500.00
offer the potential for higher returns over the long term than traditional life insurance policies.
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19. Which of the following statements about an investor diversifying his portfolio is FALSE?

a. A diversified portfolio provides greater security to an investor having to sacrifice the return for the
portfolio.
b. A diversified portfolio can completely eliminate the risk of investing the stocks in a portfolio.
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
c. A diversified portfolio can involve purchasing different types of stocks and investing in stocks of
offer the potential for higher returns over the long term than traditional life insurance policies.
different countries.

20. In traditional life insurance products, the allocations to policy owners in the form of dividends ____.
I. Are not directly linked to the life company’s investment performance
II. Have already been smoothened by the life company
III. Do not have the highs and lows of investment returns as in good investment years of the life
company
IV. Are not fixed at the inception of the policy, but are greatly dependent on the investment
performance of the life company.
a. I, II, and III
b. I, II, and IV
c. I, III, and IV
d. II, III, and IV
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
offer the potential for higher returns over the long term than traditional life insurance policies.
21. Which of the following statements is TRUE about cash?

a. It has high yield potential.

b. Amount invested in cash depends on the size of the cash flow requirement.
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
c. Investment in cash increases when there is a bull run in the stock market.
offer the potential for higher returns over the long term than traditional life insurance policies.
d. Investment in cash decreases when interest rates rise.

22. Which of the following are main characteristics of variable life policies?
I. The policies can be used for investment, as a source of regular savings and protection.
II. The withdrawal values and protection benefits are determined by the investment performance of
the underlying assets.
III. The net cash values of the policies are the gross cash values shown in the policy that includes
dividends up to the date of surrender, less any indebtedness including interest.

a. II
b. I
c. I, II, and III
d. I and II
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
offer the potential for higher returns over the long term than traditional life insurance policies.

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23. The duties of the trustee of unit investment trust do not include

a. Managing the portfolio of investment and administering the buying and selling of shares in the unit
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
trust itself
b. Ensuring thatoffer
the the
fundpotential
managerfor highertoreturns
adhere over the
the provision oflong term
trusts than traditional life insurance policie
deeds
c. Acting generally to protect the unit-holders
d. Holding the pool of money and assets in trust in behalf of the investors

24. The policy fee payable by a variable life insurance policy owner is to cover ____.

a. The handling charges by professional investment managers

b. The prices for each unit bought under the variable life insurance policy
c. The mortality costs of the variable life insurance policy
d. The administrative expenses of setting up the variable life insurance policy
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
offer the potential for higher returns over the long term than traditional life insurance policies.
25. In risk-return profile of bond funds, cash funds, managed funds, balanced funds, and equity funds, a risk
return graph will show that ____.
I. Higher return normally comes with lower risk.
II. Higher return normally comes with higher risk.
III. At the top end of the graph are the equity funds.
IV. The relatively risk-less cash funds sit at the bottom end of the graph.

a. I, II, and III

b. II, III, and IV
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
c. I, II, and IV
d. I, III, and IVoffer the potential for higher returns over the long term than traditional life insurance policies.

26. Variable life funds can be invested in any financial instruments including bond funds, property funds,
specialized funds, and equity funds. Equity funds ____.

a. Invest in shares of stocks and the magnitude of the change in unit prices will only depend on the
quantity of the equities held
b. Invest in shares of stocks and during market recession, such assets are usually the last to depreciate
c. Invest in share of stocks which are inherently of lower risk in nature and the prices of stocks are stable
d. Invest in share of stocks and investor who buys such assets usually aims for capital appreciation
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
offer the potential for higher returns over the long term than traditional life insurance policies.
27. The investment returns under variable life insurance _____.
I. Are not guaranteed
II. Are assured
III. Are linked to the performance of the investment fund managed by the life company IV. Fluctuate
according to the rise and fall of the market prices

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a. I, II, and III

b. I, II, and IV
c. I, III, and IV
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
d. II, III, and IV
offer the potential for higher returns over the long term than traditional life insurance policies.
28. Which of the following statements is FALSE?

a. Rebating is to offer a prospect a special inducement to purchase a policy.

b. Twisting is a specific form of misrepresentation.
c. Misrepresentation is a specific form of twisting.
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
d. Switching is a facility allowing policyholder to switch to another variable life funds offered by the
company. offer the potential for higher returns over the long term than traditional life insurance policies.

29. Which of the following statements about the differences between variable life policies and endowment
policies are FALSE?
I. The policy values of variable life and endowment policies directly reflect the performance of the
fund of the life company.
II. The premiums and benefits of the endowment policies are described at inception of the policy
whereas variable life policies are flexible as they are account-driven.
III. The benefits and risks variable life and endowment policies directly accrue to the policyholders.

a. I and II
b. I, II, and III
c. I and III
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
d. II and III
offer the potential for higher returns over the long term than traditional life insurance policies.
30. Which of the following statements about variable life policies are TRUE?
I. Offer price is used to determine the numbers of units to be cancelled to the account.
II. The margin between the bid and offer price is used to cover the management cost of the policy.
III. The policy value is calculated based on the bid price of units allocated into the policy.
a. I, II, and III
b. I and II
c. I and III
d. II and III
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
offer the potential for higher returns over the long term than traditional life insurance policies.
31. Mr. Cruz is currently earning Ps 30,000 each month. He is 35 years old and has a reasonable amount of
savings. He has a moderate level for risk tolerance. What kind of policy would you recommend him to buy?

a. Participating endowment
b. Variable life policies
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
c. Participating whole life
offer the potential for higher returns over the long term than traditional life insurance policies.
d. Annuities

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32. Which of the following statements about twisting is FALSE?

a. Twisting is a special form of misrepresentation.
b. It refers to an agent inducing
d. Policyowners who ainvest
policyholder to discontinue
in variable a policy
life funds with with another
high equity company
investment withoutrisk but
face greater
disclosing the disadvantage of doing so.
offer the potential for higher returns over the long term than traditional life insurance policie
c. It includes misleading or incomplete comparison of policies.
d. It refers to an agent offering a prospect a special inducement to purchase a policy.

33. Rank the following in terms of liquidity, from the least liquid to the most liquid:
I. Short Term Securities
II. Property
III. Cash
IV. Equities

a. IV, I, III, I
b. III, I, IV, II
c. II, I, IV, III
d. II, IV, I, III
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
offer the
bestpotential forthe
higher returns over thelife
long term than traditional life insurance policies.
34. Which of the following describes benefits of variable policies?

a. The policy benefits are payable only on death or disability.

b. The policy benefits will depend on the long-term performance of the life company.
c. The policy benefits are directly linked to the investment performance of the underlying assets.
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
d. The policy benefits are guaranteed.
offer the potential for higher returns over the long term than traditional life insurance policies.
35. Investing in bonds offers the following advantages EXCEPT :

a. It allows the investor a chance for capital preservation

b. It is a place of temporary refuge when the investor foresees that the market outlook is uncertain
c. It enables the investor an opportunity for capital appreciation
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
d. It offers protection to the principal and a guaranteed steady stream of income
offer the potential for higher returns over the long term than traditional life insurance policies.
36. Which of the following statements about benefits in a variable life fund is FALSE?

a. The fund provides a highly diversified portfolio, thus, lowering the risk of investment.
b. The fund ensures definite high yield for the investor since it is managed by professionals who are
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
well versed in the management of risks of investment portfolios.
offer the
c. The fund relieves potential
investor fromfor
thehigher
hasslereturns over the long
of administering terminvestment.
his/her than traditional life insurance policie
d. The fund enable small investor to participate in a pool of diversified portfolio in which he/she with
low investment capital is likely to have acceded to.

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37. The differences between traditional participating life insurance and variable life insurance include:
I. Variable life insurance policies are less likely to offer more choices in terms of the type of investment
funds.
II. The investment elements of variable life insurance policies is made known to the policy owner at
the outset and is invested in a separately identifiable fund which is made up units of investment.
III. Variable life insurance policies offer the potential for higher returns.
IV. Traditional participating policies aim to produce a steady return by smoothing out market
fluctuation.

a. I, III, and IV
b. II, III, and IV
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
c. I, II, and III
offer the potential for higher returns over the long term than traditional life insurance policies.
d. I, II, and IV

38. Advantages of investing in preferred shares are:

I. It gives shareholders the right to a fixed dividend.
II. Has the priority over company assets during dissolution.
III. They enjoy benefit of capital appreciation.

a. I, II, and III

d. Policyowners who invest in variable life funds with high equity investment face greater risk but
b. I and II
offer the potential for higher returns over the long term than traditional life insurance policies.
c. I and III
d. II and III

39. Under regular premium, variable whole life insurance plan:

I. Premium top-ups and holidays, subject to the life company’s administrative rules are usually
allowed
II. Life protection is the main objective of the plan with investment as a nominal purpose.
III. Withdrawals after the payment of a few years premium are usually allowed.
IV. A single premium contribution is made to the policy which uses the premium to purchase units in
variable life fund and to provide certain level of life cover.

a. II, III, and IV

b. I, III, and IV
c. I, II, and IV
d. I, II, and III
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
offer the potential for higher returns over the long term than traditional life insurance policies.

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40. Risk can be classified into two particular categories in relation to investment. They include__________
I. The risk of not losing some or all of a person’s initial investment
II. The risk of rate of return on the investment not matching up to the individual’s expectation
III. The risk of rate of return on the investment matching up to the individual’s expectation IV.
The risk of losing some or all of a person’s initial investment

a. I and III
b. I and II
c. III and IV
d. II and IVd. Policyowners who invest in variable life funds with high equity investment face greater risk but
offer the potential for higher returns over the long term than traditional life insurance policies.
41. The selling price under a variable life insurance policy is ___.

a. The price at which units the policy are bought back by the life company
b. The price at which units under the policy are offered for sale by the life company
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
c. c. Also known as the bid price
offer the potential for higher returns over the long term than traditional life insurance policies.
d. d. A fixed amount throughout

42. When investing in variable life funds, what are the benefits available?
I. The variable life funds offer policyholders an access to pooled or diversified portfolios.
II. The variable life policyholder can vary his premium payments, take premium holidays, add single
premium top-ups, and change the level of sum assured easily.
III. The variable life policyholder can have access to a pool of qualified and trained professional fund
managers

a. I and II
b. I and III
c. I, II, and III
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
d. II and III
offer the potential for higher returns over the long term than traditional life insurance policies.
43. Under variable life insurance policies, ____.
I. There is no guaranteed minimum sum assured for the purpose of declaring dividends
II. There is no guaranteed minimum sum assured as a level of life insurance protection
III. Each of the policyowner’s premium will be used to purchase units, the number of which is
dependent on the selling price of each unit
IV. Purchase of units can only be made from the variable life fund itself, which will then create new
units and the investment will add value to the fund

a. I, II and III
b. I, II and IV
c. II, III and IV
d. I, III and IV
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
offer the potential for higher returns over the long term than traditional life insurance policies.
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44. Why is it important that the customer has to understand the sales proposal in full?

a. Because the insurer does not guarantee any return

b. Because the impact of changes in investment condition on variable life policy borne solely by the
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
customer
c. Because theoffer
agentthe potential
may give thefor higher
wrong returns over the long term than traditional life insurance policie
recommendations
d. Because the policyholders expects higher returns

45. A single premium variable life insurance policy ____.

a. Has no withdrawal value

b. Must be issued with a maximum withdrawal value
c. Has no death benefit
d. Must be issued with a minimum death benefit
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
offer thestatements
46. Which of the following potential for higher
about returns over
surrender valuethe longtraditional
under term than traditional lifelife
participating insurance policies.
insurance
products is TRUE?

a. When a participating insurance policy is surrendered, the surrender value is calculated by

multiplying the bid price with number of units
b. Cash value is paid when a yearly renewable term insurance policy is surrendered
c. The amount of surrender value is usually higher than the amount under non-participating policies
and it varies with the age of the assured, being lower at older ages
d. Policyholders who are risk averse should purchase life insurance policies with high protection and
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
guaranteed cash and maturity values
offer the potential for higher returns over the long term than traditional life insurance policies
47. Under a variable life insurance policy, the protection costs ____. I. Are met by a flat initial charges for
regular premium loans
II. Are generally covered by cancellation of units in the fund
III. Are generally met by explicit charges stipulated openly in the policy terms IV. Vary with
age of policy owner and level of coverage

a. I, II, and III

b. I, II, and IV
c. I, III, and IV
d. II, III, and
d.IVPolicyowners who invest in variable life funds with high equity investment face greater risk but
offer the potential for higher returns over the long term than traditional life insurance policies.
48. The objective of satisfying customers’ need and business profitability can be achieved by an agent through ______
I. The giving of freebies to customers
II. Extensive investment training by the company

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III. The use of sales plan, where sales goals, strategic and objectives are coordinated with market
analysis, segmentation and targeting
IV. The giving of monetary assistance and discount to the customers

a. I and III
b. II and III
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
c. I, II, and IV
offer the potential for higher returns over the long term than traditional life insurance policies.
d. II, III, and IV

49. Which of the following statements about investment objectives is FALSE ?

a. People invest money in fixed deposits to produce high and guaranteed returns.
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
b. People invest money to enhance a comfortable standard living.
offer the potential for higher returns over the long term than traditional life insurance policies.
c. People invest money to provide funds for higher education for their children.
d. Investment in commodities has no regular income.

50. Diversification in investment involves ___.

a. Putting all the funds under management into one category of investment
b. Spreading the risks of investment by not putting the fund into several categories investment
c. Reducing the risks of investment by putting one fund under management into several categories of
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
investment
d. Reducing theoffer
risksthe potential forbyhigher
of investment returns
putting overeggs
all one’s thein
long
oneterm than traditional life insurance policie
basket

51. Which of the following statements about diversification in portfolio management is FALSE?
a. Diversification helps to spread the portfolio risk by investing in different categories of investment in
a portfolio.
b. Diversification can completely eliminate risk of investing in stocks in a portfolio.
d. Policyowners who invest in variable life funds with high equity investment face greater risk but
c. A diversified portfolio provides greater security to an investor without sacrificing the returns of the
portfolio. offer the potential for higher returns over the long term than traditional life insurance policies.
d. Diversification can involve purchasing different types of stocks and investing in stocks of different
countries.

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1. B
2. C 31. B
3. B 32. B
4. D 33. D
5. A 34. C
6. D 35.C
7. B 36. B
8. A 37. B
9. C 38. A
10. A 39. D
11. A 40. D
12. B 41. B
13. B 42. C
14. D 43. D
15. D 44. B
16. C 45. D
17. D 46. D
18. C 47. D
19. B 48. B
20. D 49. A
21. B 50. C
22. D 51. B
23. A
24. D
25. B
26. D
27. C
28. C
29. C
30. D

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