New Jersey Life Insurance Exam Practice Question
Which of the following is NOT an option in an Adjustable Life Policy?
Correct Answer: A
Rationale: In an Adjustable Life Policy, the policyowner has flexibility in managing the coverage and premiums.
Option B is accurate as the policy's face amount can indeed be adjusted up or down. Option C correctly reflects the ability to modify the premium and payment period, allowing for financial adaptability. Option D is also true, as the protection period can be extended or reduced based on the policyowner's needs.
Option A is incorrect because nonforfeiture options typically relate to whole life policies, not adjustable life policies. Therefore, increasing the death benefit through nonforfeiture options is not applicable in this context.
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