A permanent life insurance policy where the policyowner pays premiums for a specified number of years is called a(n)

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A permanent life insurance policy where the policyowner pays premiums for a specified number of years is called a(n)

a) adjustable life policy
b) limited pay policy
c) level term policy
d) variable universal policy

Answer: b) limited pay policy

WA Life Insurance

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

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