1. Which of the following is false with respect to universal life insurance (ULI)?
has flexible premiums and benefits
is cheaper than ordinary whole life
has the tax benefits of ordinary life insurance
is interest sensitive
2. The primary reason life insurance policies have a savings element is to allow the:
insured to accumulate funds to aid in the long-term financing of private business enterprises
insured to have money for old age or for other purposes
insurer to reduce the cost of insurance by investing money at high interest rates
insured to obtain lifetime protection at a level premium