Which of the following statements regarding basic forms of whole life insurance is NOT correct?

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Which of the following statements regarding basic forms of whole life insurance is NOT correct?

A) A single premium life policy is purchased with a large onetime-only premium.

B) Limited payment life provides protection only for the years during which premiums are paid.

C) Generally, straight life premiums are payable, at least annually, for the duration of the insured’s life.

D) The owner of a 30-pay life policy will owe no more premiums after the 30th year the policy is in force.

Answer: Limited payment life provides protection only for the years during which premiums are paid.

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