1. Explain how the “paid-up insurance” component of a whole life insurance policy works. 2. Describe the different types of whole life policies. What are the advantages and disadvantages of whole life...

1. Explain how the “paid-up insurance” component of a whole life insurance policy works.

2. Describe the different types of whole life policies. What are the advantages and disadvantages of whole life insurance?

3. What is universal life insurance? Explain how it differs from whole life and variable life insurance.