Jenna owns a policy in which the premium at the inception of the policy is lower than the continuous premium whole life rate and then increases each year for the first 5 years of the policy period. After 5 years, the premium levels off. What type of policy does Jenna own?
A) Graded premium whole life
B) Minimum deposit whole life
C) Step-rate premium life
D) Modified whole life"
Ans: A) Graded premium whole life
Business
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