Oklahoma Life Producer Practice Exam

Family policies in the context of life insurance refer to the various types of coverage that can be obtained to protect families as a whole. The correct answer indicates that there are two primary types of family policies: the family income policy and the family maintenance policy.

A family income policy provides financial support to the beneficiaries in the event of the insured's death, providing a steady income stream for a specified period. This policy covers the loss of income that would have been generated by the insured. On the other hand, a family maintenance policy not only provides a death benefit but also ensures that monthly payments are made to the beneficiaries for a certain duration, covering both living expenses and providing a lump-sum benefit at the end of that maintenance period.

Understanding these two types helps consumers make informed decisions about life insurance needs for protecting family members and their financial stability in the case of unforeseen events.