A whole life insurance policy is a type of permanent life insurance that provides coverage for the insured’s entire life, as long as premiums are paid. It typically includes a level premium, a guaranteed death benefit, and a cash value component that accumulates over time. There is no regulatory requirement in Oklahoma or standard insurance practice that mandates a minimum face amount of $1,000 for whole life policies, making this statement incorrect.

Option A: Correct (as the exception). Whole life policies do not require a $1,000 minimum face amount; insurers set minimums based on their underwriting guidelines, often higher.

Option B: Incorrect (describes whole life). Whole life provides lifelong coverage, as per its definition.

Option C: Incorrect (describes whole life). Premiums are typically payable until death or age 100, depending on the policy.

Option D: Incorrect (describes whole life). While whole life provides a death benefit, it also accumulates cash value, but the phrasing “death benefit only” is misleading as it implies no cash value, which is not the exception here.

This question aligns with the Prometric content outline under “Life Products,” which covers the characteristics of whole life insurance.