A term life insurance policy provides temporary protection for a specified period, such as 10, 20, or 30 years, and does not accumulate cash value like whole life policies. Term life insurance is often renewable, but premiums typically increase with each renewal. It is designed to provide coverage for a set period, offering financial protection if the insured passes away within that term.

Detailed Answer in Step-by-Step Solution:
* A trustee-to-trustee transfer (A) avoids the 20% mandatory tax withholding required when funds are distributed to the participant and rolled over within 60 days.
* Options B (lost funds) and C (time) are incidental, not primary benefits. Option D (penalty tax) is irrelevant; rollovers aren't penalized if timely.
The Virginia study guide, per IRS rules, notes that direct trustee-to-trustee transfers bypass withholding, preserving the full amount for reinvestment. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Retirement Plans."

Under Virginia group life insurance provisions, when an employer is the policyholder, the term "employee" includes individuals who work for the employer and may also include individual proprietors if they actively work in the business. This allows sole proprietors and working owners to be covered under group insurance arrangements. Credit unions, labor unions, and trade associations are not employees; they are organizational entities that may serve as policyholders under separate types of group insurance contracts. The question specifically asks which option is included within the definition of employee when the employer is the policyholder. An individual proprietor who performs services for the business qualifies, making that option correct.

Adjustable life insurance, per Virginia Code § 38.2-3113.1, blends whole and term features, allowing policyowners to adjust face amount and premiums. Option B is true; simultaneous changes (e.g., increasing face amount and premium) are possible, adapting coverage and cash value. Option A is false; higher premiums typically increase cash value, not decrease it, unless misallocated. Option C is incorrect; increasing face amount doesn't inherently extend term duration-it adjusts cost or cash value. Option D is false; face amount increases don't shorten whole life premium periods, which are fixed or flexible based on design. The study guide likely highlights adjustability with examples-e.g., raising $100,000 to $150,000 with a premium hike-making B the true capability.

A joint life insurance policy insures two lives under one policy and pays the death benefit at the first insured's death. After payment, the policy terminates.
This type of policy is commonly used to cover joint financial obligations such as business partnerships or mortgages.
Option B describes survivorship (second-to-die) life insurance, not joint life. Insurable interest is required at policy issue, not at death. Therefore, option A is correct.