Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. Which of these statements is true?

In a 10-year level term life insurance policy, the key characteristics are that both the face amount (death benefit) and the premium are level, meaning they remain constant throughout the entire duration of the policy. In this case, Krissa's policy has a death benefit of $200,000, which will not change over the ten years. Similarly, the premium she pays for this coverage will also stay the same from the beginning to the end of the term.

This consistency is a hallmark of level term policies, allowing policyholders to budget for their insurance costs over the specified term without worrying about fluctuations in premiums or coverage. After the 10-year period, the policy may either expire, convert, or enter a renewal phase, depending on the specific features of the policy, but during the 10 years, both the face amount and the premium remain unchanged.