Exam 8: Insuring Your Life

With traditional universal life policies sold by an agent,it can be difficult to evaluate true cost at time of purchase as the insurance carrier may levy costly fees and charges.

(True/False)

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Question 121

A life insurance contract contains clauses for:

(Multiple Choice)

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Question 122

A participating policy:

(Multiple Choice)

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Question 123

The life insurance needs of beneficiaries are secondary since most proceeds are paid to living policyholders.

(True/False)

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Question 124

Decreasing term insurance usually has a decreasing face value and:

(Multiple Choice)

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Question 125

Insurance underwriting is best described as:

(Multiple Choice)

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Question 126

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -If you have $300 per year available for life insurance,you could get higher life insurance protection with a [continuous | limited payment] policy.

(Short Answer)

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Question 127

Life insurance designed to pay the balance on a mortgage is an example of a good use decreasing term policy.

(True/False)

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Question 128

The basic assumptions that the company used to compute its life insurance premiums include all but:

(Multiple Choice)

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Question 129

Because premiums get higher as you age,it is probably advisable for you to buy life insurance at age 20 to save money whether or not you need the insurance then.

(True/False)

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Question 130

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -Life insurance [will | will not] pay the proceeds of the policy to the beneficiaries if an insured is killed in a commercial airline crash.

(Short Answer)

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Question 131

Limited payment whole life insurance is a contract written for a given number of years after which the face value is automatically paid to the insured.

(True/False)

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Question 132

Using the _____ approach is the most accurate method to determine life insurance needs.

(Multiple Choice)

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Question 133

Which of the following types of policies is most likely to allow you to switch investments?

(Multiple Choice)

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Question 134

Variable life insurance is most often the best plan for most people's primary insurance needs.

(True/False)

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Question 135

Mary Lou died from a heart attack.Her $20,000 policy had a double indemnity clause.Her beneficiary will receive $40,000.

(True/False)

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Question 136

Universal life insurance is often suitable for single college students since the cost is quite low.

(True/False)

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Question 137

The need for additional life insurance can be determined by looking at the difference between available resources and family monetary needs.

(True/False)

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Question 138

_____ is not a type of term insurance.

(Multiple Choice)

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Question 139

The underwriting function is designed to be sure that premiums are based on:

(Multiple Choice)

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Question 140

Showing 121 - 140 of 153

With traditional universal life policies sold by an agent,it can be difficult to evaluate true cost at time of purchase as the insurance carrier may levy costly fees and charges.

A life insurance contract contains clauses for:

A participating policy:

The life insurance needs of beneficiaries are secondary since most proceeds are paid to living policyholders.

Decreasing term insurance usually has a decreasing face value and:

Insurance underwriting is best described as:

Life insurance designed to pay the balance on a mortgage is an example of a good use decreasing term policy.

The basic assumptions that the company used to compute its life insurance premiums include all but:

Because premiums get higher as you age,it is probably advisable for you to buy life insurance at age 20 to save money whether or not you need the insurance then.

Limited payment whole life insurance is a contract written for a given number of years after which the face value is automatically paid to the insured.

Using the _____ approach is the most accurate method to determine life insurance needs.

Which of the following types of policies is most likely to allow you to switch investments?

Variable life insurance is most often the best plan for most people's primary insurance needs.

Mary Lou died from a heart attack.Her $20,000 policy had a double indemnity clause.Her beneficiary will receive $40,000.

Universal life insurance is often suitable for single college students since the cost is quite low.

The need for additional life insurance can be determined by looking at the difference between available resources and family monetary needs.

_____ is not a type of term insurance.

The underwriting function is designed to be sure that premiums are based on:

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Preserving Your Estate

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