Question 1

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.
-The policyholder assumes the investment risk with [whole life | variable life] insurance.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 2

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.
-The [lump sum | life income] settlement option is the most commonly selected option by life insurance beneficiaries.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 3

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.
-Group insurance is most likely to be [term | whole life].

Accepted Answer

The answer of Choose the word or phrase in [...

Question 4

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.
-The premium on your term insurance will likely [increase | stay the same] with each renewal.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 5

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.
-The cash value will build more quickly with a [low-load | traditional] whole life policy.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 6

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.
-The [policyholder | insurance company] makes the investment decisions with universal life insurance.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 7

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 your insurance policy promises to pay death benefits only if you die during a specified time,you have [term | whole] life insurance.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 8

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.
-The life insurance policy that clearly separates the protection and savings elements is [whole life | universal life].

Accepted Answer

The answer of Choose the word or phrase in [...

Question 9

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.
-Changing the beneficiary on a life insurance policy is generally [easy | difficult] to do.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 10

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.
-The [policyholder | insurance company] makes the investment decisions with variable life insurance.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 11

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.
-The most accurate way to determine how much life insurance you need is to use the [multiple-of-earnings | needs analysis] method.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 12

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 neither the primary nor secondary beneficiary survives the insured,the life insurance proceeds will be [kept by the insurance company | paid to the estate of the insured and distributed by the probate court].

Accepted Answer

The answer of Choose the word or phrase in [...

Question 13

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.
-Most term insurance [is | is not] renewable.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 14

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.
-Credit life insurance is generally considered to be a [good | poor] life insurance buy.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 15

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.
-The majority of term policies have a [level | decreasing] face value.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 16

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.
-[Credit life | Group] insurance is one of the most expensive forms of life insurance.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 17

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.
-The beneficiary [will | will not] have to pay income taxes on the proceeds from a life insurance policy.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 18

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.
-An insured can borrow from the [cash | face] value of her life insurance policy.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 19

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 proceeds if an insured is killed in a commercial airline crash.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 20

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.
-Annual premiums would be lower with [continuous | limited payment] whole life insurance.

Accepted Answer

The answer of Choose the word or phrase in [...

Quiz 8: Insuring Your Life

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. -The policyholder assumes the investment risk with [whole life | variable life] insurance.

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. -Group insurance is most likely to be [term | whole life].

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. -The premium on your term insurance will likely [increase | stay the same] with each renewal.

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. -The cash value will build more quickly with a [low-load | traditional] whole life policy.

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. -The [policyholder | insurance company] makes the investment decisions with universal life insurance.

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. -Changing the beneficiary on a life insurance policy is generally [easy | difficult] to do.

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. -The [policyholder | insurance company] makes the investment decisions with variable life insurance.

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. -Most term insurance [is | is not] renewable.

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. -Credit life insurance is generally considered to be a [good | poor] life insurance buy.

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. -The majority of term policies have a [level | decreasing] face value.

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. -[Credit life | Group] insurance is one of the most expensive forms of life insurance.

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. -The beneficiary [will | will not] have to pay income taxes on the proceeds from a life insurance policy.

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. -An insured can borrow from the [cash | face] value of her life insurance policy.

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 proceeds if an insured is killed in a commercial airline crash.

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. -Annual premiums would be lower with [continuous | limited payment] whole life insurance.