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Life Insurance

Quiz by Mia Burns

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19 questions
Show answers
  • Q1
    What is the suicide clause in a life insurance policy?
    A provision that guarantees the policyholder will receive double the death benefit in case of accidental death
    A clause that allows the policyholder to change beneficiaries at any time
    A clause that exempts the policyholder from paying premiums if they become disabled
    A provision that states the policy will not pay a death benefit if the insured dies by suicide within a certain period after the policy is issued.
    30s
  • Q2
    What is the purpose of the medical exam required for most life insurance applications?
    To assess the applicant's health condition and determine the risk associated with insuring them.
    To evaluate the applicant's driving record
    To verify the applicant's employment status
    To check the applicant's credit score
    30s
  • Q3
    What is the grace period in a life insurance policy?
    The period when the policyholder can switch to a different type of life insurance policy
    The time frame in which the policyholder can increase the coverage amount
    A period of time after a missed premium payment during which the policy remains in force.
    The period when the policyholder can request a refund of premiums paid
    30s
  • Q4
    What is the difference between term life insurance and permanent life insurance?
    There is no difference between term and permanent life insurance
    Term life insurance is more expensive than permanent life insurance
    Permanent life insurance only covers medical expenses
    Term life insurance provides coverage for a set period, while permanent life insurance provides coverage for the insured's entire life.
    30s
  • Q5
    What is the purpose of life insurance?
    To earn high returns on investment
    To provide financial protection to beneficiaries in the event of the policyholder's death.
    To buy a new car
    To cover medical expenses
    30s
  • Q6
    What is a beneficiary in a life insurance policy?
    A person or entity designated to receive the death benefit upon the policyholder's passing.
    A financial advisor helping with the policy
    The medical provider for the policyholder
    The insurance company providing the policy
    30s
  • Q7
    What is a cash value in a whole life insurance policy?
    The beneficiary designated to receive the death benefit
    The premium paid each month for the policy
    The total coverage amount provided by the policy
    A savings component of the policy that grows over time and can be withdrawn or borrowed against.
    30s
  • Q8
    What is 'underwriting' in the context of life insurance?
    The document stating the terms of a life insurance policy
    The process of evaluating the risk of insuring a person
    The cash value accumulated in a whole life insurance policy
    The final payout to the beneficiary upon the insured's death
    30s
  • Q9
    What is a 'rider' in the context of life insurance?
    The beneficiary of a life insurance policy
    The person who assesses the risk of insuring a person
    An additional provision added to a life insurance policy
    The premium paid for a life insurance policy
    30s
  • Q10
    What is 'term life insurance'?
    Life insurance that can be borrowed against for loans
    Life insurance that includes a cash value component
    Life insurance coverage for a specified period of time
    Life insurance that covers the entire lifetime of the insured
    30s
  • Q11
    What is 'whole life insurance'?
    Life insurance that can be converted to term at any time
    Life insurance coverage that lasts for the entire lifetime of the insured
    Life insurance with no cash value component
    Life insurance that provides coverage for a specified term
    30s
  • Q12
    What is 'surrender value' in the context of life insurance?
    The total coverage amount of a term life insurance policy
    The amount of cash the policyholder receives when canceling a permanent life insurance policy
    The document stating the terms of a whole life insurance policy
    The premium paid for a universal life insurance policy
    30s
  • Q13
    What is the 'death benefit' in the context of life insurance?
    The savings component of a permanent life insurance policy
    The amount paid to the beneficiary upon the insured's death
    The provision added to a life insurance policy for additional coverage
    The premium paid for a life insurance policy
    30s
  • Q14
    What is 'accelerated death benefit' in the context of life insurance?
    The term for the total coverage amount of a life insurance policy
    The beneficiary of a universal life insurance policy
    A provision that allows the insured to receive a portion of the death benefit while still alive if diagnosed with a terminal illness
    The premium paid for a whole life insurance policy
    30s
  • Q15
    What is a 'contestability period' in the context of life insurance?
    The length of time a life insurance policy remains in force
    The period during which the premium must be paid to keep the policy active
    The duration after the insured's death when the beneficiary can file a claim
    A timeframe during which the insurer can investigate and deny claims based on misrepresentation or concealment by the insured
    30s

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