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Exam 13: Life Insurance

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Question 41

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The cheapest form of life insurance that provides coverage for a specified time period is ________.

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Question 42

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Which of the following will increase your need for life insurance?

A) Your spouse graduates from college.
B) You receive a large inheritance.
C) Your only child graduates from college.
D) You get married and plan to have children.

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Question 43

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A lump sum settlement option is usually the best choice, even if a beneficiary is not very good at managing large sums of money.

A person's need for life insurance varies quite a bit over his or her lifetime.

Which of the following is a reason to buy life insurance?

Name four factors that are utilized in the budget method of calculating life insurance.

The most accurate method of determining life insurance needs is

Rather than purchasing mortgage life insurance, individuals can achieve the same goal and possibly save money by purchasing sufficient ________ to pay off the mortgage.

A lump-sum insurance settlement would be most appropriate for

Use the following two columns of items to answer the matching questions below: -What are three types of settlement options? A)a single payment to the beneficiary B)alternative ways a beneficiary can receive benefits C)Lump-sum, installment payments, and interest payments.

Disadvantages of term insurance are that it increases in cost when you renew it and that it has no value when it matures or you discontinue your policy.

Which of the following is not a settlement option for life insurance?

Which of the following will not affect the premiums on a term life insurance policy?

The ________ in a life insurance policy allows the beneficiary to receive the proceeds in different ways.

If a policyholder with a universal life insurance policy skips a payment, then the insurance company

Sam figures it will take $250,000 invested at 6% to provide suitable income to his family for 12 years. He would also like to have $40,000 set aside to educate his two children. Sam's current savings is $20,000. How much life insurance does he need using the budget method?

Which of the following best explains why approximately one-third of households in the United States do not have life insurance?

Which of the following factors does not affect your life insurance premiums?

For which type of insurance policy is choosing an insurance company with a high rating the most important?

Whole life policies can be structured to provide a higher level of death benefits to beneficiaries in the early years of the policies or for the policies to be paid off in a certain time period, for example, 20 years.