Exam 8: Insuring Your Life

INSTRUCTIONS: 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.

(Essay)

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Question 61

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

(Multiple Choice)

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Question 62

The return on term life insurance policies receive favorable tax treatment.

(True/False)

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Question 63

INSTRUCTIONS: 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 [policy owner | insurance company] makes the investment decisions with universal life insurance.

(Essay)

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Question 64

The basic purpose of insurance is to

(Multiple Choice)

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Question 65

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

(True/False)

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Question 66

For the insured who needs more life insurance,the best option for receiving policy dividends is to

(Multiple Choice)

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Question 67

If a named beneficiary does not survive an insured,the proceeds of the policy revert to the insurance company.

(True/False)

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Question 68

Underwriting helps protect life insurance companies from which of the following:

(Multiple Choice)

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Question 69

When cash value is withdrawn from a life insurance policy it is always tax free.

(True/False)

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Question 70

An attractive feature of whole life insurance is the availability of loans from the cash value.

(True/False)

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Question 71

The primary purpose of life insurance is to protect family members financially after one's death.

(True/False)

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Question 72

INSTRUCTIONS: 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 state in which the insured lived].

(Essay)

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Question 73

If life insurance is convertible,the policy can be

(Multiple Choice)

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Question 74

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 75

INSTRUCTIONS: 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. -[Joint life | Survivorship life] insurance is often used to provide funds for a surviving spouse and family when the first spouse dies.

(Essay)

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Question 76

Loans are available from almost all life insurance policies.

(True/False)

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Question 77

A waiver of premium benefit excuses premium payment when the insured is unemployed.

(True/False)

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Question 78

Underwriting is best described as:

(Multiple Choice)

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Question 79

The beneficiary of a person who takes his own life would receive

(Multiple Choice)

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Question 80

Showing 61 - 80 of 174

INSTRUCTIONS: 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.

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

The return on term life insurance policies receive favorable tax treatment.

The basic purpose of insurance is to

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

For the insured who needs more life insurance,the best option for receiving policy dividends is to

If a named beneficiary does not survive an insured,the proceeds of the policy revert to the insurance company.

Underwriting helps protect life insurance companies from which of the following:

When cash value is withdrawn from a life insurance policy it is always tax free.

An attractive feature of whole life insurance is the availability of loans from the cash value.

The primary purpose of life insurance is to protect family members financially after one's death.

If life insurance is convertible,the policy can be

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.

Loans are available from almost all life insurance policies.

A waiver of premium benefit excuses premium payment when the insured is unemployed.

Underwriting is best described as:

The beneficiary of a person who takes his own life would receive

Understanding the Financial Planning Process

Your Financial Statements and Plans

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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