Exam 9: Life and Health Insurance

The alternative ways that a beneficiary can choose to receive the policy benefits upon the death of the insured are called

________ is insurance that provides permanent insurance coverage as whole life does; however the policyholder, not the insurance company, takes on the investment risk.

Cash value policies include a ________ clause that allows you to borrow against the cash value of the policy.

Life insurance is not meant to benefit you, its purpose is to protect others in the event of your death.

Explain the advantage of reentry term life insurance.

All of the following are true regarding Health Savings Accounts except

Which of the following is a government-sponsored health care plan?

The ________ rider increases your death benefits at the same rate as inflation without forcing you to complete a new medical exam.

For every $100 set aside in a flexible spending account, taxable income is reduced by

Sandra is terrible at saving; therefore her insurance advisor suggested a term life insurance policy for her since it has a saving/investing aspect.

Using the needs approach to determine the amount of coverage looks from the perspective of the ________.

Insurance that covers medical costs beyond those covered by basic health insurance is

Most life insurance settlements are based on the named insured dying from an accidental death.

Among his choices at work, Bill decides to choose a health plan that will protect him from the financial effects of a catastrophic illness. This type of coverage, aimed at medical costs beyond those covered by basic health insurance, is called

Which of the types of cash-value policies are permanent insurance?

The difference between an individual practice association plan (IPA) and a group practice plan is that ________.

The main disadvantage of a flexible spending plan is that you may lose any money remaining in the account at the end of the fiscal year.

Your agent argues in favor of cash-value life insurance. You counteract with term to

Term life insurance provides protection for a specified amount of time; typically 1-30 years.

Brenda's husband Bob died last week. Her agent told her she could receive the death proceeds tax-free and a monthly check until her death. He is talking about the ________ settlement option.