Exam 8: Insuring Your Life

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Credit life insurance is generally considered to be a [good | poor] life insurance buy.

Free

(Multiple Choice)

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Question 1

Correct Answer:

Verified

Group life insurance is

Free

(Multiple Choice)

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Question 2

Correct Answer:

Verified

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -In order to predict accurately the number of losses that will occur in a given time,insurance companies must study [large | small] numbers of cases.

Free

(Multiple Choice)

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Question 3

Correct Answer:

Verified

The needs approach to determining the amount of life insurance considers

(Multiple Choice)

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Question 4

Whole life policies typically provide a high investment rate of return.

(True/False)

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Question 5

____ is a common provision in many term policies.

(Multiple Choice)

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Question 6

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -The [policy owner | insurance company] makes the investment decisions with universal life insurance.

(Multiple Choice)

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Question 7

Individually owned life insurance premiums are generally tax deductible.

(True/False)

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Question 8

A participating policy

(Multiple Choice)

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Question 9

Like universal life insurance,variable life insurance provides a minimum guaranteed return.

(True/False)

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Question 10

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

(Multiple Choice)

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Question 11

Loans are available from almost all life insurance policies.

(True/False)

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Question 12

A variable life policy combines life insurance coverage with tax-favored investment options.

(True/False)

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Question 13

The basic purpose of insurance is to protect you from the results of accidental losses.

(True/False)

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Question 14

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -You can learn about the financial strength of an insurance company by checking Best's Insurance Reports and [the SEC | Standard and Poor's] rating system.

(Multiple Choice)

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Question 15

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

(True/False)

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Question 16

Group life insurance is often provided as a fringe benefit by employers.

(True/False)

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Question 17

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -The cash value would build more quickly with a [continuous | limited payment] whole life policy.

(Multiple Choice)

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(80)

Question 18

The least expensive form of whole life insurance protection is

(Multiple Choice)

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Question 19

A life insurance policy should contain all the following except

(Multiple Choice)

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Question 20

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INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Credit life insurance is generally considered to be a [good | poor] life insurance buy.

Group life insurance is

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -In order to predict accurately the number of losses that will occur in a given time,insurance companies must study [large | small] numbers of cases.

The needs approach to determining the amount of life insurance considers

Whole life policies typically provide a high investment rate of return.

____ is a common provision in many term policies.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -The [policy owner | insurance company] makes the investment decisions with universal life insurance.

Individually owned life insurance premiums are generally tax deductible.

A participating policy

Like universal life insurance,variable life insurance provides a minimum guaranteed return.

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

Loans are available from almost all life insurance policies.

A variable life policy combines life insurance coverage with tax-favored investment options.

The basic purpose of insurance is to protect you from the results of accidental losses.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -You can learn about the financial strength of an insurance company by checking Best's Insurance Reports and [the SEC | Standard and Poor's] rating system.

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

Group life insurance is often provided as a fringe benefit by employers.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -The cash value would build more quickly with a [continuous | limited payment] whole life policy.

The least expensive form of whole life insurance protection is

A life insurance policy should contain all the following except

Understanding the Financial Planning Process

Using Financial Statements and Budgets

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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