Peter and Marcia, both age 34, can pay $650 a year each on life insurance. Sample Decks: Life Insurance Policy Options, Life Insurance Policy Options Quiz Questions, Life Insurance Policy Provisions Quiz Questions Show Class Life and Health Insurance (including Nevada state specific) Life and Health Insurance (including Nevada state specific) Flashcard Maker: Ally Ramirez. Choose from 500 different sets of universal life insurance flashcards on Quizlet. Also explore over 28 similar quizzes in this category. Joshua is 25 years old and has a high risk job making $72,000 a year. As part of the mandate of Life Insurance Awareness Month to raise awareness for all things related to life insurance, we want to do our part to educate our readers on the different aspects of life insurance. When an adult insures a child, premiums will be waived until the child reaches 21, if the adult dies or is disabled, Continuation of life insurance coverage if the insured becomes totally disabled and is unable to pay the premiums, A guaranteed-minimum annuity that, on the annuitant's death, makes monthly payments to the beneficiary until the total price of the annuity is refunded, "by the head" so its divided equally between surviving members of the family, "by the branch" it means children of a deceased beneficiary are entitled to that beneficiary's share of proceeds, Group that is made up of one or more unions to form a group, retirement plan funded by contributions from the employer and employee, retirement plan funded entirely by contributions from the employer, a benefit whereby employees may share in the profits of the business, Employees must be immediately 100% vested in employer contributions under a SEP plan. Play this game to review Life Skills. Therefore, below is a short quiz on life insurance. This quiz is useful for those individuals who are looking towards producing or selling life insurances in California State. Franchise plans are often used for groups that are smaller than the minimum number required by state law and consist of individuals who do not qualify for ordinary group life insurance. About how much is the face value of the largest combination of policies they can buy without spending more than a combined $1,300 annually? https://quizlet.com/178521907/life-insurance-quiz-flash-cards She is 34 years old. Try this amazing Life Insurance Policy, Provision, Options, And Riders quiz which has been attempted 106 times by avid quiz takers. Life Skills. Access the lessons anytime 24/7, and visit them as many times as you'd like. Because Bernard has some health issues, he must pay 15% more for life insurance. C) Al Capone, who, at the time of his death in 1947, held an insurance policy with $3 million in coverage. Take this quiz to see how much you know about life insurance in general and the benefits of having life insurance. Life insurance is often viewed as a confusing topic. Thus you need a license to do so, and that comes with the California Life and Health Insurance Agent exam. Quizlet flashcards, activities and games help you improve your grades. Choosing a life insurance policy can be overwhelming. True or false? Based on the given information, what is the best policy to buy? So, you need a lot of practice for making through the exam itself. Your children are 3 and 5 years old now, and you want an inexpensive policy that covers your family at least until the youngest is 22. A young married Dad is applying for life insurance. If Jesse wants to buy a $75,000 10-year term life insurance policy, and the annual premium rate (per $1000 of face value) for his age group is $2.34, how much is Jesse's annual premium. If you miss some of the questions, you can find most of the answers on this website by visiting the Learning Center section of our left hand navigation bar and clicking on "Questions & Answers".1. Learn universal life insurance with free interactive flashcards. Angelo, age 40, is comparing the premium for a $125,000 whole life insurance policy he may take now and the premium for the same policy taken out at age 45. Even with the extra charge for renewal, Eva's plan is the least expensive. Take our life insurance quiz to test your knowledge! quiz life insurance Classes. From the following three options, DeShawn decides to buy the $900,000 20 year term policy. Take the Quiz: Insurance Terminology. True or false? About This Quiz & Worksheet. Using the premium table, what is her annual premium for a 10 year policy? A) David Geffen, producer, music mogul and film executive, who held a life insurance policy with a $100 million coverage amount. Questions. Quizlet is a lightning fast way to learn vocabulary. 0% average accuracy. a. Which types of insurance are most appropriate for a single, working, 24-year-old? Quiz & Worksheet Goals. About how much more annually will a $115,000 10-year term insurance at age 35 cost Bernard than someone of the same age without health issues? Chapter 12 Review: Life Insurance DRAFT. (hint: choose 3 correct answers) He makes $45,000 a year and is planning to retire when he turns 60. Life Insurance Quiz Question 1: This insurance provides coverage for a specific period of time, usually from one to 30 years: Universal Life Insurance Whole Life Insurance None of the above Term Life Insurance Question 2: The cash surrender value of a permanent life insurance … Then, talk to your ERIE agent about a Long-Term Care Accelerated Death Benefit Rider from Erie Family Life Insurance Company. Eva decides to buy a $400,000 10-year term policy and then renew the policy for another ten years afterwards. b. Try this amazing Practice Exam 4 - Life Insurance quiz which has been attempted 4078 times by avid quiz takers.  Which of the following factors is not used to determine how much he'll pay for insurance? Enter your game code to play on a computer, tablet, or phone. C. DeShawn's current policy will cover his family for an adequate period of time at his current salary. If the annual life insurance premium rate (per $1000 of face value) is $3.96, what is the largest 15-year term policy she can buy without spending more than $750 annually? Given the options below, assess whether Eva made a wise decision. You will pay substantially less for life insurance if which of the following factors is true? Life Insurance plans that cover a small group of individuals; however, unlike group insurance each individual is issued an individual policy. If you buy a term policy with a … Use this quiz and worksheet combo to quickly assess what you know about the different options available for those seeking a whole life insurance policy. Practice Test: Life Insurance Test #1. To renew the policy the insurance company charges an extra 40% to her premium rate. There aren’t many better ways of education than a knowledge test. The insurance company charges him an extra 20% on top of his premium rate because of his job. If you’re worried your family won’t have a financial cushion if something happens to … Preview this quiz on Quizizz. Take this quiz and find out. Start studying Life Insurance Quiz. 0 times. Learn life insurance with free interactive flashcards. Study Flashcards On Life Insurance Flashcards at Cram.com. The concept that having a large pool of similar risks enables predictability of losses on a statistical basis. Good luck! DeShawn is 38 years old and is married with 3 children, ages 2, 4, and 6. She makes $48,500 a year. How much do you know about life insurance? Which of the following statements regarding life insurance is true? Cram.com makes it easy to get the grade you want! Search Create Log inSign up 7 Matching questions 1. If Joshua wants a policy that will replace five years of his salary, what is the annual premium for the cheapest policy? This True or False quiz will test your life insurance basics knowledge. Students: Join a round of Quizlet Live here. Given DeShawn's scenario, assess whether DeShawn made a wise decision. In fact, according the 2015 Insurance Barometer study conducted by worldwide research organization LIMRA and non-profit Life Happens, 38 percent of consumers did not purchase (or did not purchase more) life insurance because they found life insurance research to be confusing. This five-question quiz will help you better understand long-term care and why it’s important to consider. Maria, age 28, wants to pay no more than $300 a year in life insurance. Here we have got a beneficial practice test for you. A comprehensive database of general insurance quizzes online, test your knowledge with general insurance quiz questions. 16 minutes ago. Browse 500 quiz life insurance classes What is the face value of the largest 20-year term policy she can buy without spending more than $300 annually? Learn vocabulary, terms, and more with flashcards, games, and other study tools. About This Quiz & Worksheet. Who has the greatest need for life insurance? Also explore over 27 similar quizzes in this category. Ill give you some basic insurance related terms and concepts as they relate to insurance in the United States. B) J.K. Rowling, who insured her life for the staggering sum of $126 million. Sherita, age 37, wants to pay no more than $750 a year in life insurance. Take this free practice test to get an idea of what is on your state's life and health insurance agent licensing exam.. As an insurance agent, one is allowed to offer many different lines of coverage – provided that the required training and testing qualifications have been met.