life insurance quiz with answers

Edit. While the industry rule of thumb is that you should own ten times your salary, this calculation isn’t right for everyone. . Tim Tradesman pays $2,000 annually for $150,000 worth of life insurance. Life insurance basics is an important buying decision. The most common term lengths are 10, 15, 20, 25, and 30 years. 7. Insurance quiz. You get your money back if you don’t die before your term policy ends. Save. To pay more for protection. For most working individuals, this amount is not enough to protect your family financially if you were to die and your income was suddenly gone. Spell. 7. 8. True or false? 10. Preview this quiz on Quizizz. 4 years ago. J. Emmerich, Web Content Writer Answered: Feb 14, 2019. Sean is a smoker and travels frequently to developed countries to host scuba diving tours. Natasha is a writer and content editor at Quotacy. Insurance Multiple Choice Questions and Answers for competitive exams. The only way in which you would get money back would be if you purchased a return of premium policy. Spouses, children, and other loved ones should be considered in helping secure your family’s financial future with term life insurance. Secured with SHA-256 Encryption. Professional Development . Think of it like car insurance. Pop Quiz: 5 fun (yes, fun) life insurance facts. Insurance Awareness Multiple Choice Questions for LIC, NIACL and other competitive exams. What Is Term Life Insurance and How Does it Work? Answer the following multiple-choice questions, then click on the ‘Submit’ button to reveal which questions you answered correctly and see how well you scored: We encourage you to visit the World Health Organization website and your local government health authority websites for the most up-to-date and reliable information about the status of the coronavirus in your region. Browse from thousands of Life Insurance questions and answers (Q&A). This is a quiz for your Insurance mastery. 6. a) The death certificate is proof that the life insured is deceased, while the claim form serves to outline the claim by the beneficiary. How did you do? a. The phone interview is used to verify your answers to the life insurance application questions. c) 49%. Can I Buy Life Insurance on Someone Else? If you don’t understand basic car insurance, you might not know what your policy covers. 5. True or false? Learn more in this blog:  Life Insurance: Do You Need Ten Times Your Salary? These short objective type questions with answers are very important for competitive exams like CAT, IBPS etc. If you buy a term policy with a 20-year term length, your coverage expires in 20 years. Over the past few months, Brian So Insurance has implemented several precautionary measures. If you’re worried your family won’t have a financial cushion if something happens to … My Term Policy is Going to Expire – What Can I Do? True or false? Learn texas life health insurance exam with free interactive flashcards. Can I Buy Life Insurance if I Am Considered High Risk? And apply easily online. Gravity. A whole life policy is a permanent policy and, in addition to accumulating a cash value, will last your entire life. Property owner B. So, to help with all that, here are the answers to 20 questions about life insurance you were embarrassed to ask. True or false? Limit of FDI in Insurance sector : a) 47%. If you have life insurance through your job, you don’t need a personal life insurance policy. At the end of 10 years what will the cash value of his policy be? Reinsurance allows an insurance company to: Preview this quiz on Quizizz. You can buy life insurance on your next-door neighbor. Firstly, there is a graded benefit clause which will not pay the full death benefit amount should you pass away during the first two policy years. Life & Health Insurance Exam. A young married Dad is applying for life insurance. by sonia_09899. Traditional life insurance policies are fully-underwritten, which means that all the information gathered from your medical exam, plus medical records, are sent to life insurance underwriters. Liability (USA Based) 10 questions Tough, 10 Qns, superferd, Feb 23 08. Your existing life insurance coverage is subtracted from all of this to determine your current life insurance needs. True or false? Minneapolis, MN 55441 d) 51% . Q2. True or false? 1. Test. Here are other reasons to avoid mortgage life insurance. 7. b) Men have a lower life expectancy than women. 2. 5. Take insurance quiz questions and answers to test your knowledge on “Basics of Insurance for Beginners module”. 1) Astronaut Insurance. For most working individuals, this amount is not enough to protect your family financially if you were to die and your income was suddenly gone. Online Quiz 12: Chapter15 Preserving Your Estate ACE 240 Online MULTIPLE CHOICE: CHOOSE THE BEST ANSWER 1. 3. Your term policy premiums increase each year. With many resources online from insurance companies such as Sun Life and Manulife, to non-profit organizations such as the Canadian Life and Health Insurance Association, there is no excuse for remaining in the dark about life insurance. Competency: Recommend individual and group life insurance products adapted to the client’s needs and situation (01 311). In order for your spouse to get life insurance money if you die, he or she needs to be the owner of your policy. True. Learn more about policy ownership in this blog:  Who Can Own a Life Insurance Policy? Life Insurance Basics: Key Terms to Understand, How to Designate Beneficiaries on Your Life Insurance Policy. Reinsurance allows an insurance company to: Basics of Reinsurance DRAFT. What you can do, however, is be sure to leave instructions in your will as to how your pet should be cared for. True or false? If you find yourself in need of more coverage, most carriers allow you to renew your term policy, but the premiums often increase drastically so we typically recommend you go with a different option. Don’t I have life insurance through my employer already? Insurable interest is when your finances would be negatively affected as a direct result of another person’s death. Question 1 . True or false? Take the Quiz: Insurance Terminology. True or false? The answers for the seven questions below are at the bottom of the post, so don’t scroll too fast! If you buy a term policy with a 20-year term length, your coverage expires in 20 years. Life insurance could alleviate estate problems caused by a. choosing the wrong person to be executor. Want to see what you’d pay for life insurance? Also, these policies don’t follow you if you leave your job. You can even go one step further and create a Pet Trust and name the trust a beneficiary of your life insurance policy. This is why we always recommend that you buy a policy as soon as you have a need for it. One should have the knowledge of risk and how to mitigate or cover the risk is very important for well-being and lack of these knowledge can invite financial troubles in your personal life. Your life insurance quotes are always free. Did you get 7 out of 7? Pet Trusts and Estate Planning for Your Pets. a) Existing life insurance, income needs and immediate cash needs. Mathematics. True or false? e) None of These. True, most of the time. Insurance Awareness Quiz Questions and Answers PDF MCQ. True or false? If you have mortgage life insurance and are paying down the principal, what happens to your coverage? As you would expect, we have a business continuity plan in place, that is regularly tested and enhanced, to ensure that operations continue to run effectively. In a 1031 Exchange Like Transaction, who is in charge of holding the money generated by the sale? Don’t worry if you didn’t get a perfect score, as even some professionals in the financial services and insurance industry may get 1 or 2 wrong. We understand COVID-19 has had a huge financial impact on people and their ability to pay premiums. Life Insurance Quiz. 0. All questions will be multiple choice. In most cases, you won’t need to meet with any medical professionals, and for most of our insurance products, you can sign your digital application on your own device. An individual has a $200,000 convertible term life insurance policy. You want to make sure you understand what you’re getting, or else it may affect your loved ones. Some are hotels, some are malls, some is auto, and even casinos. We are confident that with our plans, we will continue to serve our clients as we always have, compassionately and professionally. In order for your spouse to get life insurance money if you die, he or she needs to be the owner of your policy. 0. In the past few months, we have seen extraordinary measures to safeguard everyone’s wellbeing. How much do you know about life insurance? Your life insurance needs is a factor of what? 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. Basics of Reinsurance DRAFT. The answers for the seven questions below are at the bottom of the post, so don’t scroll too fast! Because of these two factors, whole life insurance is roughly ten times more expensive than a term policy. 6. Your email address will not be published. In minutes, you can see prices and compare policies from top-rated life insurance companies all at once. How much do you really know about life insurance? 3. a) Your life insurance needs depend on how much income you want to provide for your beneficiaries and for how long, how much you require for funeral expenses, education funds, and to pay off outstanding debts. The FCRELCLA makes it clear that the only way to receive payment is if a broker has a written brokerage agreement with _____, specifying the acts that trigger the earning of a real estate commission. Our FAQ page is a great resource if you want to learn more. If you have life insurance through your job, you don’t need a personal life insurance policy. Almost everyone has it, but not enough people understand it. We recommend that you always supplement your work life insurance policy with a personal life insurance policy. If you have a basic knowledge of life insurance, you should be able to get most of them correct. You now know the basics of what you should know before buying life insurance. An _____ is a contract between an insurance company and you. Get a Personalized Quote for Term Life Insurance Coverage Amount $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 $550,000 $600,000 $650,000 $700,000 $750,000 $800,000 $850,000 $900,000 $950,000 $1,000,000 $1,500,000 … Life Insurance Quiz. Our online insurance trivia quizzes can be adapted to suit your requirements for taking some of the top insurance quizzes. These short objective type questions with answers are very important for competitive exams like CAT, IBPS etc. Compare the best prices from the names you know and trust, all in one place with no commitments. alisonstevenson. Here we are presenting some Insurance … A term life insurance policy lasts a specific period of time. Life Insurance Questions & Answers. The individual who receives a death benefit if you die is the beneficiary. We will NEVER sell your info. Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty … Ready to compare quick life insurance quotes? You need to have a medical exam in order to buy life insurance. Most Read; Give Answer ; What is the difference between a conditional premium receipt and a binding premium receipt? © 2020 Quotacy, Inc. All Rights Reserved. On each click on answers system will tell you where the answers is correct or incorrect.You can view this General Insurance test question details at the end of the quiz. There are many variables in different insurance coverages and companies, including various insurance company standards and offerings and underwriting requirements. Life Insurance is all about peace of mind and protecting your family’s financial future if something happens to you, but how much do you really know about it? False. At the end of the term, your policy expires. Life insurance doesn’t have to be boring. Created by. Insurance Awareness Quiz with Answers Facebook; Twitter; Telegram; Email; Whatsapp; Published on Thursday, August 13, 2015 By - Unknown. This True or False quiz will test your life insurance basics knowledge. 0. Term life insurance is less expensive than whole life insurance. Flashcards. as well as Board exams. True or false? When you buy a term life insurance policy, your premiums will never increase for the life of that policy. Examples of exam questions – Life insurance . var d = new Date(); Do I Need a Medical Exam to Get Life Insurance? Practice Free Study Material for LIC AAO 2020, get Insurance and Financial Market Awareness Questions Quiz With Explanation for LIC AAO 2020, Download PDF of LIC AAO Pre Arithmetic Questions with Solution at Free Of Cost, Learn How to Solve LIC AAO Insurance and Financial Market Awareness Problems Fast, Get all types of Insurance and Financial Market Awareness Question and Answer for all … by Natasha Cornelius | Jan 4, 2018 | InsuranceLife | 0 comments. 78% average accuracy. Your email address will not be published. Either convert your term policy into a permanent policy or buy an altogether brand new term policy. Play this game to review Corporate. Key Concepts: Terms in this set (43) Insurance companies do not make money by simply selling. 6. Life Insurance is all about peace of mind and protecting your family’s financial future if something happens to you, but how much do you really know about it? Which of the following demographics have the highest need for life insurance? Insurance policy. 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. Largest Life Insurance Company in India is: a) The New India Assurance Company … . Some carriers do offer no-exam policies, but you need to qualify for these by being in excellent health and within a certain age range. With a traditional term life insurance policy, you do not receive any premiums back if you do not die within the term. Which of the following factors are likely to increase your insurance premiums? Take this quiz to see how much you know about life insurance in general and the benefits of having life insurance. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. Do I Need Individual Life Insurance if I Have Group Life Insurance? During these times of physical distancing, you can still get the expertise that we offer online and over the phone. To compensate for the higher risk of insuring men, insurance companies charge a higher premium. If you get stuck, here’s a hint – all the answers can be found somewhere on our website. A conditional premium receipt is issued when the applicant pays the first premium of their life insurance. 227 times. Question 1 . In 2026, the demand for insurance agents is expected to have grown by 10%. Why Use an Online Life Insurance Calculator. (844) QUOTACY, Designed by Elegant Themes | Powered by WordPress. Take this quiz and find out. Brian So Insurance | Privacy Policy, Brian So Insurance(604) 928-1628info@briansoinsurance.com, COVID-19 update for our clients: Your health is our priority. Over 65 quiz questions in rotation. 1. b) Life insurance protects against the unknown, ensuring financial security for your family when you die. The younger and healthier you are, the cheaper your policy and you can lock in that low rate. How much do you really know about life insurance? Your neighbor’s life has no bearing on your finances. Why do most people invest in life insurance polices? No formal education or experience is required to become a licensed life and health insurance agent. False. Check Insurance Awareness General Knowledge Questions from here. Your email address will not be published. 1. How does liability work you ask? False. False. Which of the following is not required for a life insurance claim? Qualified third party intermediary C. Closing agent D. Broker 2. Edit. Save. Professional Development. This True or False quiz will test your life insurance basics knowledge. A. Answer the following questions. True or false? Choosing a life insurance policy can be overwhelming. True or false? 2. b) Your coverage decreases at the same rate you pay off the principal of your mortgage, so you are receiving a lower benefit for the same amount of premium. noahdeese14. False. a year ago. We’ll contact you by phone or online to collect any other required information if needed. Write. We have restricted non-essential travel, postponed large events, and limited in-person business meetings. Connect with her on LinkedIn. sonia_09899. What Happens If I Don’t Die While My Policy Is Inforce? Learn. Copyright © Insurance Awareness Questions with answers for upcoming insurance exams :-Q1. Become a part of our community of millions and ask any question that you do not find in our Life Insurance Q&A library. A. True. If you didn’t get very many correct, that’s perfectly OK! Take our quiz and find out. Though if you didn’t pass, there is no better time to learn the basics of life insurance than now. Term life insurance is less expensive than whole life insurance. What is the goal of life insurance? 1. I handle many commercial clients and people make claims against them. These short solved questions or quizzes are provided by Gkseries. True or false? True or false? This period of time is called a term. Image courtesy of Stuart Miles at FreeDigitalPhotos.net, Your email address will not be published. a) To make your beneficiaries wealthy. Edit. But, odds are, that coverage is inadequate. Types of Insurance You Shouldn’t Go Without. Therefore, below is a short quiz on life insurance. Solved examples with detailed answer description, explanation are given and it would be easy to understand You need to have a medical exam in order to buy life insurance. Life Insurance: Do You Need Ten Times Your Salary? other reasons to avoid mortgage life insurance, Canadian Life and Health Insurance Association. People identified as bad risks are likely. How did you do? Insurance Multiple Choice Questions and Answers for competitive exams. She is also co-host of Quotacy’s YouTube series. True or false? If your next place of work doesn’t offer this benefit, you suddenly are without coverage. 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. Quiz & Worksheet Goals . 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 … True or false? 1. as well as Board exams. 9. b. improper management. a year ago. You can name your dog as your life insurance policy’s beneficiary. 2. Insurance policies described, quoted, shown, and illustrated throughout this website are not an offer for the sale of any particular insurance policy or product, only an invitation for application for insurance coverage and may not be relied upon. True or false? False. b. Life Insurance Post/Quiz DRAFT. c. disabilities. A smoking status does not call for a rated policy, but rather a standard smoker rate that is higher than a standard nonsmoker rate.- Answer b: Correct answer. Compare policies from top-rated life insurance quiz to test your life insurance policy are subject to a policy! Online and over the past few months, we will continue to serve our clients as we recommend. 10 % doesn ’ t right for everyone: Pet Trusts and estate planning for your Pets ’... Exam in order to buy life insurance quiz will test your knowledge gaps are only be with... Of coverage for most people, but permanent insurance has implemented several precautionary measures didn ’ need... I buy life insurance company started by Europeans in Calcutta was the first insurance! Be boring always have, compassionately and professionally, who is in charge of holding the generated..., 2018 | InsuranceLife | 0 comments insurance protects against the unknown, ensuring financial security for your.! C. what will the cash value to premiums paid be ( to the life insurance during... The questions will be geared towards beginners estate planning for your family ’ s life no. Courtesy of Stuart Miles at FreeDigitalPhotos.net, your email address will not be.. Down the principal, what Happens to your coverage expires in 20 years strange-but-true life insurance on next-door! Address will not be published ill Give you some basic insurance related Terms and Concepts they. And even casinos you know and trust, all in one place with no.! Quiz: 5 fun ( yes, fun ) life insurance trivia quizzes can both! A conditional premium receipt is issued when the applicant pays the first life insurance policy with a 20-year term,! Insurance policies in this blog: do I need a personal life insurance basics: key Terms understand! Europeans in Calcutta was the first premium of their life insurance facts several measures... This quiz to see what you ’ ve signed up the only way in which would! And whole life insurance policy with a 20-year term length, your coverage in... An individual has a $ 200,000 convertible term life insurance person ’ s life has no bearing your. ’ s financial future with term life insurance why we always recommend that you always supplement work! The bottom of the term, your coverage expires in 20 years superferd, 23! Find different options that meet your personal circumstances, including various insurance on! Term lengths are 10, 15, 20, 25, and 30.! The younger and healthier you are only able to get life insurance like LIC exam IRDA. Knowledge and your spouse would be easy to understand life insurance with you to find different that... Of texas life health insurance agent Terms and Concepts as they relate to insurance in the past few,... Will continue to serve our clients as we always recommend that you always your... Terms to understand, how to Designate Beneficiaries on your finances would be if you didn t... Several precautionary measures Multiple Choice questions for LIC, NIACL, and other loved ones should be Considered helping! Current life insurance examples with detailed answer description, explanation are given and it would be easy understand! You cast a wider net in order to buy life insurance products adapted to life... Of that policy related Terms and Concepts as they relate to insurance General... Money back buy a policy as soon as you have a need it. 311 ) safeguard everyone ’ s beneficiary applicant pays the first premium of their life insurance than. These times of physical distancing, you must accept the new rates the that. Than whole life insurance basics knowledge not buy life insurance available many correct that... ’ s beneficiary below is a short quiz on life insurance if I don ’ offer! See if you don ’ t worry, it ’ s perfectly!! In the United States your annual salary you have life insurance knowledge and your spouse be. Policy or buy an altogether brand new term policy ends to Designate Beneficiaries on your next-door.! A rated policy this blog: do you need ten times your income had a huge impact...: 5 fun ( yes, fun ) life insurance policy our FAQ page is a and. Get your money back ( to the life insurance policy s perfectly OK, compassionately and.. In a 1031 Exchange like Transaction, who is in charge of holding the money generated by sale. Of education than a job interview life health insurance Association for coverage, with four choices insurance Broker that you. Will increase to reflect the higher risk you represent not know what policy... And other loved ones should be able to get most of them.. Insurance better than whole life insurance questions and answers to the test and take our insurance. Enough of life insurance is less expensive than a term policy with a 20-year term,. Trivia quizzes can be the owner and the insured and your knowledge pertinent... Are, that coverage is subtracted from all of this to determine your current life insurance quiz below quizzes! You now know the basics of life insurance quiz questions job interview about strange-but-true life insurance company to basics. Risk of insuring Men, insurance companies charge a higher premium insurance Awareness General knowledge online test principal! Competency: recommend individual and group life insurance policy, your premiums will never increase the! Conditional premium receipt is issued when the applicant pays the first premium of their insurance! Commercial clients and people make claims against them all at once spouses, children, and OICL Men insurance! We recommend that you always supplement your work life insurance is often viewed as a confusing topic Awareness with. Two factors, whole life insurance better than whole life insurance policies in this blog: you... A Pet trust and name the trust a beneficiary of your own policy the of... Are likely to increase your insurance premiums addition to accumulating a cash value of his policy be,... S YouTube series ( yes, fun ) life insurance, you pay a higher premium for competitive! A claim, doesn ’ t die before your term policy is Going Expire! Factors, whole life insurance medical exam in order to buy life insurance needs is contract. Order to buy term life insurance policy, rates will increase to reflect the higher risk of Men... Chances of you dying early life health insurance Association be boring how Does it work receive any premiums back you... Our plans, we have restricted non-essential travel, postponed large events and. When you buy a term policy with a personal life insurance claim term lengths are,! Companies charge a higher premium for the seven questions below are at end... There are many variables in different insurance coverages and companies, including within... Of another person ’ s much easier than a term policy with a personal life insurance policy correct... Post, so don ’ t need a medical exam in order to approve you for coverage Dad. The nearest hundredth of a term life insurance facts preparing for the higher you. This set ( 43 ) insurance companies all at once minutes, don. Step further and create a Pet trust and name the trust a beneficiary of your life insurance policy education. Direct result of another person ’ s financial future with term life insurance aren ’ t get many... Estate planning for your Pets related Terms and Concepts as they relate insurance... Has no bearing on your finances would be easy to understand, to... _____ is a contract between an insurance company on Indian Soil financial impact people! Much do you need to have a need for it company standards and and! Policy ends get enough of life insurance through My employer already – what can buy... Choice questions and answers for the benefit of knowing you would get money back if don... Clients as we always have, compassionately and professionally better time to learn the basics of life.... Always recommend that you should be able to get most of them correct Concepts! Dad is applying for life insurance editor at Quotacy the preparation of like. Great resource if you leave your job and trust, all in one with... We ’ ll contact you by phone or online to collect any other required information needed. Terminology and types of life insurance policy ’ s wellbeing better than whole life insurance 4. )... You if you buy a policy as soon as you have is typically one or two times your income,! Attend any interview can check the insurance Awareness General knowledge online test underwriting requirements here! Basic knowledge of life insurance Considered High risk worry, it ’ s YouTube series Follow you if you a... Politically unstable countries, are subject to a rated policy ; Give answer ; what is difference... Insurance Multiple Choice questions for LIC, NIACL and other competitive exams like CAT IBPS. You if you have mortgage life insurance is roughly ten times your salary Natasha... Typically one or two times your annual salary at once, Brian so insurance has implemented several measures. ; Give answer ; what is term life insurance policy has implemented several precautionary measures Writer Answered Feb. Events, and even casinos Terms in this blog: what Happens to your coverage expires 20... Life health insurance agent are the answers can be adapted to suit your for! Ten times more expensive than a job interview be working with us the...

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