LLQP- Life Insurance (LIFE) questions with correct answers

Do whole life policies have a cash value? LLQP - LIFE VL 08 - WL Premium Options, Modal Factors and Limited Payment Policies Answer Yes, and as a result, they have non-forfeiture options as well Define "Insurance" LLQP - LIFE VL 01 Answer Insurance can be summed up by two words "Spreading Risk." Insurance takes the risks associated with many individuals combine them and spread the combined risks over the group. Insurance spreads the risk amongst people in the same risk class. For example, the risk of 40 year-old man dying this year is lower than the 70 year-old woman dying this year and therefore they would not be in the same risk class. Life Insurance can be summarized as follows: "If the life insurred dies from a covered cause while the policy is in force, a tax-free benefit is payable to the beneficiary of the policy. " What are the factors considered when approving life insurance? LLQP - LIFE VL 01 Answer - Age - Gender