Texas life and health insurance (types of
insurance policies) questions and
answers 100% Correct
-premiums are paid weekly & collected by debit agents
-they were designed for burial coverage
ordinary life insurance - ANSWER-of commercial companies not issued on the weekly
premium basis
-made up of term and whole life
group life insurance - ANSWER-life insurance that provides a master policy for a group;
each eligible group member receives a certificate of insurance
term life insurance - ANSWER-Insurance that provides financial protection from losses
resulting from a death during a definite period, or term
decreasing term - ANSWER--term life insurance in which the face amount of the policy
decreases over time in scheduled steps
-most often used to cover a debt obligation (mortgage)
credit policies - ANSWER-are typically purchased using a decreasing term life
insurance policy, with the term matched to the length of the loan period & the
decreasing insurance amount matched to the declining loan balance
increasing term - ANSWER-term life insurance that provides an increasing face amount
over time based on specific amounts or a percentage of the original face amount
convertible term insurance - ANSWER-offers policyholders the option of exchanging a
term policy for a cash-value policy without evidence of insurability
renewable term - ANSWER-the insured person can renew the policy without taking a
physical
annual renewable term - ANSWER-is term coverage that provides a level face amount
that renews annually
a term rider - ANSWER-covers children under their parent's policy
whole life insurance - ANSWER-insurance that is kept in force for a person's entire life
and pays a benefit upon the person's death, whenever that may be
insurance policies) questions and
answers 100% Correct
-premiums are paid weekly & collected by debit agents
-they were designed for burial coverage
ordinary life insurance - ANSWER-of commercial companies not issued on the weekly
premium basis
-made up of term and whole life
group life insurance - ANSWER-life insurance that provides a master policy for a group;
each eligible group member receives a certificate of insurance
term life insurance - ANSWER-Insurance that provides financial protection from losses
resulting from a death during a definite period, or term
decreasing term - ANSWER--term life insurance in which the face amount of the policy
decreases over time in scheduled steps
-most often used to cover a debt obligation (mortgage)
credit policies - ANSWER-are typically purchased using a decreasing term life
insurance policy, with the term matched to the length of the loan period & the
decreasing insurance amount matched to the declining loan balance
increasing term - ANSWER-term life insurance that provides an increasing face amount
over time based on specific amounts or a percentage of the original face amount
convertible term insurance - ANSWER-offers policyholders the option of exchanging a
term policy for a cash-value policy without evidence of insurability
renewable term - ANSWER-the insured person can renew the policy without taking a
physical
annual renewable term - ANSWER-is term coverage that provides a level face amount
that renews annually
a term rider - ANSWER-covers children under their parent's policy
whole life insurance - ANSWER-insurance that is kept in force for a person's entire life
and pays a benefit upon the person's death, whenever that may be
