Life Insurance And Annuities Exam Questions With Accurate
Solutions.
Life Insurance - accurate answers-Agreement providing financial protection in
the event of death
Health Insurance - accurate answers-Coverage for medical expenses and
disability
Insurance - accurate answers-Agreement where one party pays a premium to
another party in exchange for coverage
Insured - accurate answers-Person whose life or health is covered by an
insurance policy
Beneficiary - accurate answers-Person or entity entitled to insurance benefits
in the event of a claim
Social Insurance - accurate answers-Government-provided insurance for
unemployment, health, and disability
Private Insurance - accurate answers-Insurance sold by private insurers,
including voluntary and compulsory coverage
Mortality Risk - accurate answers-Risk of financial consequences due to one's
death
Longevity Risk - accurate answers-Risk of outliving one's financial resources
Morbidity Risk - accurate answers-Risk of financial consequences due to
injury, disease, or incapacity
Life Insurance - accurate answers-Insurance that pays a death benefit to
named beneficiaries upon the death of the insured
Annuities - accurate answers-Insurance policies that provide payments while
the insured is still alive
, Health & Disability Insurance - accurate answers-Insurance that pays in the
event of loss of health, physical or mental disability
Term Insurance - accurate answers-Insurance that pays a death benefit if the
insured dies during the policy term (typically run from 1 year up to about 50
years)
- least expensive life insurance
Cash-Value Life Insurance - accurate answers-Insurance that combines a
death benefit with an internal savings component
Whole Life Insurance - accurate answers-Cash-value life insurance that
provides guaranteed death benefits, premiums, and cash value accumulation
- life-time protection
Limited-Payment Whole Life Insurance - accurate answers-Type of whole life
policy, the insured has lifetime protection, and premiums are level, but they
are paid only for a certain period rather than over the lifetime of the policy
Single-premium Whole Life insurance - accurate answers-policy provides
lifetime protection with a single—large—premium paid at policy inception
Universal Life Insurance - accurate answers-(Cash- Value) Flexible premium
life insurance that offers current interest rates and death benefit amounts
Variable Life Insurance - accurate answers-(Cash-value) Life insurance policy
with death benefit and cash values that vary based on investment experience
Fixed Immediate Annuity - accurate answers-Annuity that pays guaranteed
and fixed periodic payments immediately after purchase
Fixed Deferred Annuity - accurate answers-Annuity that provides a
guaranteed periodic payment at a future date
Accumulation Phase of an Annuity - accurate answers-Period before annuity
payments commence and during which premium payments are made and
cash values accumulate.
Solutions.
Life Insurance - accurate answers-Agreement providing financial protection in
the event of death
Health Insurance - accurate answers-Coverage for medical expenses and
disability
Insurance - accurate answers-Agreement where one party pays a premium to
another party in exchange for coverage
Insured - accurate answers-Person whose life or health is covered by an
insurance policy
Beneficiary - accurate answers-Person or entity entitled to insurance benefits
in the event of a claim
Social Insurance - accurate answers-Government-provided insurance for
unemployment, health, and disability
Private Insurance - accurate answers-Insurance sold by private insurers,
including voluntary and compulsory coverage
Mortality Risk - accurate answers-Risk of financial consequences due to one's
death
Longevity Risk - accurate answers-Risk of outliving one's financial resources
Morbidity Risk - accurate answers-Risk of financial consequences due to
injury, disease, or incapacity
Life Insurance - accurate answers-Insurance that pays a death benefit to
named beneficiaries upon the death of the insured
Annuities - accurate answers-Insurance policies that provide payments while
the insured is still alive
, Health & Disability Insurance - accurate answers-Insurance that pays in the
event of loss of health, physical or mental disability
Term Insurance - accurate answers-Insurance that pays a death benefit if the
insured dies during the policy term (typically run from 1 year up to about 50
years)
- least expensive life insurance
Cash-Value Life Insurance - accurate answers-Insurance that combines a
death benefit with an internal savings component
Whole Life Insurance - accurate answers-Cash-value life insurance that
provides guaranteed death benefits, premiums, and cash value accumulation
- life-time protection
Limited-Payment Whole Life Insurance - accurate answers-Type of whole life
policy, the insured has lifetime protection, and premiums are level, but they
are paid only for a certain period rather than over the lifetime of the policy
Single-premium Whole Life insurance - accurate answers-policy provides
lifetime protection with a single—large—premium paid at policy inception
Universal Life Insurance - accurate answers-(Cash- Value) Flexible premium
life insurance that offers current interest rates and death benefit amounts
Variable Life Insurance - accurate answers-(Cash-value) Life insurance policy
with death benefit and cash values that vary based on investment experience
Fixed Immediate Annuity - accurate answers-Annuity that pays guaranteed
and fixed periodic payments immediately after purchase
Fixed Deferred Annuity - accurate answers-Annuity that provides a
guaranteed periodic payment at a future date
Accumulation Phase of an Annuity - accurate answers-Period before annuity
payments commence and during which premium payments are made and
cash values accumulate.
