TN Life and Health Insurance Exam questions with answers

TN Life and Health Insurance Exam
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questions with answers |\ |\




period of time - CORRECT ANSWERS ✔✔term
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life insurance policy that provides temporary coverage -
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CORRECT ANSWERS ✔✔term life insurance |\ |\ |\ |\




least expensive, cheap, or very low premium life
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insurance policy - CORRECT ANSWERS ✔✔term life |\ |\ |\ |\ |\ |\ |\



insurance


the amount paid to the beneficiary at the insured's death
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- CORRECT ANSWERS ✔✔face amount/face value
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where is the face value for a policy listed? - CORRECT
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ANSWERS ✔✔on the 1st page of the policy/contract|\ |\ |\ |\ |\ |\ |\




term life insurance that employer provides to employees;
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usually $10,000 - CORRECT ANSWERS ✔✔group life
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insurance

,what is the maximum amount the employer can provide
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to an employee without you paying tax? - CORRECT
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ANSWERS ✔✔$50,000 |\




How much of the group life of $75,000 would be taxable
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to the beneficiary?
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A. $25,000
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B. $75,000
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C. $50,000
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D. none - CORRECT ANSWERS ✔✔D
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right of the policyholder to renew the policy at the end of
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the term - CORRECT ANSWERS ✔✔renewable
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right of the policyholder to change their temporary/term
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coverage to whole life/permanent protection - CORRECT
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ANSWERS ✔✔convertible |\




You may convert your group life at termination of
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employment to? |\




A. term
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B. whole life
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C. either a or b
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D. none of these - CORRECT ANSWERS ✔✔B
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,the face amount and the premium stay the same for the
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policy period or term - CORRECT ANSWERS ✔✔level term
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the face amount decreases for the life of the policy down
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to zero at the end of the term or expiration date of the
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contract - CORRECT ANSWERS ✔✔decreasing term |\ |\ |\ |\ |\




pays off the balance of a loan at insured's death -
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CORRECT ANSWERS ✔✔credit life |\ |\ |\




the face amount increases for the life of the policy; starts
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at zero/no value; not sold very often - CORRECT
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ANSWERS ✔✔increasing term |\ |\




a rider that at death pays an additional amount of money
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equal to all premiums paid up to your time of death -
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CORRECT ANSWERS ✔✔return of premium |\ |\ |\ |\




expires each year, but is renewable for another year;
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premium increases each year - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\



✔✔annually renewable |\




life insurance policy that covers the whole of life or to age
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100 - CORRECT ANSWERS ✔✔whole life
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, pay the same premium until age 100 when the policy
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pays off to owner - CORRECT ANSWERS ✔✔continuous
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pay


premium is paid up before age 100; higher premium and
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higher cash value - CORRECT ANSWERS ✔✔limited pay
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premium is paid up in one payment - CORRECT ANSWERS
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✔✔single pay
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premium is paid up in 20 yrs - CORRECT ANSWERS ✔✔20
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Pay Life |\




premium paid up at age 65 - CORRECT ANSWERS ✔✔Life
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Paid Up at 65 |\ |\ |\




premium begins very low (term) and changes to whole
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life with one raise in premium after 3-5 years then
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premium is constant for life of policy - CORRECT
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ANSWERS ✔✔modified whole life |\ |\ |\




premium begins very low (term) and raises each year for
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5-10 years then premium is constant for life of policy -
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CORRECT ANSWERS ✔✔graded premium whole life |\ |\ |\ |\ |\