Primerica Life Insurance| 75 QUESTIONS| WITH COMPLETE SOLUTIONS
Risk correct answer: uncertainty of a financial loss; 2 types Two typed of risks correct answer: Pure (Insurable) and speculative (uninsurable) Benefits of purchasing insurance? correct answer: You get to transfer financial risk left after passing to insurance company Law of large numbers correct answer: the larger the size of the group the more accurately the experience aka predicted losses of that group can be predicted Policyowner correct answer: person who owns policy, pays premiums, and chooses the beneficiary Insured correct answer: the life of the person the policy covers (could be policyowner) Insurer correct answer: the insurance company which issues the policy and pays the death benefit to the beneficiary upon the death of the insured Beneficiary correct answer: the person who receives death proceeds What does having life insurance create or do? correct answer: Creates an immediate estate for the beneficiary which could help pay for daily expenses, mortgage, or college etc
Written for
- Institution
-
Liberty University
- Course
-
Primerica
Document information
- Uploaded on
- April 8, 2023
- Number of pages
- 10
- Written in
- 2022/2023
- Type
- Exam (elaborations)
- Contains
- Questions & answers
Subjects
-
primerica life insurance| 75 questions| with complete solutions
Also available in package deal