TN Life and Health Insurance Exam | 215 Questions and Answers(A+ Solution guide)

term - period of time term life insurance - life insurance policy that provides temporary coverage term life insurance - least expensive, cheap, or very low premium life insurance policy face amount/face value - the amount paid to the beneficiary at the insured's death on the 1st page of the policy/contract - where is the face value for a policy listed? group life insurance - term life insurance that employer provides to employees; usually $10,000 $50,000 - what is the maximum amount the employer can provide to an employee without you paying tax? D - How much of the group life of $75,000 would be taxable to the beneficiary? A. $25,000 B. $75,000 C. $50,000 D. none renewable - right of the policyholder to renew the policy at the end of the term convertible - right of the policyholder to change their temporary/term coverage to whole life/permanent protection