Idaho Life Insurance Exam Questions and Answers 100% Correct!!

Which of the following would NOT fall into the category of costs associated with death? A The expense of a vacation for surviving family members B Funeral expenses C Final medical expenses of the insured D Day to day expenses of maintaining the family - ANSWER-A The expense of a vacation for surviving family members If an applicant for a life insurance policy is found to be a substandard risk, the insurance company is most likely to A Lower its insurability standards. B Refuse to issue the policy. C Charge a higher premium. D Require a yearly medical examination. - ANSWER-C Charge a higher premium. What is the purpose of key person insurance? A To provide health insurance to the families of key employees B To insure retirement benefits are available to all key employees C To maintain an account that insures the owner of a company remains solvent D To lessen the risk of financial loss because of the death of a key employee - ANSWER-D To lessen the risk of financial loss because of the death of a key employee In terms of Social Security, what is the name for the time period after the youngest child of a family turns 16 and before the surviving spouse may start receiving retirement benefits? A Blackout period