EXAM 3 YOUR MONEY&CREDIT(quizzes 8,9, 10) ACTUAL UPDATED QUESTIONS
AND CORRECT ANSWERS
Guaranteed renewable term insurance allows you to True
renew a policy for another term without qualifying
medically.
, Employers often provide _____ life insurance as a fringe group
benefit for their full-time employees.
Henry must make set premium payments on his insurance continuous whole life
policy until he dies, and if he cancels the policy, he will
receive the cash value. His plan is a ___ policy.
_____ involves abstaining from any activity that will affect an Risk avoidance
individual financially.
Insurance agents are legally required to disclose their False
commissions in an insurance policy.
A(n) _____ provision enables you to purchase the policy renewable
again at its expiration.
families faced with the loss of a principal wage earner from the government that are intended to provide basic, minimum support.
receive Social Security benefits:
Which of the following statements regarding the The multiple-of-earnings method determines the amount of life insurance
multiple-of-earnings method is true? coverage needed by multiplying the gross annual earnings of the insured by
some selected number.
The probability of a loss occurring can be reduced by: loss prevention.
Underwriters use life expectancy figures to look at True
overall longevity for various age groups and also
consider specific factors related to an applicant's health,
habits, and experiences.
Risk avoidance involves asking an insurance company to False
take over the risk in exchange for a small payment.
A(n) _____ policy is a contract between an individual and a insurance
company under which the company agrees to reimburse
the individual for losses suffered by him or her according
to specified terms.
AND CORRECT ANSWERS
Guaranteed renewable term insurance allows you to True
renew a policy for another term without qualifying
medically.
, Employers often provide _____ life insurance as a fringe group
benefit for their full-time employees.
Henry must make set premium payments on his insurance continuous whole life
policy until he dies, and if he cancels the policy, he will
receive the cash value. His plan is a ___ policy.
_____ involves abstaining from any activity that will affect an Risk avoidance
individual financially.
Insurance agents are legally required to disclose their False
commissions in an insurance policy.
A(n) _____ provision enables you to purchase the policy renewable
again at its expiration.
families faced with the loss of a principal wage earner from the government that are intended to provide basic, minimum support.
receive Social Security benefits:
Which of the following statements regarding the The multiple-of-earnings method determines the amount of life insurance
multiple-of-earnings method is true? coverage needed by multiplying the gross annual earnings of the insured by
some selected number.
The probability of a loss occurring can be reduced by: loss prevention.
Underwriters use life expectancy figures to look at True
overall longevity for various age groups and also
consider specific factors related to an applicant's health,
habits, and experiences.
Risk avoidance involves asking an insurance company to False
take over the risk in exchange for a small payment.
A(n) _____ policy is a contract between an individual and a insurance
company under which the company agrees to reimburse
the individual for losses suffered by him or her according
to specified terms.
