MATH QUESTIONS WITH ACCURATE ANSWERS
Term insurance covers the insured for the stated term of the policy.
Accurate Answer - true
For term life insurance, premiums are paid throughout the term.
Accurate Answer - true
For term life insurance, at the end of the term, insurance ceases and the policy
is worth its face value. Accurate Answer - false
Whole-life insurance has a cash value for the insured person if he decides to
stop paying premiums and cash the policy in. Accurate Answer - true
Limited payment life insurance covers the insured for life, but he only has to
pay on it for a certain number of years. Accurate Answer - true
The most usual time period for limited payment life insurance is five or ten
years. Accurate Answer - false
Endowment life insurance is insurance with savings built in. Accurate
Answer - true
If a person purchases a twenty-year endowment insurance policy and pays on
it for twenty years, at the end of that time he may collect a value based upon
his age. Accurate Answer - false
The least expensive type of life insurance is: Accurate Answer - term
Dave is 39 years old and want to buy $15,000 in 10-Year Term. Looking at the
chart his Annual Premium will be 7.53 per thousand.
To find his other premiums look at the Notes at the bottom of the chart.
Semiannual costs 51% of the annual premium. I have to find 51% of 7.53,
(7.53*0.51=3.84) Then I take that amount and multiply it by the number of
thousands (15) 3.84*15=57.60. So Dave's semiannual premium would be
$57.60.
, For the quarterly I have to find 26% of the annual (7.53*0.26) Then multiply
that by 15.
For the monthly I take 9% of the annual 7.53 (7.53*0.09) then multiply by 15.
Accurate Answer - 42.34
All insurance policies have a cash or loan value. Accurate Answer -
false
The cash value of an insurance policy is a function of the face value of the
policy and the length of time the policy is in force. Accurate Answer -
true
Accidents and illness can disrupt income, use up savings, and even put you in
debt. Accurate Answer - true
All hospitalization policies have very similar costs and benefits.
Accurate Answer - false
Some group insurance plans cover ordinary doctor visits and dental work.
Accurate Answer - true
You do not need to be concerned if there are limits on what a company will
pay for a service of medical or dental procedures. Accurate Answer -
false
Jack King pays a $496.00 premium annually. This represents 40% of the total
premium. The rest of the premium is paid by his employer. Accurate
Answer - 60%
multiply by 2.5 $1,240.00
multiply by 1.5 $744.00
Mary Hernandez had a policy with a $250 deductible which paid 80% of her
covered charges less deductible. She had medical expenses of $18,240.00.
Accurate Answer - a. the insurance company's payment = $14,392
$18240 - $250 = 17990 x 80% = $14,392
b. the 20% copayment
Term insurance covers the insured for the stated term of the policy.
Accurate Answer - true
For term life insurance, premiums are paid throughout the term.
Accurate Answer - true
For term life insurance, at the end of the term, insurance ceases and the policy
is worth its face value. Accurate Answer - false
Whole-life insurance has a cash value for the insured person if he decides to
stop paying premiums and cash the policy in. Accurate Answer - true
Limited payment life insurance covers the insured for life, but he only has to
pay on it for a certain number of years. Accurate Answer - true
The most usual time period for limited payment life insurance is five or ten
years. Accurate Answer - false
Endowment life insurance is insurance with savings built in. Accurate
Answer - true
If a person purchases a twenty-year endowment insurance policy and pays on
it for twenty years, at the end of that time he may collect a value based upon
his age. Accurate Answer - false
The least expensive type of life insurance is: Accurate Answer - term
Dave is 39 years old and want to buy $15,000 in 10-Year Term. Looking at the
chart his Annual Premium will be 7.53 per thousand.
To find his other premiums look at the Notes at the bottom of the chart.
Semiannual costs 51% of the annual premium. I have to find 51% of 7.53,
(7.53*0.51=3.84) Then I take that amount and multiply it by the number of
thousands (15) 3.84*15=57.60. So Dave's semiannual premium would be
$57.60.
, For the quarterly I have to find 26% of the annual (7.53*0.26) Then multiply
that by 15.
For the monthly I take 9% of the annual 7.53 (7.53*0.09) then multiply by 15.
Accurate Answer - 42.34
All insurance policies have a cash or loan value. Accurate Answer -
false
The cash value of an insurance policy is a function of the face value of the
policy and the length of time the policy is in force. Accurate Answer -
true
Accidents and illness can disrupt income, use up savings, and even put you in
debt. Accurate Answer - true
All hospitalization policies have very similar costs and benefits.
Accurate Answer - false
Some group insurance plans cover ordinary doctor visits and dental work.
Accurate Answer - true
You do not need to be concerned if there are limits on what a company will
pay for a service of medical or dental procedures. Accurate Answer -
false
Jack King pays a $496.00 premium annually. This represents 40% of the total
premium. The rest of the premium is paid by his employer. Accurate
Answer - 60%
multiply by 2.5 $1,240.00
multiply by 1.5 $744.00
Mary Hernandez had a policy with a $250 deductible which paid 80% of her
covered charges less deductible. She had medical expenses of $18,240.00.
Accurate Answer - a. the insurance company's payment = $14,392
$18240 - $250 = 17990 x 80% = $14,392
b. the 20% copayment
