DELAWARE LIFE INSURANCE EXAMINATION
TEST 2026 FULL QUESTIONS AND VERIFIED
SOLUTIONS
◉ Insurance transfers what? Answer: The risk of loss from an
individual or a business entity to an insurance company. That then
spreads the cost of unexpected losses to many individuals.
◉ If there was no life insurance mechanism, who would have to bear
the cost of a loss? Answer: The individual who suffered the loss.
◉ Life insurance protects against what? Answer: Financial loss
associated with an insured's death. This is done by paying the death
benefit to the beneficiaries following the death of the insured.
◉ What does the policyowner of the insurance contract pay to the
insurer?. Answer: A premium.
◉ What does the insurer issue to the insured?. Answer: A policy.
◉ In the event of the insured's death, what does the insurer pay?.
Answer: The death benefit to the beneficiary.
, ◉ Who may purchase life insurance?. Answer: An individual or a
business.
◉ What possibility must the policyowner face in order to purchase
insurance?. Answer: The possibility of losing money or something of
value in the event of a loss.
◉ What is insurable interest?. Answer: The possibility that the
policyowner may lose money or something pf value in the event of a
loss.
◉ In life insurance, what must exist between the policyowner and
the insured AT THE TIME OF APPLICATION?. Answer: Insurable
interest.
◉ When must the insurer pay the policy benefit WHETHER OR NOT
AN INSURABLE INTEREST EXIST?. Answer: Once a life insurance
policy has been issued.
◉ When does valid insurable interest exist between the policyowner
and the insured?. Answer: When the policy is insuring the
policyowner's life, the life of a family member (a spouse or a close
blood relative), or the life of a business partner, key employee, or
someone who has a financial obligation to the policyowner (such as
debtor to a creditor).
TEST 2026 FULL QUESTIONS AND VERIFIED
SOLUTIONS
◉ Insurance transfers what? Answer: The risk of loss from an
individual or a business entity to an insurance company. That then
spreads the cost of unexpected losses to many individuals.
◉ If there was no life insurance mechanism, who would have to bear
the cost of a loss? Answer: The individual who suffered the loss.
◉ Life insurance protects against what? Answer: Financial loss
associated with an insured's death. This is done by paying the death
benefit to the beneficiaries following the death of the insured.
◉ What does the policyowner of the insurance contract pay to the
insurer?. Answer: A premium.
◉ What does the insurer issue to the insured?. Answer: A policy.
◉ In the event of the insured's death, what does the insurer pay?.
Answer: The death benefit to the beneficiary.
, ◉ Who may purchase life insurance?. Answer: An individual or a
business.
◉ What possibility must the policyowner face in order to purchase
insurance?. Answer: The possibility of losing money or something of
value in the event of a loss.
◉ What is insurable interest?. Answer: The possibility that the
policyowner may lose money or something pf value in the event of a
loss.
◉ In life insurance, what must exist between the policyowner and
the insured AT THE TIME OF APPLICATION?. Answer: Insurable
interest.
◉ When must the insurer pay the policy benefit WHETHER OR NOT
AN INSURABLE INTEREST EXIST?. Answer: Once a life insurance
policy has been issued.
◉ When does valid insurable interest exist between the policyowner
and the insured?. Answer: When the policy is insuring the
policyowner's life, the life of a family member (a spouse or a close
blood relative), or the life of a business partner, key employee, or
someone who has a financial obligation to the policyowner (such as
debtor to a creditor).
