LLQP Life insurance questions with correct answers

Financial impact of death Answer Loss of income Loss of caregiver Debt repayment Income taxes Estate creation (education funds, legacies, charitable giving) Business impacts Risk Management Answer Risk avoidance Risk reduction Risk retention Risk transfer Joint (First-to-Die) Life Insurance Answer A type of permanent life coverage that insures two persons under one policy and that pays the death benefit when the first insured dies. Some contracts give the surviving life insured the choice of continuing the same level of coverage on their own life under a new policy without having to provide proof of insurability. joint last to die Answer With a joint last-to-die life insurance policy, a single amount of coverage is placed on two or more lives insured, and the death benefit is paid out upon the death of the last person to die. Level term death benefit Answer The death benefit equals the initial face amount