) What is the most common type of life insurance policy offered by companies?

term life insurance More test answers on https://studyhippo.com/comp-and-ben-ch-9/

Which of the following describes a participating life insurance policy?

Policyowners are entitled to receive dividends More test answers on https://studyhippo.com/insurance-review/

An insured died during the grace period of her life insurance policy and had not paid the required annual premium. The insurance company is obligated to pay which of the following to the beneficiary

The the face amount of the policy less any earned premiums More test answers on https://studyhippo.com/life-insurance-practice-exam-1-47598/

An applicant for a life insurance policy is a student pilot, which of the following is true?

They would have to pay more than a standard risk for their coverage More test answers on https://studyhippo.com/life-insurance-practice-exam-1-47598/

Beneficiaries on a life insurance policy can be designated in several different categories. Which of the following statements is not true about a revocable beneficiary on a life insurance policy?

The policyowner cannot change the beneficiary without their knowledge. More test answers on https://studyhippo.com/most-commonly-missed/

Which of the following is true regarding taxation of cash value in a life insurance policy?

Cash value in excess of the premiums paid is taxed upon policy surrender More test answers on https://studyhippo.com/life-insurance-missed-questions/

A life insurance policy has a legal purpose if both of which of the following elements exist?

Insurable interest and consent. To ensure legal purpose of a life insurance policy, it must have both insurable interest and consent. More test answers on https://studyhippo.com/life-license-practice-test-01/

Which of these describe a participating life insurance policy?

Policy owners are entitled to receive dividends More test answers on https://studyhippo.com/life-insurance-exam-practice-pt-2/

Which of the following riders gives the policyowner the option to increase his or her life insurance policy’s face amount based an inflation index?

cost-of-living rider More test answers on https://studyhippo.com/insurance-part-1/

When an insured dies, who has the first claim to the death proceeds of the insured life insurance policy? A) Policyowner B) Primary beneficiary C) Contingent beneficiary D) Estate

B) Primary beneficiary More test answers on https://studyhippo.com/ch3-va-life-and-health/

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Life Insurance Policy Flashcards, test questions and answers

Discover flashcards, test exam answers, and assignments to help you learn more about Life Insurance Policy and other subjects. Don’t miss the chance to use them for more effective college education. Use our database of questions and answers on Life Insurance Policy and get quick solutions for your test.

What is Life Insurance Policy?

Life insurance is an important financial product that serves as a form of protection for families and individuals. It provides financial security in the event of the death or disability of the insured person. By purchasing life insurance, individuals and families can take comfort in knowing they are providing for their loved ones should something happen to them. With a life insurance policy, families can pay off debts and cover loss of income, ensuring their loved ones can maintain their quality of life after an unexpected death or disability. When it comes to selecting a life insurance policy, there are many options available to fit different needs and budgets. The two most common types are term life insurance and whole life insurance policies. Term life insurance is typically less expensive than whole life policies because it only covers you for the designated time period you choose (e.g., 10 years). Whole life policies last for your entire lifetime and have more flexibility than term policies when it comes to cash value accumulation and other benefits such as long-term care coverage or tax-deferred savings accounts. No matter which type of policy you choose, it’s important to understand what kind of coverage you’re getting before signing up for any kind of planthis includes understanding deductibles, premiums, exclusions, waiting periods, etc., so that you know exactly what’s covered in case an unexpected event happens while you’re insured with the company. Additionally, if your circumstances change over time (e.g., marriage or children), make sure you review your coverage regularly so that it continues to meet your family’s needs. Life insurance is an incredibly important decision that shouldn’t be taken lightly; however investing in a policy now can provide peace-of-mind knowing that whatever happens down the road will have less impact on your family’s future financial security.