Given DeShawn's scenario, assess whether DeShawn made a wise decision. Browse 500 quiz life insurance classes Life Skills. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Preview this quiz on Quizizz. Chapter 12 Review: Life Insurance DRAFT. If you buy a term policy with a … Ill give you some basic insurance related terms and concepts as they relate to insurance in the United States. To renew the policy the insurance company charges an extra 40% to her premium rate. Then, talk to your ERIE agent about a Long-Term Care Accelerated Death Benefit Rider from Erie Family Life Insurance Company. The concept that having a large pool of similar risks enables predictability of losses on a statistical basis. Who has the greatest need for life insurance? Good luck! C) Al Capone, who, at the time of his death in 1947, held an insurance policy with $3 million in coverage. Using the table, find the difference in total premium costs over 20 years for this policy at the two age levels. Quiz & Worksheet Goals. Maria, age 28, wants to pay no more than $300 a year in life insurance. Start studying Life Insurance Quiz. Life Insurance plans that cover a small group of individuals; however, unlike group insurance each individual is issued an individual policy. In fact, according the 2015 Insurance Barometer study conducted by worldwide research organization LIMRA and non-profit Life Happens, 38 percent of consumers did not purchase (or did not purchase more) life insurance because they found life insurance research to be confusing. Choosing a life insurance policy can be overwhelming. What is the face value of the largest 20-year term policy she can buy without spending more than $300 annually? From the following three options, DeShawn decides to buy the $900,000 20 year term policy. As part of the mandate of Life Insurance Awareness Month to raise awareness for all things related to life insurance, we want to do our part to educate our readers on the different aspects of life insurance. Try this amazing Practice Exam 4 - Life Insurance quiz which has been attempted 4078 times by avid quiz takers. True or false? Which types of insurance are most appropriate for a single, working, 24-year-old? Sherita, age 37, wants to pay no more than $750 a year in life insurance. Preview this quiz on Quizizz. Which of the following statements regarding life insurance is true? You will pay substantially less for life insurance if which of the following factors is true? 16 minutes ago. Choose from 500 different sets of life insurance flashcards on Quizlet. Even with the extra charge for renewal, Eva's plan is the least expensive. When shopping for life insurance, you should look for: Eva is 29 years old and has 2 children, ages 3 and 5. A young married Dad is applying for life insurance. Franchise plans are often used for groups that are smaller than the minimum number required by state law and consist of individuals who do not qualify for ordinary group life insurance. A comprehensive database of general insurance quizzes online, test your knowledge with general insurance quiz questions. Try this amazing Life Insurance Policy, Provision, Options, And Riders quiz which has been attempted 106 times by avid quiz takers. Between permanent life insurance and term life insurance, which typically has the lower premium and why? 0 times. Almost everyone has it, but not enough people understand it. Angelo, age 40, is comparing the premium for a $125,000 whole life insurance policy he may take now and the premium for the same policy taken out at age 45. B) J.K. Rowling, who insured her life for the staggering sum of $126 million. Because Bernard has some health issues, he must pay 15% more for life insurance. Take this quiz to see how much you know about life insurance in general and the benefits of having life insurance. When an adult insures a child, premiums will be waived until the child reaches 21, if the adult dies or is disabled, Continuation of life insurance coverage if the insured becomes totally disabled and is unable to pay the premiums, A guaranteed-minimum annuity that, on the annuitant's death, makes monthly payments to the beneficiary until the total price of the annuity is refunded, "by the head" so its divided equally between surviving members of the family, "by the branch" it means children of a deceased beneficiary are entitled to that beneficiary's share of proceeds, Group that is made up of one or more unions to form a group, retirement plan funded by contributions from the employer and employee, retirement plan funded entirely by contributions from the employer, a benefit whereby employees may share in the profits of the business, Employees must be immediately 100% vested in employer contributions under a SEP plan. He makes $45,000 a year and is planning to retire when he turns 60. Learn life insurance with free interactive flashcards. Life insurance is often viewed as a confusing topic. If Joshua wants a policy that will replace five years of his salary, what is the annual premium for the cheapest policy?  Which of the following factors is not used to determine how much he'll pay for insurance? Based on the given information, what is the best policy to buy? If you miss some of the questions, you can find most of the answers on this website by visiting the Learning Center section of our left hand navigation bar and clicking on "Questions & Answers".1. Peter and Marcia, both age 34, can pay $650 a year each on life insurance. Given the options below, assess whether Eva made a wise decision. (hint: choose 3 correct answers) Also explore over 27 similar quizzes in this category. Play this game to review Life Skills. 0% average accuracy. Also explore over 28 similar quizzes in this category. Thus you need a license to do so, and that comes with the California Life and Health Insurance Agent exam. 11th - 12th grade. When an individual designates a charitable organization as the beneficiary of his life insurance policy, the individual can deduct the face value of the policy as a charitable contribution on his income tax return. Who has the greatest need for life insurance? A) David Geffen, producer, music mogul and film executive, who held a life insurance policy with a $100 million coverage amount. Choose from 500 different sets of universal life insurance flashcards on Quizlet. See how much you know about insurance by taking this quiz, ... it's better to know what's at stake and how insurance can protect you and your family so that you're free to enjoy life to its fullest. Learn universal life insurance with free interactive flashcards. Jade wants to buy a $200,000 term life insurance policy. All questions will be multiple choice. If you’re worried your family won’t have a financial cushion if something happens to … Life Insurance is all about peace of mind and protecting your family’s financial future if something happens to you, but how much do you really know about it? Practice Test: Life Insurance Test #1. About This Quiz & Worksheet. About This Quiz & Worksheet. This quiz will test you on: B. Quickly memorize the terms, phrases and much more. Access the lessons anytime 24/7, and visit them as many times as you'd like. About how much is the face value of the largest combination of policies they can buy without spending more than a combined $1,300 annually? The quiz and worksheet will help measure your understanding of term life insurance. quiz life insurance Classes. Quizlet flashcards, activities and games help you improve your grades. True or false? Preview this quiz on Quizizz. This quiz is useful for those individuals who are looking towards producing or selling life insurances in California State. DeShawn is 38 years old and is married with 3 children, ages 2, 4, and 6. Your children are 3 and 5 years old now, and you want an inexpensive policy that covers your family at least until the youngest is 22. The insurance company charges him an extra 20% on top of his premium rate because of his job. C. DeShawn's current policy will cover his family for an adequate period of time at his current salary. She makes $48,500 a year. If Jesse wants to buy a $75,000 10-year term life insurance policy, and the annual premium rate (per $1000 of face value) for his age group is $2.34, how much is Jesse's annual premium. Cram.com makes it easy to get the grade you want! Eva decides to buy a $400,000 10-year term policy and then renew the policy for another ten years afterwards. Enter your game code to play on a computer, tablet, or phone. Students: Join a round of Quizlet Live here. So, you need a lot of practice for making through the exam itself. Take this quiz and find out. 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