Understanding Life Insurance

Understanding Life Insurance

12th Grade

15 Qs

quiz-placeholder

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Understanding Life Insurance

Understanding Life Insurance

Assessment

Quiz

Business

12th Grade

Hard

Created by

Rakesh Sharma

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the main types of life insurance?

Term life insurance, Whole life insurance

Variable life insurance

Accidental death insurance

Universal life insurance

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Describe term life insurance.

Term life insurance provides lifelong coverage with no expiration.

Term life insurance is a type of investment plan.

Term life insurance provides coverage for a specified period, paying a death benefit if the insured dies during that term.

Term life insurance covers medical expenses for life.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is whole life insurance?

Whole life insurance is a type of term insurance that lasts for a specific period.

Whole life insurance is a permanent life insurance policy that provides lifelong coverage and includes a cash value component.

Whole life insurance only covers accidental death and does not accumulate cash value.

Whole life insurance is a temporary policy that must be renewed every few years.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the benefits of having life insurance?

Immediate cash payout upon signing

Free health insurance coverage

Guaranteed income for retirement

Financial security for dependents, debt coverage, funeral cost assistance, and potential cash value growth.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do life insurance premiums work?

Life insurance premiums are only paid once at the start of the policy.

Life insurance premiums are payments made to maintain coverage, calculated based on risk factors.

Life insurance premiums are refunded after the policy expires.

Life insurance premiums are determined solely by the policyholder's age.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What factors affect life insurance premiums?

Homeownership status

Marital status

Age, health, lifestyle, occupation, coverage amount, and policy type.

Credit score

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the claim process in life insurance.

The claim process in life insurance involves notification, documentation submission, filling out a claim form, review by the insurer, payment to the beneficiary, and potential denial with reasons.

Claims are automatically approved without any documentation.

The claim process requires a medical examination before approval.

Beneficiaries must wait for a year before filing a claim.

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