In order for your spouse to get life insurance money if you die, he or she needs to be the owner of your policy. a) To make your beneficiaries wealthy. Also, these policies don’t follow you if you leave your job. 227 times. The FCRELCLA makes it clear that the only way to receive payment is if a broker has a written brokerage agreement with _____, specifying the acts that trigger the earning of a real estate commission. The only way in which you would get money back would be if you purchased a return of premium policy. 9. Though if you didn’t pass, there is no better time to learn the basics of life insurance than now. At the end of 10 years how much will Tom have paid in premiums? Here are other reasons to avoid mortgage life insurance. 11th - University grade. Professional Development . 5. Image courtesy of Stuart Miles at FreeDigitalPhotos.net, Your email address will not be published. 1. Your email address will not be published. You can name your dog as your life insurance policy’s beneficiary. Spell. A. Insurance MCQ Questions and answers with explanations. a year ago. 3. document.getElementById("copyright_year").innerHTML = d.getFullYear(); Minnesota, Oregon, and Wyoming are the only states with a passing rate of 75% or higher on the Life & Health Insurance exam. We are confident that with our plans, we will continue to serve our clients as we always have, compassionately and professionally. Want to see what you’d pay for life insurance? Learn texas life health insurance exam with free interactive flashcards. True. J. Emmerich, Web Content Writer Answered: Feb 14, 2019. Question 1: This insurance provides coverage for a specific period of time, usually from one to 30 years: Universal Life Insurance Whole Life Insurance None of the above Term Life Insurance Question 2: The cash surrender value of a permanent life insurance is: Also called the death benefit. In fact, it can be downright amusing! Take this quiz and find out. True or false? True or false? Basics of Reinsurance DRAFT. 0. If you find yourself in need of more coverage, most carriers allow you to renew your term policy, but the premiums often increase drastically so we typically recommend you go with a different option. Questions. Recent Scores. How does liability work you ask? True or false? Test. Examples of exam questions – Life insurance . Policies. False. Insurance policies described, quoted, shown, and illustrated throughout this website are not an offer for the sale of any particular insurance policy or product, only an invitation for application for insurance coverage and may not be relied upon. True or false? Take this quiz to see how much you know about life insurance in general and the benefits of having life insurance. True or false? 2. b) Your coverage decreases at the same rate you pay off the principal of your mortgage, so you are receiving a lower benefit for the same amount of premium. Insurance Awareness Quiz Questions and Answers PDF MCQ. c. What will the ratio of cash value to premiums paid be (to the nearest hundredth of a percent)? 505 Highway 169 North, #560 ANS: D 2. Which of the following demographics have the highest need for life insurance? The answers for the seven questions below are at the bottom of the post, so don’t scroll too fast! False. 2. 8. Types of Insurance You Shouldn’t Go Without. If you’re worried your family won’t have a financial cushion if something happens to you, it’s time to get serious about getting a policy. Take the Quiz: Insurance Terminology. 4. My Term Policy is Going to Expire – What Can I Do? Certain avocations, such as scuba diving, may also affect insurance rates. These underwriters assess each detail and determine the statistical chances of you dying early. Quotacy Life Insurance Basics: Key Terms to Understand, How to Designate Beneficiaries on Your Life Insurance Policy. To pay more for protection. True or false? . as well as Board exams. Liability (USA Based) 10 questions Tough, 10 Qns, superferd, Feb 23 08. A young married Dad is applying for life insurance. Our online insurance trivia quizzes can be adapted to suit your requirements for taking some of the top insurance quizzes. True or false? How much do you really know about life insurance? Played 88 times. How did you do? Life Insurance Quiz Question 1: This insurance provides coverage for a specific period of time, usually from one to 30 years: Universal Life Insurance Whole Life Insurance None of the above Term Life Insurance Question 2: The cash surrender value of a permanent life insurance … People identified as bad risks are likely. Question 1 . In 2026, the demand for insurance agents is expected to have grown by 10%. Edit. She is also co-host of Quotacy’s YouTube series. This True or False quiz will test your life insurance basics knowledge. Check Insurance Awareness General Knowledge Questions from here. Term life insurance is less expensive than whole life insurance. Can I Buy Life Insurance if I Am Considered High Risk? Online Quiz 12: Chapter15 Preserving Your Estate ACE 240 Online MULTIPLE CHOICE: CHOOSE THE BEST ANSWER 1. Take this quiz and find out. True or false? Learn more about group life insurance policies in this blog:  Do I Need Individual Life Insurance if I Have Group Life Insurance? Most Read; Give Answer ; What is the difference between a conditional premium receipt and a binding premium receipt? 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. 4. c) At the renewal of a term insurance policy, rates will increase to reflect the higher risk you represent. You can apply for life insurance online, but eventually, no matter which company you choose, you still have to jump on a phone call to complete your life insurance application before moving on to the underwriting process.. d. lack of liquidity. Who are preparing for the competitive exams or planning to attend any interview can check the Insurance Awareness General Knowledge Online Test. Learn more about policy ownership in this blog:  Who Can Own a Life Insurance Policy? The most common term lengths are 10, 15, 20, 25, and 30 years. For most working individuals, this amount is not enough to protect your family financially if you were to die and your income was suddenly gone. c) 49%. 10. Answer a: False. Tim Tradesman pays $2,000 annually for $150,000 worth of life insurance. True or false? Your term policy premiums increase each year. Ready to compare quick life insurance quotes? Competency: Recommend individual and group life insurance products adapted to the client’s needs and situation (01 311). Spouses, children, and other loved ones should be considered in helping secure your family’s financial future with term life insurance. Take our quiz and find out. b. improper management. You get your money back if you don’t die before your term policy ends. False. Insurance Questions and Answers (Q&A) Follow . 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. Copyright © Trivia Questions. Q2. Learn more in this blog:  Is Term Life Insurance Better than Whole Life Insurance? 1) Astronaut Insurance. The answers for the seven questions below are at the bottom of the post, so don’t scroll too fast! What Is Term Life Insurance and How Does it Work? True or false? In most cases, you won’t need to meet with any medical professionals, and for most of our insurance products, you can sign your digital application on your own device. Since the purpose of the month is awareness and not about passing the LLQP, the questions will be geared towards beginners. A smoking status does not call for a rated policy, but rather a standard smoker rate that is higher than a standard nonsmoker rate.- Answer b: Correct answer. At the end of 10 years what will the cash value of his policy be? Our FAQ page is a great resource if you want to learn more. You cannot buy life insurance on someone without insurable interest. 7. Your life insurance coverage must equal 10 times your income. A conditional premium receipt is issued when the applicant pays the first premium of their life insurance. These short objective type questions with answers are very important for competitive exams like CAT, IBPS etc. Insurance MCQ Questions is important for the preparation of exams like LIC EXAM, IRDA, UIIC, NICL, NIACL, and OICL. There aren’t many better ways of education than a knowledge test. If he chooses, he can ... f an insurance company issues a policy even though some questions on the application were unanswered, when can the insurer get the answers to those questions? All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. 0. Answer the following questions. An individual has a $200,000 convertible term life insurance policy. If you get stuck, here’s a hint – all the answers can be found somewhere on our website. Is Term Life Insurance Better than Whole Life Insurance? Therefore, below is a short quiz on life insurance. Ill give you some basic insurance related terms and concepts as they relate to insurance in the United States. This period of time is called a term. You’ll only be working with us and the life insurance company you choose. d) 51% . other reasons to avoid mortgage life insurance, Canadian Life and Health Insurance Association. Learn more in this blog:  Can I Buy Life Insurance on Someone Else? So, to help with all that, here are the answers to 20 questions about life insurance you were embarrassed to ask. a year ago. Save. Free World Trivia Questions. You are only able to buy Term Life insurance once during your lifetime. Life Insurance: Do You Need Ten Times Your Salary? 6. a) The death certificate is proof that the life insured is deceased, while the claim form serves to outline the claim by the beneficiary. c. disabilities. 66% average accuracy. There are many variables in different insurance coverages and companies, including various insurance company standards and offerings and underwriting requirements. Learn more in this blog:  What Happens If I Don’t Die While My Policy Is Inforce? This mock test having 40 questions in General Insurance, with four choices. If you buy a term policy with a 20-year term length, your coverage expires in 20 years. Traditional life insurance policies are fully-underwritten, which means that all the information gathered from your medical exam, plus medical records, are sent to life insurance underwriters. Mathematics. True or false? To compensate for the higher risk of insuring men, insurance companies charge a higher premium. Answer the following multiple-choice questions, then click on the ‘Submit’ button to reveal which questions you answered correctly and see how well you scored: Please check the form for missing information or errors. A comprehensive database of more than 102 insurance quizzes online, test your knowledge with insurance quiz questions. Insurance Awareness Multiple Choice Questions for LIC, NIACL and other competitive exams. 4 years ago. You need to have a medical exam in order to buy life insurance. The individual who receives a death benefit if you die is the beneficiary. True or false? This is why we always recommend that you buy a policy as soon as you have a need for it. No formal education or experience is required to become a licensed life and health insurance agent. Flashcards. 78% average accuracy. You can name your dog as your life insurance policy’s beneficiary. Natasha is a writer and content editor at Quotacy. Take our quiz and find out. Do I Need Individual Life Insurance if I Have Group Life Insurance? An _____ is a contract between an insurance company and you. Think of it like car insurance. You need to have a medical exam in order to buy life insurance. Edit. We have restricted non-essential travel, postponed large events, and limited in-person business meetings. var d = new Date(); To continue coverage, you must accept the new rates. We’re a life insurance broker that helps you cast a wider net. How did you do? 3. a) Your life insurance needs depend on how much income you want to provide for your beneficiaries and for how long, how much you require for funeral expenses, education funds, and to pay off outstanding debts. Learn more in this blog:  Life Insurance: Do You Need Ten Times Your Salary? There are three caveats to these plans. Questions. True or false? Created by. You can buy life insurance on your next-door neighbor. Required fields are marked *. Some carriers do offer no-exam policies, but you need to qualify for these by being in excellent health and within a certain age range. How much do you really know about life insurance? While the industry rule of thumb is that you should own ten times your salary, this calculation isn’t right for everyone. Learn more about life insurance medical exams in this blog:  Do I Need a Medical Exam to Get Life Insurance? What is the goal of life insurance? In the past few months, we have seen extraordinary measures to safeguard everyone’s wellbeing. One should have the knowledge of risk and how to mitigate or cover the risk is very important for well-being and lack of these knowledge can invite financial troubles in your personal life. a) Existing life insurance, income needs and immediate cash needs. The phone interview is used to verify your answers to the life insurance application questions. But, odds are, that coverage is inadequate. Most life insurance carriers will require a medical exam in order to approve you for coverage. With an employer group plan, the amount of coverage you have is typically one or two times your annual salary. True or false? See if you can separate the truth from fiction with these five questions about strange-but-true life insurance facts. Sure, assuming your employer offers coverage and you’ve signed up. With an employer group plan, the amount of coverage you have is typically one or two times your annual salary. 7. b) Men have a lower life expectancy than women. What Happens If I Don’t Die While My Policy Is Inforce? Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty … 5. Professional Development. These short objective type questions with answers are very important for competitive exams like CAT, IBPS etc. “No-questions-asked life insurance”, also known as guaranteed issue life insurance, is a policy which ensures your acceptance regardless of your current or past health challenges. Your life insurance coverage must equal 10 times your income. Insurance quiz. Why Use an Online Life Insurance Calculator. True, most of the time. Insurable interest is when your finances would be negatively affected as a direct result of another person’s death. Become a part of our community of millions and ask any question that you do not find in our Life Insurance Q&A library. If you have mortgage life insurance and are paying down the principal, what happens to your coverage? Over 65 quiz questions in rotation. Browse from thousands of Life Insurance questions and answers (Q&A). alisonstevenson. At the end of the term, your policy expires. Insurance Multiple Choice Questions and Answers for competitive exams. In minutes, you can see prices and compare policies from top-rated life insurance companies all at once. Your email address will not be published. 6. Don’t worry, it’s much easier than a job interview. Quiz & Worksheet Goals . These short solved questions or quizzes are provided by Gkseries. Pet Trusts and Estate Planning for Your Pets. The younger and healthier you are, the cheaper your policy and you can lock in that low rate. A. This True or False quiz will test your life insurance basics knowledge. You can buy life insurance on your next-door neighbor. You can be the owner of your own policy. 1. We recommend that you always supplement your work life insurance policy with a personal life insurance policy. Choosing a life insurance policy can be overwhelming. 6. Which of the following factors are likely to increase your insurance premiums? Save. True or false? by sonia_09899. Your health plays a huge role in determining your policy costs and the results of a medical exam help a life insurance company determine these costs. You can be both the owner and the insured and your spouse would be listed as beneficiary. True or false? (844) QUOTACY, Designed by Elegant Themes | Powered by WordPress. Answer the following multiple-choice questions, then click on the ‘Submit’ button to reveal which questions you answered correctly and see how well you scored: Match. You can even go one step further and create a Pet Trust and name the trust a beneficiary of your life insurance policy. A whole life policy is a permanent policy and, in addition to accumulating a cash value, will last your entire life. Why do most people invest in life insurance polices? Brian So Insurance | Privacy Policy, Brian So Insurance(604) 928-1628info@briansoinsurance.com, COVID-19 update for our clients: Your health is our priority. False. As you would expect, we have a business continuity plan in place, that is regularly tested and enhanced, to ensure that operations continue to run effectively. True or false? We will NEVER sell your info. Spouses, children, and other loved ones should be considered in helping secure your family’s financial future with term life insurance. Property owner B. At the renewal of a term insurance policy: a) You have to qualify again medically to continue coverage, c) You have to pay the increased rate to continue coverage. Life insurance is not one-size-fits-all. Life Insurance Quiz. 1. Life insurance could alleviate estate problems caused by a. choosing the wrong person to be executor. Can I Buy Life Insurance on Someone Else? Life insurance basics is an important buying decision. Get a Personalized Quote for Term Life Insurance Coverage Amount $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 $550,000 $600,000 $650,000 $700,000 $750,000 $800,000 $850,000 $900,000 $950,000 $1,000,000 $1,500,000 … None of the information made available on this site should take the place of, or be a substitute for, medical advice or official guidance and/or direction issued by your public health authorities or local government. Take insurance quiz questions and answers to test your knowledge on “Basics of Insurance for Beginners module”. What is the difference between Term Life Insurance and Whole Life Insurance? We recommend that you always supplement your work life insurance policy with a personal life insurance policy. Don’t I have life insurance through my employer already? Gravity. If your next place of work doesn’t offer this benefit, you suddenly are without coverage. Question 1 . e) None of These. A new Insurance quiz every hour! Insurance Awareness Quiz with Answers Facebook; Twitter; Telegram; Email; Whatsapp; Published on Thursday, August 13, 2015 By - Unknown. General Insurance Question Answers for competitive exams . Write. 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? Take our life insurance quiz to test your knowledge! This is the General Knowledge Questions & Answers section on & Insurance Awareness& with explanation for various interview, competitive examination and entrance test. Play this game to review Corporate. (844) 786-8229 Minneapolis, MN 55441 Qualified third party intermediary C. Closing agent D. Broker 2. 0. . Learn more about these options in this blog:   My Term Policy is Going to Expire – What Can I Do? Life Insurance Post/Quiz DRAFT. This is a quiz for your Insurance mastery. Take this quiz to see where your knowledge gaps are. b) 50%. Sean is a smoker and travels frequently to developed countries to host scuba diving tours. And apply easily online. In a 1031 Exchange Like Transaction, who is in charge of holding the money generated by the sale? You now know the basics of what you should know before buying life insurance. sonia_09899. True. Life insurance is often viewed as a confusing topic. 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