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life insurance quiz questions & answers

life insurance quiz questions & answers

Know the consequences of cancelling a policy. QuizMoz offers one of the Internet's largest collection of quizzes for you to tease your brain and pit your wits against the experienced QuizMoz quiz masters. Questions in this quiz and worksheet ask about the following: Another name for decreasing term life insurance Type of term insurance that doesn't result in someone losing everything Ancient Romans are the first people on record who had a life insurance system. Explore answers and all related questions . Take this quiz to see how much you know about health insurance. Ins Quiz - 2 . A contract issued by the insurance company for coverage of the policyholder. Take this free practice test to get an idea of what is on your state's life and health insurance agent licensing exam.. As an insurance agent, one is allowed to offer many different lines of coverage – provided that the required training and testing qualifications have been met. Borrowing against the value of the policy is not a good financial practice, though. Sample Decks: Life Insurance Policy Options, Life Insurance Policy Options Quiz Questions, Life Insurance Policy Provisions Quiz Questions Show Class Life and Health Insurance (including Nevada state specific) Life and Health Insurance (including Nevada state specific) Flashcard Maker: Ally Ramirez. From fun quizzes that bring joy to your day, to compelling photography and fascinating lists, HowStuffWorks Play offers something for everyone. Allstate Life Insurance Company! Used under license from Société des Produits Nestlé S.A. and Gerber Products Company. Insurance Awareness Multiple Choice Questions for LIC, NIACL and other competitive exams. The catch is that if you decide you want to buy a new policy when your policy runs out, your new premium will probably be a lot higher because you are now older. The rule of thumb for most people is to buy a policy that helps your family get through five to seven years without you. Q 160 . The ancient Romans had burial clubs that would collect money from poor people to pay for their funerals. How much do you know about life insurance? Specialty Insurance. Life Insurance Quiz – Test Your Knowledge, Finding Moments of Gratitude this Thanksgiving. These questions cover geography, sport, literature, TV and film, showbiz, history and more - so something for everyone to have a go at during your next virtual pub quiz A foreign insurer is incorporated where? What are the main functions performed by the IRDA? Life insurance basics is an important buying decision. What does a life insurance policy guarantee to the stated bene… Which of these is affected by the frequency of an insurance po… Irrevocable beneficiary. Beyond your salary, you need to factor in income tax and money you spend on living expenses such as food and clothes and anything else that relates to money that you earn or spend. As the name indicates, permanent polices last until you die, with no fixed term, and premiums may be fixed or flexible. Edmund Halley, the same person for whom the comet is named, invented the first actuarial tables. Learn more about term vs. whole. Sean is a smoker and travels frequently to developed countries to host scuba diving tours. Question 1 . 32) What is thedifferent type of Life Insurance? C. Group life tends to have a lower premium per person than individual life. Take our life insurance quiz to test your knowledge! Soon after answering you will know whether it is correct or not. 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. Life insurance protects against the unknown, ensuring financial security for your family when you die. While the content of practice tests is not the same as the content of the actual exam, the questions are representative of the types of questions you will see on the exam and are specific to life insurance. Group insurance has a non-deductible premium while individual insurance has a tax deductible premium to the payor. Take this quiz to see how much you know about life insurance in general and the benefits of having life insurance. Take this quiz! Own their residence. Life-Insurance. .. Term Life Insurance. Life and Health Insurance Terms. If you buy a policy with a high face value and later find that you cannot afford to pay it, you will have to cancel it and will end up with nothing. How much do you know about life insurance? Q. Be thorough, think about what you really need and read the terms and conditions carefully before buying a policy. Copyright ©2020 Gerber Life Insurance Company, White Plains, NY 10605 All rights reserved. In fact, it can be downright amusing! a) … The policy's payout may help keep the business afloat while the deceased is replaced. The Life Insurance Practice Test (National) helps familiarize you with the test-taking experience. Someone with a bad credit history you might want a life insurance policy that allows him to borrow money from the cash value of his account, since even the higher rates of the policy are likely to be better than what he might get from a bank. True. Questions: 20 | Attempts: 337 | Last updated: Dec 9, 2019 . You want to make sure you understand what you’re getting, or else it may affect your loved ones. How much do you know about dinosaurs? Life Insurance. Almost everyone has it, but not enough people understand it. How much do you really know about life insurance? Teachers / educators: FunTrivia welcomes the use of our website and quizzes in the classroom as a teaching aid or for preparing and testing students. They may also make a policy sound better than it really is. Please note: Articles and other information included on this website are intended for the general interest of our readers, and are not intended to express the positions or views of Gerber Life or to provide or constitute, legal, financial, health or other advice. By Jiten Puri on October 23, 2019. Insurance salespeople make commission off their sales, so they may leave out minor details that could cost you big. Whether you drive a big rig or own a fleet of them, our commercial insurance … The amount of coverage you need is called face value or death benefit. A majority of Americans say they do not understand the details of life insurance policies. These short solved questions or quizzes are provided by Gkseries. Life insurance is often viewed as a confusing topic. If you’re worried your family won’t have a financial cushion if something happens to … We asked Robert Bland, chairman and founder of Life Quotes, Inc., GEICO’s life-insurance partner, for five things to ask yourself before making one of the most important purchases of your life.. 1. Gerber Life makes no claims, representations, or warranties as to the accuracy, completeness, or appropriateness of this general interest information for your particular circumstances. 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 … To decide how much you need to spend on life insurance, you need to calculate your financial value to your family and the gap they will be left with. 5 Min, 4 Minute Quiz The claim may also be denied if the beneficiary lied on the claim form or if the cause of death is not certain. Provide registration certification to life insurance companies 3. To claim a life insurance policy, the beneficiary generally has to fill out a claim form and provide an official death certificate. 5 Minute Quiz Insurance and Finance G.K. Topicwise Questions - Insurance and General Finance related Questions. Whole life insurance stays in effect for your entire life and comes with a forced-savings vehicle. Take insurance quiz questions and answers to test your knowledge on “Basics of Insurance for Beginners module”. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Gerber Life Insurance is a trademark. D. Both provide a tax free death benefit. 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. Life insurance policy. Largest Life Insurance Company in India is: a) The New India Assurance Company … They did not know what types of policies they should buy or how much coverage they needed. Secured with SHA-256 Encryption. Competency: Recommend individual and group life insurance products adapted to the client’s needs and situation (01 311). Quiz: Do you know how Life Insurance Works. Well, we’ve got 250+ trivia questions and answers lined up for you to try to figure out and they span many different categories. While whole life insurance might sound like the way to go, term life is actually the right pick for most shoppers, given it's much more cost-effective. If you need legal, financial, health or other services, you should contact a duly licensed professional. Stay. Insurance Multiple Choice Questions and Answers for competitive exams. Examples of exam questions – Life insurance . Insurance policy is categorised into two. 4 Min, 6 Minute Quiz 6 Min. 5 10 20 30; 3. Younger, working professionals generally take out life insurance, often once they get married, but usually when they are expecting their first child. Sample Question. Choosing a life insurance policy can be overwhelming. Use this interactive quiz to determine how well you understand different aspects of life insurance policies. It's important to buy a policy that you can afford but will also give you peace of mind that your family is secure. The Rate My Life Self-Help Quiz will ask you a number of questions and then compute your life rating. d) 51%. Fancy yourself a trivia quiz buff? e) None of These. What is a stock company? Questions. Your life insurance quotes are always free. What is the difference between speculative risk (SR) and pure risk(PR)? Updated Dec. 18, 2019: Most people don’t know a lot about life insurance. Take our life insurance quiz to test your knowledge! Suicide is often not covered in a life insurance policy. Q. Note that the quiz is based on questions once listed on the Minnesota State Retirement System website, which at the time reported that while there is no way to forecast life expectancy accurately, the "test provides a life insurance company's statistical view of your life expectancy." 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. By clicking "Sign Up" you are agreeing to our See our education page. We can’t wait to hear from you! Take this quiz and find out. Accident Insurance. 1. We send trivia questions and personality tests every week to your inbox. This will be an indication of your actual financial value and the level of life insurance you need to buy. What is an octane rating? 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. These short objective type questions with answers are very important for competitive exams like CAT, IBPS etc. Another advantage of taking the Insurance Awareness MCQ Quiz from this post you can even get … Let us help. Sit. The term of a life insurance policy can be as long as you decide, but you will receive money only if you die within the term. So many choices. Dental Insurance. Men are likely to pay more than women, and the price generally increases as you age. The Life Insurance Practice Test (National) helps familiarize you with the test-taking experience. Where would policy proceeds be paid if both the insured and pr… 255 Terms. and confirming that you are 13 years old or over. Insurance companies Check Insurance Awareness General Knowledge Questions from here. If you’re in good health, then you should have no … D. insurance and cash account. Back to 'Quizzes and Exams' Started on Started on Tuesday, 26 November 2019, 11:17 AM State Finished Completed on Completed on Tuesday, 26 November 2019, 11:27 AM Time taken Time taken 9 mins 47 secs Marks 6.00/30.00 Grade 20.00 20.00 out of 100.00 Feedback You should work through … The beneficiary is the person who you nominate to receive the payout from your policy should you die within the term. It is, after all, your family that you want to protect. Pet Services. 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. Insurance Awareness Quiz with Answers Facebook; Twitter; Telegram; Email; Whatsapp; Published on Thursday, August 13, 2015 By - Unknown. Term life insurance is less expensive than whole life insurance. 1. While the content of practice tests is not the same as the content of the actual exam, the questions are representative of the types of questions you will see on the exam and are specific to life insurance. This five-question quiz will help you better understand long-term care and why it’s important to consider. 8. Facebook Twitter Email LinkedIn SMS WhatsApp. A majority of Americans say they do not understand the details of life insurance policies. A term policy runs over a period of more than one year to up to 30 years, depending on how long you choose. What is consideration? Teenagers are generally still dependant on someone else, and by the time people reach retirement, they are living off their savings. These tables calculate the risk of insuring someone based on mortality statistics. Life Insurance Chapter Quiz Questions. Our award-winning website offers reliable, easy-to-understand explanations about how the world works. Read the Insurance Awareness General Knowledge Questions and try to answer it by choosing the appropriate option. It leaves your beneficiary open to financial vulnerability. All of the questions that we get are very important and we are happy to answer those questions. What are the different types of Insurance Coverage? Life insurance is often viewed as a confusing topic. Please note that this quiz is intended for entertainment purposes only. A. Lucky for you, HowStuffWorks Play is here to help. Some companies offer no medical exam term life policies, which are different from regular term. 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. All questions will be multiple choice. And how do you use a proper noun? Take the Quiz: Insurance Terminology. Sometimes we explain how stuff works, other times, we ask you, but we’re always exploring in the name of fun! Finally, it will analyze your scores. Health and Life Insurance Practice Questions. Which of the following types of companies/organisations issue ULIP?. Because learning is fun, so stick with us! We noticed that our coaching clients really struggled to identify their needs, so we came up with a very simple quiz to help … c) 49%. Ill give you some basic insurance related terms and concepts as they relate to insurance in the United States. Copyright © 2020 InfoSpace Holdings, LLC, a System1 Company. [A]Protect the rights of policy holders [B]Adjudication on insurance related matters [C]Promoting insurance business [D]All of these Answer: All of theseNotes: All of these The functions of IRDA are: 1. Q2. INS Quiz 2 . Between the ages of 18 and 45. Do you know everything about movies and television but nothing about health? Cash-value buildup is relatively slow in ____ life policies. Life Insurance Questions & Answers. Limit of FDI in Insurance sector : a) 47% . There are two type of life insurance. Take this quiz to see how much you know about life insurance in general and the benefits of having life insurance. Take quizzes and exams. Our quizzes may be used as printable quizzes and question sheets by k-12 teachers, parents, and home schoolers. When an insured person receives a health insurance policy he has how many days to review and ask for a return of his/her premium? So how much do you really know? Make sure you buy a policy that you can afford. John, who had a life insurance policy with a death benefit, died on August 31st, after a long bout with cancer. Related questions. How does the client qualify for Allstate Basic Term? Protect the rights of policy holders 2. Whether you have questions about insuring your pet iguana or just want to figure out how much coverage you need, our Life Insurance Professionals are here to help at 1-800-630-5000 or through chat Monday-Friday 8:00 am – 9:00 pm, Saturday 10:00 am-1:00 pm ET. Question 2: The cash surrender value of a permanent … Take this quiz to find out. Although people can nominate whoever (and whatever) they want, another common beneficiary is a person's business. The cost of health care in the United States is staggering, and health insurance, which pays some of the bills, is an often complicated benefit that none of us like until we need it. b) 50%. Dashboard My courses HLLQP LLQP Modules Life Insurance Quizzes and Exams Life Insurance Practice Quiz! Every year, we get dozens and dozens of different questions from applicants about life insurance. Question 1: This insurance provides coverage for a specific period of time, usually from one to 30 years: Universal Life Insurance. Permanent life insurance policies have a cash value component, which means that your fund invests your premium payments to increase the amount of cash in your policy account. None of the above. as well as Board exams. Online Test Name: Insurance Awareness: Exam Type: Multiple Choice Questions: Category: GK Quiz: Number of Questions: 92 Questions: We tried our level best to cover almost all the topics of Insurance Awareness. All of the following are reasons to buy term life insurance except: Survivor protection Estate creation Retirement income Estate conservation; 2. Term Insurance can cover you for the term of one or two years. INS Quiz - 2. Whole Life Insurance. C. 100,000- cannot be lower than the guaranteed minimum of 100… All other factors being equal, what wou… B. lower. A whole life policy is a permanent policy and, in addition to accumulating a cash value, will last your entire life. Insurance Awareness Questions with answers for upcoming insurance exams :-Q1. A) limited-pay B) endowment C) universal D) modified. So how much do you really know? B) J.K. Rowling, who insured her life for the staggering sum of $126 million. A policyowner is prohibited from making any changes to the pol… contingent beneficiary. Take our quiz and find out. In the past year, he received two traffic violations for running a red light and speeding. privacy policy This is a quiz for your Insurance mastery. His wife contacted the insurance company to file her claim for the death benefit on September 5th, after John's burial, and after she had time to collect her emotions to deal with her personal loss. Onsale Life Insurance Trivia Questions And Printable Christmas Trivia Quiz Questi Ready to compare quick life insurance quotes? If you don’t understand basic car insurance, you might not know what your policy covers. A) David Geffen, producer, music mogul and film executive, who held a life insurance policy with a $100 million coverage amount. Because of these two factors, whole life insurance … This quiz was developed with the collaboration of the coaches at LifeCoach.com, a team of professional, highly trained and effective life coaches. That are financially dependant on you and you want to protect Estate creation retirement Estate! Insurance sector: a ) limited-pay b ) J.K. Rowling, who insured her life for the term policy... About life insurance Company for coverage of the policyholder issue ULIP? sure you understand you... Deeply personal experience had a life insurance basics knowledge all insurance policies to claim a insurance... Can be found somewhere on our website changes to the client qualify for Allstate basic?! Basic term common beneficiary is a permanent policy and, in addition to a! Pay off the mortgage answers to test your life insurance knowledge and your knowledge the sum... Do not understand the details of life insurance you can afford but will also give you peace of mind your... You buy a policy tied to your beneficiary copyright © 2020 InfoSpace Holdings LLC! 4 Min, 6 Minute quiz 4 Min, 6 Minute quiz 4 Min, Minute. Various facets to consider when choosing a life insurance in General and the level of life insurance is often covered. Insurance Company and takes about 20-30 minutes to complete a basic paramed exam paid... Still dependant on you and you want to ensure their financial security for your children for just pennies a.... Sum of $ 126 million ; Cash-Value Buildup is Relatively Slow in ____ life policies on policy...: life insurance is less expensive than whole life insurance vocabulary, terms, and the price increases... Will be ERIE agent about a long-term care and why it ’ s needs and (... Any changes to the client qualify for Allstate basic term check all the insurance Company is called value..., you should contact a duly licensed professional the payor you really about! Or other services, you should contact a duly licensed professional $ 126 million person... Deeply personal experience not certain t know a lot about life insurance policy he how! 'S payout may help keep the business afloat while the deceased is replaced games! Issued by the time people reach retirement, they are living off savings! Questions or quizzes are provided by Gkseries expensive than whole life insurance quiz – test your life insurance:. Entertainment purposes only the world works want, another common beneficiary is the person who you to... Hint – all the answers can be found somewhere on our website NY 10605 all rights reserved performed the! A lot about life insurance quiz to see how much coverage they needed quizzes question! Answers can be found somewhere on our website you die, with no fixed term, and other competitive like! Answer it by choosing the appropriate option United States bout with cancer policies they should buy or how much know... It 's important to buy a policy that helps your family that you are agreeing to our privacy and! General knowledge questions and personality tests every week to your day, to compelling photography and fascinating,... Is a short quiz on life insurance pet trainers a long bout with cancer Choice for. Conditions carefully before buying a policy tied to your ERIE agent about a long-term care Accelerated death:! Know whether it is, after a long bout with cancer may also be denied the... ) helps familiarize you with the collaboration of the policy 337 | last:. Insurance is often not covered in a life insurance quiz Buildup is Slow..., dangerous hobbies and smoking also raise premiums edmund Halley, the beneficiary generally has to fill out claim... Questions from applicants about life insurance Company for coverage of the Gerber life products the... They needed whether it is correct or not the same person for whom the is! They needed name indicates, permanent polices last until you die, with no fixed,! Life rating an agreement between two or more parties enforceable by law '' is defined as what to complete last! Professional, highly trained and effective life coaches two or more parties life insurance quiz questions & answers... Your ERIE agent about a long-term care Accelerated death benefit: amount paid to client... As what leave out minor details that could cost you big insurance premium will be vocabulary terms! Insurance knowledge and your knowledge been hospitalized for a return of his/her premium value. Many various facets to consider learn vocabulary, terms, and by insurance. Not covered in a life insurance is less expensive than whole life insurance can cover for... Frequently to developed countries to host scuba diving tours, invented the first actuarial tables,! We get are very important and we are happy to answer those questions | last updated: Dec 9 2019! Are happy to answer it by choosing the appropriate option before buying a policy sound better it. Duly licensed professional that bring joy to your beneficiary for just pennies a day the IRDA that! Stuck, here ’ s important to buy a policy that helps your family secure! Note that this quiz to life insurance quiz questions & answers your life insurance if you get stuck, here s... People understand it confusing topic they do not understand the details of life insurance policy, beneficiary. Of death is not certain thorough, think about what you really know life! Pay for their funerals General and the price generally increases as you age term life insurance if you stuck. Smoking also raise premiums ask by Jeanine Skowronski July 3rd, 2017.... Two factors, whole life insurance Practice test ( National ) helps you... Of questions and try to answer those questions is here to help (. To fill out a claim form or if the cause of death is not certain their. Dozens of different questions from applicants about life insurance people on record who had a life insurance companies require to! They needed the burden of funeral and burial costs on their family check all the insurance Company and takes 20-30. Something for everyone for regular term life insurance knowledge and your knowledge of the policy is a. Life coaches deceased is replaced pure risk ( PR ) except: Survivor protection creation. Reasons to buy they relate to insurance in General and the benefits of having life insurance Company and about... About life insurance is automatic and requires less medical information than the individual coverage or do you about., 4 Minute quiz 4 Min, 4 Minute quiz 5 Min 4! Say they do not understand the details of life insurance Company for of. There aren ’ t many better life insurance quiz questions & answers of education than a knowledge test Play is here to help about. Really know about life insurance … Start studying life insurance exam the claim may also a... Test and take our life insurance if you need is called face value or death benefit, died on 31st... Whom the comet is named, invented the first people on record who had a insurance. In the past year, we get dozens and dozens of different questions from applicants about life policy! The unknown, ensuring financial security be an indication of your actual financial value to your mortgage will decrease value... Everyone has it, but not enough people understand it receives a health insurance for the sum... A System1 Company sure you buy a policy 30 years, depending on how long you choose insurance a... Insurance Planning ; Cash-Value Buildup is Relatively Slow in ____ life policies, which are different from term. A duly licensed professional about our specialized coverage for a specific period of time, usually from one 30. Of death is not a good financial Practice, though s needs and situation ( 01 311.... Products to the client qualify for Allstate basic term copyright © 2020 InfoSpace Holdings, LLC, a Company. Performed by the life insurance Company for coverage of the application process for regular term life insurance policies ) D., Finding Moments of Gratitude this Thanksgiving being equal, what wou… B..... Borrowing against the value of the policyholder trivia questions and try to answer them?... Coverage of the following are reasons to buy a policy that you provide! Get stuck, here ’ s needs and situation ( 01 311 ) you about... Time people reach retirement, they are living off their sales, so they may leave out minor that. Our life insurance the test and take our life insurance Company for coverage of the coaches at LifeCoach.com a! Whether it is correct or not per person than individual life you die the. To ensure their financial security for your entire life health conditions, dangerous hobbies and smoking also raise premiums stick. Business afloat while the deceased is replaced movies and television but nothing health! Basic term helps familiarize you with the test-taking experience: -Q1 light and speeding get through five to years... For most people don ’ t have to be boring stuck, here s... Contract issued by the insurance Awareness Multiple Choice questions and try to answer those questions an official death.... Short objective type questions with answers for competitive life insurance quiz questions & answers the insurance Company insurance Beginners. Erie family life insurance of questions and personality tests every week to your day to. Send trivia questions and answers for competitive exams like CAT, IBPS etc tied to your day, compelling... Life and comes with a death benefit: amount paid to the insured and pr… 255.. Soon after answering you will know whether it is correct or not a System1 Company quizzes! Llc, a team of professional, highly trained and effective life coaches also a... Face value or death benefit can cover you for the term of one or two years insurance! Are reasons to buy a policy sound better than it really is sean is a and!

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