Key Concepts: Terms in this set (43) Insurance companies do not make money by simply selling. Tim Tradesman pays $2,000 annually for $150,000 worth of life insurance. Take our quiz and find out. Life insurance could alleviate estate problems caused by a. choosing the wrong person to be executor. Sean is a smoker and travels frequently to developed countries to host scuba diving tours. A young married Dad is applying for life insurance. Image courtesy of Stuart Miles at FreeDigitalPhotos.net, Your email address will not be published. by sonia_09899. 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. A. 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. Quotacy This True or False quiz will test your life insurance basics knowledge. A term life insurance policy lasts a specific period of time. Insurance Awareness Quiz with Answers Facebook; Twitter; Telegram; Email; Whatsapp; Published on Thursday, August 13, 2015 By - Unknown. Also, these policies don’t follow you if you leave your job. Choose from 500 different sets of texas life health insurance exam flashcards on Quizlet. 1) Astronaut Insurance. 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. 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. Competency: Recommend individual and group life insurance products adapted to the client’s needs and situation (01 311). 505 Highway 169 North, #560 You want to make sure you understand what you’re getting, or else it may affect your loved ones. Either convert your term policy into a permanent policy or buy an altogether brand new term policy. Life Insurance: Do You Need Ten Times Your Salary? The individual who receives a death benefit if you die is the beneficiary. You are only able to buy Term Life insurance once during your lifetime. A. My Term Policy is Going to Expire – What Can I Do? a year ago. Though if you didn’t pass, there is no better time to learn the basics of life insurance than now. 5. c) A working class individual with a family dependent on his income has the highest need for life insurance, since his passing will cause a financial catastrophe for the entire family. Your term policy premiums increase each year. 11th - University grade. Insurance MCQ Questions is important for the preparation of exams like LIC EXAM, IRDA, UIIC, NICL, NIACL, and OICL. Which of the following factors are likely to increase your insurance premiums? Choosing a life insurance policy can be overwhelming. 0. Learn more about group life insurance policies in this blog:  Do I Need Individual Life Insurance if I Have Group Life Insurance? 2. Take this quiz and find out. Take this quiz to see how much you know about life insurance in general and the benefits of having life insurance. a. Reinsurance allows an insurance company to: Basics of Reinsurance DRAFT. In the past few months, we have seen extraordinary measures to safeguard everyone’s wellbeing. We are confident that with our plans, we will continue to serve our clients as we always have, compassionately and professionally. 6. True or false? Think of it like car insurance. If you get stuck, here’s a hint – all the answers can be found somewhere on our website. The quiz and worksheet will help measure your understanding of term life insurance. In order for your spouse to get life insurance money if you die, he or she needs to be the owner of your policy. True or false? Life Insurance Quiz. . Over 65 quiz questions in rotation. noahdeese14. What is the goal of life insurance? Brian So Insurance | Privacy Policy, Brian So Insurance(604) 928-1628info@briansoinsurance.com, COVID-19 update for our clients: Your health is our priority. A conditional premium receipt is issued when the applicant pays the first premium of their life insurance. Insurance Multiple Choice Questions and Answers for competitive exams. alisonstevenson. True, most of the time. On each click on answers system will tell you where the answers is correct or incorrect.You can view this General Insurance test question details at the end of the quiz. True. In order for your spouse to get life insurance money if you die, he or she needs to be the owner of your policy. You cannot buy life insurance on someone without insurable interest. You need to have a medical exam in order to buy life insurance. 66% average accuracy. You can even go one step further and create a Pet Trust and name the trust a beneficiary of your life insurance policy. Take insurance quiz questions and answers to test your knowledge on “Basics of Insurance for Beginners module”. Question 1 . You can be both the owner and the insured and your spouse would be listed as beneficiary. There are many variables in different insurance coverages and companies, including various insurance company standards and offerings and underwriting requirements. 9. True or false? Reinsurance allows an insurance company to: Preview this quiz on Quizizz. Copyright © Required fields are marked *. True or false? d) 51% . The younger and healthier you are, the cheaper your policy and you can lock in that low rate. 3. The answers for the seven questions below are at the bottom of the post, so don’t scroll too fast! If you have life insurance through your job, you don’t need a personal life insurance policy. Match. 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 … Recent Scores. True or false? 88 times. c. disabilities. Natasha is a writer and content editor at Quotacy. People identified as bad risks are likely. True or false? We have restricted non-essential travel, postponed large events, and limited in-person business meetings. Since the purpose of the month is awareness and not about passing the LLQP, the questions will be geared towards beginners. Almost everyone has it, but not enough people understand it. Edit. False. Term life insurance is less expensive than whole life insurance. Minnesota, Oregon, and Wyoming are the only states with a passing rate of 75% or higher on the Life & Health Insurance exam. A new Insurance quiz every hour! c) 49%. This mock test having 40 questions in General Insurance, with four choices. True or false? In fact, it can be downright amusing! Required fields are marked *. 1. How much do you really know about life insurance? Term life insurance is less expensive than whole life insurance. If you have a basic knowledge of life insurance, you should be able to get most of them correct. Professional Development . Property owner B. We can work with you to find different options that meet your personal circumstances, including flexibility within your policy. If your next place of work doesn’t offer this benefit, you suddenly are without coverage. 0. With an employer group plan, the amount of coverage you have is typically one or two times your annual salary. 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. 1. Learn more about these options in this blog:   My Term Policy is Going to Expire – What Can I Do? Take our quiz and find out. True or false? 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 Questions and Answers PDF MCQ. She can't get enough of life insurance and outside of work is also working toward her Chartered Life Underwriter designation. Qualified third party intermediary C. Closing agent D. Broker 2. Do I Need Individual Life Insurance if I Have Group Life Insurance? 1. b) Life insurance protects against the unknown, ensuring financial security for your family when you die. Put your life insurance knowledge and your knowledge of the Gerber Life products to the test and take our life insurance quiz below. Which of the following is not required for a life insurance claim? Our online insurance trivia quizzes can be adapted to suit your requirements for taking some of the top insurance quizzes. True or false? Just because you don’t file a claim, doesn’t mean you get your money back. 1. Your email address will not be published. What is the difference between Term Life Insurance and Whole Life Insurance? a year ago. Flashcards. Questions. You get your money back if you don’t die before your term policy ends. You can buy life insurance on your next-door neighbor. A comprehensive database of more than 102 insurance quizzes online, test your knowledge with insurance quiz questions. 7. b) Men have a lower life expectancy than women. We recognize that these times are challenging and wanted to provide an overview of the actions Brian So Insurance is taking to protect the health and safety of our clients. PLAY. a) To make your beneficiaries wealthy. Play this game to review Corporate. Save. Insurance Awareness Questions with answers for upcoming insurance exams :-Q1. Edit. True or false? If you have life insurance through your job, you don’t need a personal life insurance policy. Because of these two factors, whole life insurance is roughly ten times more expensive than a term policy. Your existing life insurance coverage is subtracted from all of this to determine your current life insurance needs. When you buy a term life insurance policy, your premiums will never increase for the life of that policy. 10. 4. c) At the renewal of a term insurance policy, rates will increase to reflect the higher risk you represent. 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 … True or false? Repeated trips, especially to politically unstable countries, are subject to a rated policy. Who are preparing for the competitive exams or planning to attend any interview can check the Insurance Awareness General Knowledge Online Test. If you buy a term policy with a 20-year term length, your coverage expires in 20 years. We’re a life insurance broker that helps you cast a wider net. document.getElementById("copyright_year").innerHTML = d.getFullYear(); You’ll only be working with us and the life insurance company you choose. 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.. Connect with her on LinkedIn. True or false? c. What will the ratio of cash value to premiums paid be (to the nearest hundredth of a percent)? 1. Answer the following questions. False. You can be the owner of your own policy. 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? as well as Board exams. While the industry rule of thumb is that you should own ten times your salary, this calculation isn’t right for everyone. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. Question 1 . False. At the end of 10 years what will the cash value of his policy be? Learn more in this blog:  Life Insurance: Do You Need Ten Times Your Salary? Test. Insurance policy. Learn more about policy ownership in this blog:  Who Can Own a Life Insurance Policy? 78% average accuracy. To compensate for the higher risk of insuring men, insurance companies charge a higher premium. Professional Development. Gravity. 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. True or false? 227 times. True or false? In order for your spouse to get life insurance money if you die, he or she needs to be the owner of your policy. How much do you really know about life insurance? Secured with SHA-256 Encryption. Most life insurance carriers will require a medical exam in order to approve you for coverage. 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. During these times of physical distancing, you can still get the expertise that we offer online and over the phone. True or false? Firstly, there is a graded benefit clause which will not pay the full death benefit amount should you pass away during the first two policy years. Your email address will not be published. Edit. 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. 4. Insurance MCQ Questions and answers with explanations. True or false? These short solved questions or quizzes are provided by Gkseries. Check Insurance Awareness General Knowledge Questions from here. Free World Trivia Questions. 5. This is the General Knowledge Questions & Answers section on & Insurance Awareness& with explanation for various interview, competitive examination and entrance test. In 2026, the demand for insurance agents is expected to have grown by 10%. This True or False quiz will test your life insurance basics knowledge. Can I Buy Life Insurance if I Am Considered High Risk? Questions. Over the past few months, Brian So Insurance has implemented several precautionary measures. 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. Your life insurance coverage must equal 10 times your income. Life insurance basics is an important buying decision. Your life insurance quotes are always free. Spouses, children, and other loved ones should be considered in helping secure your family’s financial future with term life insurance. Take the Quiz: Insurance Terminology. 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. 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. These short objective type questions with answers are very important for competitive exams like CAT, IBPS etc. But, odds are, that coverage is inadequate. In a 1031 Exchange Like Transaction, who is in charge of holding the money generated by the sale? Ill give you some basic insurance related terms and concepts as they relate to insurance in the United States. 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. (844) 786-8229 Played 88 times. Types of Insurance You Shouldn’t Go Without. Learn more about how to protect your pet in this blog:  Pet Trusts and Estate Planning for Your Pets. Don’t worry, it’s much easier than a job interview. Liability (USA Based) 10 questions Tough, 10 Qns, superferd, Feb 23 08. Which of the following demographics have the highest need for life insurance? Practice Free Study Material for LIC AAO 2020, get Insurance and Financial Market Awareness Questions Quiz With Explanation for LIC AAO 2020, Download PDF of LIC AAO Pre Arithmetic Questions with Solution at Free Of Cost, Learn How to Solve LIC AAO Insurance and Financial Market Awareness Problems Fast, Get all types of Insurance and Financial Market Awareness Question and Answer for all … 3. How much do you know about life insurance? If you didn’t get very many correct, that’s perfectly OK! Life Insurance Post/Quiz DRAFT. Your life insurance coverage must equal 10 times your income. We encourage you to visit the World Health Organization website and your local government health authority websites for the most up-to-date and reliable information about the status of the coronavirus in your region. With a traditional term life insurance policy, you do not receive any premiums back if you do not die within the term. There are three caveats to these plans. Some are hotels, some are malls, some is auto, and even casinos. However, you pay a higher premium for the benefit of knowing you would get your money back if you outlive your policy. 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 … Take this quiz to see where your knowledge gaps are. Life Insurance Basics: Key Terms to Understand, How to Designate Beneficiaries on Your Life Insurance Policy. 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. 0. Is Term Life Insurance Better than Whole Life Insurance? Don’t I have life insurance through my employer already? as well as Board exams. These underwriters assess each detail and determine the statistical chances of you dying early. e) None of These. 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. True or false? Edit. Policies. a) Existing life insurance, income needs and immediate cash needs. All questions will be multiple choice. by Natasha Cornelius | Jan 4, 2018 | InsuranceLife | 0 comments. (844) QUOTACY, Designed by Elegant Themes | Powered by WordPress. Save. General Insurance Question Answers for competitive exams . Do I Need a Medical Exam to Get Life Insurance? Solved examples with detailed answer description, explanation are given and it would be easy to understand Browse from thousands of Life Insurance questions and answers (Q&A). b. She is also co-host of Quotacy’s YouTube series. b) 50%. Life insurance is not one-size-fits-all. Ready to compare quick life insurance quotes? Here are other reasons to avoid mortgage life insurance. Insurance Multiple Choice Questions and Answers for competitive exams. Limit of FDI in Insurance sector : a) 47%. 2. 8. False. The only way in which you would get money back would be if you purchased a return of premium policy. What Is Term Life Insurance and How Does it Work? 4. 7. Sure, assuming your employer offers coverage and you’ve signed up. Your policy premiums increase each year. J. Emmerich, Web Content Writer Answered: Feb 14, 2019. With an employer group plan, the amount of coverage you have is typically one or two times your annual salary. Life Insurance Quiz. 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. Learn more in this blog:  Can I Buy Life Insurance on Someone Else? Which of the following factors is not used to determine how much he'll pay for insurance? And apply easily online. 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. We recommend that you always supplement your work life insurance policy with a personal life insurance policy. ANS: D 2. This is why we always recommend that you buy a policy as soon as you have a need for it. This period of time is called a term. Created by. Quiz & Worksheet Goals . Minneapolis, MN 55441 These short objective type questions with answers are very important for competitive exams like CAT, IBPS etc. If you buy a term policy with a 20-year term length, your coverage expires in 20 years. An _____ is a contract between an insurance company and you. Insurance quiz. Therefore, below is a short quiz on life insurance. STUDY. Insurance Questions and Answers (Q&A) Follow . Write. Trivia Questions. You get your money back if you don’t die before your term policy ends. Underwriter designation die While My policy is a permanent policy or buy an altogether brand new term policy correct... Great resource if you don ’ t many better ways of education than a life... Rated policy accumulating a cash value of his policy be United States life. People make claims against them affected as a confusing topic is term insurance... This calculation isn ’ t understand basic car insurance, with four choices knowledge test used to verify your to! 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A medical exam in order to buy term life insurance protects against the unknown, ensuring financial for! | Jan 4, 2018 | InsuranceLife | 0 comments that coverage is.! Sets of texas life health insurance exam flashcards on Quizlet you if you die is the difference between a premium! Since the purpose of the post, so don ’ t die before your term policy with a 20-year length... Qns, superferd, Feb 23 08 see where your knowledge gaps are to understand, how to Designate on... Some is auto, and 30 years an _____ is a smoker and travels frequently to countries!, children, and even casinos coverages and companies, including various insurance company and you ll... Of insurance you were embarrassed to ask insurance through My employer already both the owner of your life insurance your. Pet trust and name the trust a beneficiary of your own policy, especially to unstable! Fun ( yes, fun ) life insurance coverage life insurance quiz with answers subtracted from all of this to your... 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