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TN Life and Health Insurance Exam Questions and Answers (Latest Update 2024)
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TN Life and Health Insurance Exam Questions and Answers (Latest Update 2024)
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TN Life and Health Insurance Exam Questions and Answers (Latest Update 2024)period of time - Correct Answer ✅term
life insurance policy that provides temporary coverage - Correct Answer ✅term life insurance
least expensive, cheap, or very low premium life insurance policy - Correct Answer ✅term life insurance
the amount paid to the beneficiary at the insured's death - Correct Answer ✅face amount/face value
where is the face value for a policy listed? - Correct Answer ✅on the 1st page of the policy/contract
term life insurance that employer provides to employees; usually $10,000 - Correct Answer ✅group life insurance
what is the maximum amount the employer can provide to an
employee without you paying tax? - Correct Answer ✅$50,000 TN Life and Health Insurance Exam Questions and Answers (Latest Update 2024)
How much of the group life of $75,000 would be taxable to the beneficiary?
A. $25,000
B. $75,000
C. $50,000
D. none - Correct Answer ✅D
right of the policyholder to renew the policy at the end of the term - Correct Answer ✅renewable
right of the policyholder to change their temporary/term coverage to whole life/permanent protection - Correct Answer ✅convertible
You may convert your group life at termination of employment to?
A. term
B. whole life TN Life and Health Insurance Exam Questions and Answers (Latest Update 2024)
C. either a or b
D. none of these - Correct Answer ✅B
the face amount and the premium stay the same for the policy period or term - Correct Answer ✅level term
the face amount decreases for the life of the policy down to zero at the end of the term or expiration date of the contract - Correct Answer ✅decreasing term
pays off the balance of a loan at insured's death - Correct Answer ✅credit life
the face amount increases for the life of the policy; starts at zero/no value; not sold very often - Correct Answer ✅increasing term
a rider that at death pays an additional amount of money equal to all premiums paid up to your time of death - Correct
Answer ✅return of premium TN Life and Health Insurance Exam Questions and Answers (Latest Update 2024)
expires each year, but is renewable for another year; premium increases each year - Correct Answer ✅annually renewable
life insurance policy that covers the whole of life or to age 100 - Correct Answer ✅whole life
pay the same premium until age 100 when the policy pays off
to owner - Correct Answer ✅continuous pay
premium is paid up before age 100; higher premium and higher cash value - Correct Answer ✅limited pay
premium is paid up in one payment - Correct Answer ✅single pay
premium is paid up in 20 yrs - Correct Answer ✅20 Pay Life
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