TN Life and Health Insurance Exam/ 215 Quizzes & Correct Answers.
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Course
TN Life and Health Insurance
Institution
TN Life And Health Insurance
TN Life and Health Insurance Exam/ 215 Quizzes & Correct Answers. Terms like:
term - Answer: period of time
term life insurance - Answer: life insurance policy that provides temporary coverage
term life insurance - Answer: least expensive, cheap, or very low premium life insurance policy
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TN Life and Health Insurance Exam/ 215
Quizzes & Correct Answers.
term - Answer: period of time
term life insurance - Answer: life insurance policy that provides temporary coverage
term life insurance - Answer: least expensive, cheap, or very low premium life insurance policy
face amount/face value - Answer: the amount paid to the beneficiary at the insured's death
on the 1st page of the policy/contract - Answer: where is the face value for a policy listed?
group life insurance - Answer: term life insurance that employer provides to employees; usually
$10,000
$50,000 - Answer: what is the maximum amount the employer can provide to an employee
without you paying tax?
Page 1 of 21
,D - Answer: 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
renewable - Answer: right of the policyholder to renew the policy at the end of the term
convertible - Answer: right of the policyholder to change their temporary/term coverage to
whole life/permanent protection
B - Answer: You may convert your group life at termination of employment to?
A. term
B. whole life
C. either a or b
D. none of these
level term - Answer: the face amount and the premium stay the same for the policy period or
term
decreasing term - Answer: 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
credit life - Answer: pays off the balance of a loan at insured's death
increasing term - Answer: the face amount increases for the life of the policy; starts at zero/no
value; not sold very often
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, return of premium - Answer: a rider that at death pays an additional amount of money equal to
all premiums paid up to your time of death
annually renewable - Answer: expires each year, but is renewable for another year; premium
increases each year
whole life - Answer: life insurance policy that covers the whole of life or to age 100
continuous pay - Answer: pay the same premium until age 100 when the policy pays off to
owner
limited pay - Answer: premium is paid up before age 100; higher premium and higher cash
value
single pay - Answer: premium is paid up in one payment
20 Pay Life - Answer: premium is paid up in 20 yrs
Life Paid Up at 65 - Answer: premium paid up at age 65
modified whole life - Answer: premium begins very low (term) and changes to whole life with
one raise in premium after 3-5 years then premium is constant for life of policy
graded premium whole life - Answer: premium begins very low (term) and raises each year for
5-10 years then premium is constant for life of policy
endowment - Answer: policy matures before age 100 at a specific age or date; higher premium
and cash value
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