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[UGBA 135 Final] Disability & Life Insurance Complete Verified Test 2024.
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[UGBA 135 Final] Disability & Life Insurance Complete Verified Test 2024. Is disability insurance income replacement or workman's compensation? - correct answer Disability insurance is income replacement, not workman's compensation which you may file for What is the most important part of a ...

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  • April 23, 2024
  • 2
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • ugba 135 final disability life insurance
  • ugba 135 final disability life insurance comp

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  • UGBA
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[ugba 135 final] disability & life
insurance

Is disability insurance income replacement or workman's compensation? - correct answer Disability
insurance is income replacement, not workman's compensation which you may file for



What is the most important part of a disability insurance policy? - correct answer how "disability" is
defined



3 definitions of disability - correct answer 1. the inability to do your job or a similar job (the most liberal
definition you will likely find)

2. the inability to do any job for which you may be qualified (this may be adequate for your needs,
especially if your job requires specialized training or strength, but it is a narrower definition, making it
harder to qualify to collect, because it is not limited to just your job)

3. permanent or total disability -- the inability to do any job (this is a very strict and narrow definition
and may not enable you to collect a benefit unless you are severely disabled)



What's the most important reason to buy life insurance? - correct answer if someone is in a high-need
position and strongly depended on by others, they should buy life insurance

- a family with young children in need of nurturing and education is the classic "high need," high
insurance situation. If the whole family is dependent on one breadwinner for support, and that
breadwinner dies, there could be serious financial consequences for the nonworking spouse and
children.



term insurance - correct answer strictly "death insurance," with rates actuarially calculated

- The only time you or your family collect under the policy is if the insured person dies while the policy is
in force, subject to any exclusion for suicide.

- For most people, term insurance is probably the best choice.

- Dollar for dollar, term insurance gives you the most protection for your money.



What are premiums for term insurance based upon? - correct answer age (by year or age bracket),
health, gender, lifestyle (smoking), and occupation

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