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TN Life and Health Insurance Exam Study Guide Solutions 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 - ANS...

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  • November 13, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • tn life and health insurance exam study guide solu

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TN Life and Health Insurance Exam
Study Guide Solutions

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?




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Page 1/24

,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



Copyright ©EMILYCHARLENE2025. ALL RIGHTS RESERVED
Page 2/24

, 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


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



Copyright ©EMILYCHARLENE2025. ALL RIGHTS RESERVED
Page 3/24

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