4. If you buy a term policy with a 20-year term length, your coverage expires in 20 years. Take this quiz to see how much you know about life insurance in general and the benefits of having life insurance. A comprehensive database of more than 102 insurance quizzes online, test your knowledge with insurance quiz questions. Life Insurance Quiz. 6. Take this quiz to see where your knowledge gaps are. I handle many commercial clients and people make claims against them. This is why we always recommend that you buy a policy as soon as you have a need for it. Some are hotels, some are malls, some is auto, and even casinos. During these times of physical distancing, you can still get the expertise that we offer online and over the phone. 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. But, odds are, that coverage is inadequate. A. Do I Need Individual Life Insurance if I Have Group Life Insurance? If you buy a term policy with a 20-year term length, your coverage expires in 20 years. 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. Our FAQ page is a great resource if you want to learn more. Copyright © 4 years ago. Policies. You get your money back if you don’t die before your term policy ends. If you have life insurance through your job, you don’t need a personal life insurance policy. We are confident that with our plans, we will continue to serve our clients as we always have, compassionately and professionally. Write. 1. While the industry rule of thumb is that you should own ten times your salary, this calculation isn’t right for everyone. 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. Do I Need a Medical Exam to Get Life Insurance? If you buy a term policy with a 20-year term length, your coverage expires in 20 years. Is Term Life Insurance Better than Whole Life Insurance? A new Insurance quiz every hour! Liability (USA Based) 10 questions Tough, 10 Qns, superferd, Feb 23 08. Questions. Want to see what you’d pay for life insurance? c) 49%. Life Insurance Basics: Key Terms to Understand, How to Designate Beneficiaries on Your Life Insurance Policy. True or false? True or false? We understand COVID-19 has had a huge financial impact on people and their ability to pay premiums. Insurable interest is when your finances would be negatively affected as a direct result of another person’s death. Types of Insurance You Shouldn’t Go Without. Life insurance doesn’t have to be boring. If he chooses, he can ... f an insurance company issues a policy even though some questions on the application were unanswered, when can the insurer get the answers to those questions? Here we are presenting some Insurance … a) To make your beneficiaries wealthy. Can I Buy Life Insurance on Someone Else? You can be the owner of your own policy. 11th - University grade. Ill give you some basic insurance related terms and concepts as they relate to insurance in the United States. 0. If you didn’t get very many correct, that’s perfectly OK! This is a quiz for your Insurance mastery. 3. False. 66% average accuracy. Learn more in this blog:  Life Insurance: Do You Need Ten Times Your Salary? © 2020 Quotacy, Inc. All Rights Reserved. Life & Health Insurance Exam. Free World Trivia Questions. With an employer group plan, the amount of coverage you have is typically one or two times your annual salary. Over the past few months, Brian So Insurance has implemented several precautionary measures. by Natasha Cornelius | Jan 4, 2018 | InsuranceLife | 0 comments. 7. . Your email address will not be published. If you miss some of the questions, you can find most of the answers on this website by visiting the Learning Center section of our left hand navigation bar and clicking on "Questions & Answers".1. True or false? 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 … 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. The younger and healthier you are, the cheaper your policy and you can lock in that low rate. a year ago. 7. Minnesota, Oregon, and Wyoming are the only states with a passing rate of 75% or higher on the Life & Health Insurance exam. At the end of 10 years what will the cash value of his policy be? Your life insurance quotes are always free. 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 … Learn more about these options in this blog:   My Term Policy is Going to Expire – What Can I Do? 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.. True or false? At the end of the term, your policy expires. True or false? Learn more about policy ownership in this blog:  Who Can Own a Life Insurance Policy? All questions will be multiple choice. Largest Life Insurance Company in India is: a) The New India Assurance Company … 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. Take insurance quiz questions and answers to test your knowledge on “Basics of Insurance for Beginners module”. True. Competency: Recommend individual and group life insurance products adapted to the client’s needs and situation (01 311). She can't get enough of life insurance and outside of work is also working toward her Chartered Life Underwriter designation. 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? Required fields are marked *. None of the information made available on this site should take the place of, or be a substitute for, medical advice or official guidance and/or direction issued by your public health authorities or local government. a year ago. 10. We’re a life insurance broker that helps you cast a wider net. 5. In a 1031 Exchange Like Transaction, who is in charge of holding the money generated by the sale? At the end of 10 years how much will Tom have paid in premiums? True or false? Tim Tradesman pays $2,000 annually for $150,000 worth of life insurance. Some carriers do offer no-exam policies, but you need to qualify for these by being in excellent health and within a certain age range. 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. You get your money back if you don’t die before your term policy ends. If you get stuck, here’s a hint – all the answers can be found somewhere on our website. Spell. 78% average accuracy. 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? (844) QUOTACY, Designed by Elegant Themes | Powered by WordPress. We will NEVER sell your info. True or false? You want to make sure you understand what you’re getting, or else it may affect your loved ones. An _____ is a contract between an insurance company and you. Edit. 5. Take our quiz and find out. b) 50%. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. Term life insurance is less expensive than whole life insurance. Save. Check Insurance Awareness General Knowledge Questions from here. 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 find yourself in need of more coverage, most carriers allow you to renew your term policy, but the premiums often increase drastically so we typically recommend you go with a different option. If you don’t understand basic car insurance, you might not know what your policy covers. 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. a. 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 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. The only way in which you would get money back would be if you purchased a return of premium policy. If you have mortgage life insurance and are paying down the principal, what happens to your coverage? Because of these two factors, whole life insurance is roughly ten times more expensive than a term policy. Created by. “No-questions-asked life insurance”, also known as guaranteed issue life insurance, is a policy which ensures your acceptance regardless of your current or past health challenges. Take our life insurance quiz to test your knowledge! c. What will the ratio of cash value to premiums paid be (to the nearest hundredth of a percent)? 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