Pet Trusts and Estate Planning for Your Pets. Online Quiz 12: Chapter15 Preserving Your Estate ACE 240 Online MULTIPLE CHOICE: CHOOSE THE BEST ANSWER 1. by sonia_09899. Take our life insurance quiz to test your knowledge! 0. Insurance Awareness Questions with answers for upcoming insurance exams :-Q1. 5. c) A working class individual with a family dependent on his income has the highest need for life insurance, since his passing will cause a financial catastrophe for the entire family. Largest Life Insurance Company in India is: a) The New India Assurance Company … Want to see what you’d pay for life insurance? Learn more about life insurance medical exams in this blog:  Do I Need a Medical Exam to Get Life Insurance? False. Insurance MCQ Questions is important for the preparation of exams like LIC EXAM, IRDA, UIIC, NICL, NIACL, and OICL. We recommend that you always supplement your work life insurance policy with a personal life insurance policy. False. c) 49%. Insurance policy. “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. To pay more for protection. Choosing a life insurance policy can be overwhelming. 66% average accuracy. 227 times. You can name your dog as your life insurance policy’s beneficiary. If you buy a term policy with a 20-year term length, your coverage expires in 20 years. At the end of 10 years what will the cash value of his policy be? 8. Solved examples with detailed answer description, explanation are given and it would be easy to understand 1. Types of Insurance You Shouldn’t Go Without. If your next place of work doesn’t offer this benefit, you suddenly are without coverage. Is Term Life Insurance Better than Whole Life Insurance? 11th - University grade. Insurance Multiple Choice Questions and Answers for competitive exams. alisonstevenson. False. Life insurance doesn’t have to be boring. Either convert your term policy into a permanent policy or buy an altogether brand new term policy. We will NEVER sell your info. At the end of 10 years how much will Tom have paid in premiums? Connect with her on LinkedIn. There aren’t many better ways of education than a knowledge test. 78% average accuracy. Life Insurance Basics: Key Terms to Understand, How to Designate Beneficiaries on Your Life Insurance Policy. Since the purpose of the month is awareness and not about passing the LLQP, the questions will be geared towards beginners. If you buy a term policy with a 20-year term length, your coverage expires in 20 years. To compensate for the higher risk of insuring men, insurance companies charge a higher premium. 4. c) At the renewal of a term insurance policy, rates will increase to reflect the higher risk you represent. Natasha is a writer and content editor at Quotacy. If you didn’t get very many correct, that’s perfectly OK! Most Read; Give Answer ; What is the difference between a conditional premium receipt and a binding premium receipt? Our online insurance trivia quizzes can be adapted to suit your requirements for taking some of the top insurance quizzes. 0. If you’re worried your family won’t have a financial cushion if something happens to you, it’s time to get serious about getting a policy. Ill give you some basic insurance related terms and concepts as they relate to insurance in the United States. Put your life insurance knowledge and your knowledge of the Gerber Life products to the test and take our life insurance quiz below. 0. Edit. Gravity. With an employer group plan, the amount of coverage you have is typically one or two times your annual salary. True or false? 6. If you get stuck, here’s a hint – all the answers can be found somewhere on our website. A conditional premium receipt is issued when the applicant pays the first premium of their life insurance. Q2. Also, these policies don’t follow you if you leave your job. Your email address will not be published. False. Traditional life insurance policies are fully-underwritten, which means that all the information gathered from your medical exam, plus medical records, are sent to life insurance underwriters. 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. See if you can separate the truth from fiction with these five questions about strange-but-true life insurance facts. 10. Compare the best prices from the names you know and trust, all in one place with no commitments. 5. c. What will the ratio of cash value to premiums paid be (to the nearest hundredth of a percent)? How did you do? Ready to compare quick life insurance quotes? Almost everyone has it, but not enough people understand it. 6. As part of the mandate of Life Insurance Awareness Month to raise awareness for all things related to life insurance, we want to do our part to educate our readers on the different aspects of life insurance. . True or false? Examples of exam questions – Life insurance . Edit. Can I Buy Life Insurance if I Am Considered High Risk? Life insurance is often viewed as a confusing topic. At the renewal of a term insurance policy: a) You have to qualify again medically to continue coverage, c) You have to pay the increased rate to continue coverage. 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? Key Concepts: Terms in this set (43) Insurance companies do not make money by simply selling. Required fields are marked *. In order for your spouse to get life insurance money if you die, he or she needs to be the owner of your policy. True or false? Sure, assuming your employer offers coverage and you’ve signed up. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. In minutes, you can see prices and compare policies from top-rated life insurance companies all at once. Mathematics. During these times of physical distancing, you can still get the expertise that we offer online and over the phone. Your policy premiums increase each year. Take insurance quiz questions and answers to test your knowledge on “Basics of Insurance for Beginners module”. Can I Buy Life Insurance on Someone Else? Learn more in this blog:  Is Term Life Insurance Better than Whole Life Insurance? Become a part of our community of millions and ask any question that you do not find in our Life Insurance Q&A library. This period of time is called a term. Your term policy premiums increase each year. Since the purpose of the month is awareness and not about passing the LLQP, the questions will be geared towards beginners. Basics of Reinsurance DRAFT. Insurance MCQ Questions and answers with explanations. 7. Save. Answer the following questions. The FCRELCLA makes it clear that the only way to receive payment is if a broker has a written brokerage agreement with _____, specifying the acts that trigger the earning of a real estate commission. Created by. A. (844) 786-8229 Answer a: False. Tim Tradesman pays $2,000 annually for $150,000 worth of life insurance. True or false? Play this game to review Corporate. 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 … At the end of the term, your policy expires. 1. Insurance Awareness Multiple Choice Questions for LIC, NIACL and other competitive exams. Which of the following demographics have the highest need for life insurance? Competency: Recommend individual and group life insurance products adapted to the client’s needs and situation (01 311). We recommend that you always supplement your work life insurance policy with a personal life insurance policy. There are many variables in different insurance coverages and companies, including various insurance company standards and offerings and underwriting requirements. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. A smoking status does not call for a rated policy, but rather a standard smoker rate that is higher than a standard nonsmoker rate.- Answer b: Correct answer. You can even go one step further and create a Pet Trust and name the trust a beneficiary of your life insurance policy. How much do you know about life insurance? Take this quiz to see how much you know about life insurance in general and the benefits of having life insurance. Image courtesy of Stuart Miles at FreeDigitalPhotos.net, Your email address will not be published. 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 … 505 Highway 169 North, #560 This is why we always recommend that you buy a policy as soon as you have a need for it. These short solved questions or quizzes are provided by Gkseries. Did you get 7 out of 7? In order for your spouse to get life insurance money if you die, he or she needs to be the owner of your policy. Learn more about policy ownership in this blog:  Who Can Own a Life Insurance Policy? Just because you don’t file a claim, doesn’t mean you get your money back. Questions. Life insurance could alleviate estate problems caused by a. choosing the wrong person to be executor. All questions will be multiple choice. e) None of These. 4. A term policy is typically the right choice of coverage for most people, but permanent insurance has its benefits too. True. With an employer group plan, the amount of coverage you have is typically one or two times your annual salary. True or false? Why do most people invest in life insurance polices? In 2026, the demand for insurance agents is expected to have grown by 10%. 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. b) 50%. We’ll contact you by phone or online to collect any other required information if needed. ANS: D 2. How much do you really know about life insurance? 3. These short solved questions or quizzes are provided by Gkseries. False. General Insurance Question Answers for competitive exams . Who are preparing for the competitive exams or planning to attend any interview can check the Insurance Awareness General Knowledge Online Test. A comprehensive database of more than 102 insurance quizzes online, test your knowledge with insurance quiz questions. We understand COVID-19 has had a huge financial impact on people and their ability to pay premiums. Insurance quiz. While the industry rule of thumb is that you should own ten times your salary, this calculation isn’t right for everyone. Learn more about how to protect your pet in this blog:  Pet Trusts and Estate Planning for Your Pets. 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. Life Insurance Quiz. Life Insurance Questions & Answers. Get a Personalized Quote for Term Life Insurance Coverage Amount $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 $550,000 $600,000 $650,000 $700,000 $750,000 $800,000 $850,000 $900,000 $950,000 $1,000,000 $1,500,000 … Professional Development. 2. If you have a basic knowledge of life insurance, you should be able to get most of them correct. True or false? Take the Quiz: Insurance Terminology. The answers for the seven questions below are at the bottom of the post, so don’t scroll too fast! Certain avocations, such as scuba diving, may also affect insurance rates. We recognize that these times are challenging and wanted to provide an overview of the actions Brian So Insurance is taking to protect the health and safety of our clients. What is the goal of life insurance? An individual has a $200,000 convertible term life insurance policy. Here are other reasons to avoid mortgage life insurance. With many resources online from insurance companies such as Sun Life and Manulife, to non-profit organizations such as the Canadian Life and Health Insurance Association, there is no excuse for remaining in the dark about life insurance. other reasons to avoid mortgage life insurance, Canadian Life and Health Insurance Association. a year ago. Life & Health Insurance Exam. Take our quiz and find out. Spouses, children, and other loved ones should be considered in helping secure your family’s financial future with term life insurance. These short objective type questions with answers are very important for competitive exams like CAT, IBPS etc. Answer the following multiple-choice questions, then click on the ‘Submit’ button to reveal which questions you answered correctly and see how well you scored: Qualified third party intermediary C. Closing agent D. Broker 2. 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? We encourage you to visit the World Health Organization website and your local government health authority websites for the most up-to-date and reliable information about the status of the coronavirus in your region. Insurance Questions and Answers (Q&A) Follow . While Mr. Fluffikins is indeed a part of the family, you cannot name a pet as a beneficiary on your life insurance policy. Therefore, below is a short quiz on life insurance. True, most of the time. How much do you really know about life insurance? True or false? Insurance Awareness Quiz Questions and Answers PDF MCQ. Quiz & Worksheet Goals . True or false? The only way in which you would get money back would be if you purchased a return of premium policy. In a 1031 Exchange Like Transaction, who is in charge of holding the money generated by the sale? Your email address will not be published. . You can buy life insurance on your next-door neighbor. Check Insurance Awareness General Knowledge Questions from here. False. Flashcards. Secured with SHA-256 Encryption. True or false? Term life insurance is less expensive than whole life insurance. b. Take our quiz and find out. True or false? 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. Property owner B. b. improper management. Minnesota, Oregon, and Wyoming are the only states with a passing rate of 75% or higher on the Life & Health Insurance exam. (844) QUOTACY, Designed by Elegant Themes | Powered by WordPress. What Happens If I Don’t Die While My Policy Is Inforce? If you buy a term policy with a 20-year term length, your coverage expires in 20 years. 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