life insurance quiz questions & answers

Gerber Life makes no claims, representations, or warranties as to the accuracy, completeness, or appropriateness of this general interest information for your particular circumstances. From fun quizzes that bring joy to your day, to compelling photography and fascinating lists, HowStuffWorks Play offers something for everyone. The Life Insurance Practice Test (National) helps familiarize you with the test-taking experience. Someone with a bad credit history you might want a life insurance policy that allows him to borrow money from the cash value of his account, since even the higher rates of the policy are likely to be better than what he might get from a bank. c) 49%. This is because life insurance is supposed to replace your financial value to your beneficiary. ... Our award-winning website offers reliable, easy-to-understand explanations about how the world works. Insurance policy is categorised into two. Many factors influence how high your life insurance premium will be. Explore answers and all related questions . a) … Related questions. Take our life insurance quiz to test your knowledge! Question 159. Life insurance is often viewed as a confusing topic. He had been hospitalized for a month before his death. Life Insurance. This is a quiz for your Insurance mastery. There aren’t many better ways of education than a knowledge test. Take our quiz and find out. Check Insurance Awareness General Knowledge Questions from here. as well as Board exams. Copyright ©2020 Gerber Life Insurance Company, White Plains, NY 10605 All rights reserved. Q2. Make sure you buy a policy that you can afford. Used under license from Société des Produits Nestlé S.A. and Gerber Products Company. B. This five-question quiz will help you better understand long-term care and why it’s important to consider. The policy's payout may help keep the business afloat while the deceased is replaced. 32) What is thedifferent type of Life Insurance? Questions in this quiz and worksheet ask about the following: Another name for decreasing term life insurance Type of term insurance that doesn't result in someone losing everything Permanent life insurance policies have a cash value component, which means that your fund invests your premium payments to increase the amount of cash in your policy account. Life insurance basics is an important buying decision. Lucky for you, HowStuffWorks Play is here to help. Limit of FDI in Insurance sector : a) 47% . The amount of coverage you need is called face value or death benefit. Suicide is often not covered in a life insurance policy. 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. Read the Insurance Awareness General Knowledge Questions and try to answer it by choosing the appropriate option. 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? Take insurance quiz questions and answers to test your knowledge on “Basics of Insurance for Beginners module”. These short solved questions or quizzes are provided by Gkseries. Multiple Choice . Protect the rights of policy holders 2. Q 160 . Because learning is fun, so stick with us! We can’t wait to hear from you! To claim a life insurance policy, the beneficiary generally has to fill out a claim form and provide an official death certificate. The paramed exam is paid for by the life insurance company and takes about 20-30 minutes to complete. What are the types of authority? 6 Min. Life Insurance Questions & Answers. We send trivia questions and personality tests every week to your inbox. Health conditions, dangerous hobbies and smoking also raise premiums. Know the consequences of cancelling a policy. 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. If you buy a policy with a high face value and later find that you cannot afford to pay it, you will have to cancel it and will end up with nothing. You want to make sure you understand what you’re getting, or else it may affect your loved ones. All of the above. 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. Because of these two factors, whole life insurance … Whether you have questions about insuring your pet iguana or just want to figure out how much coverage you need, our Life Insurance Professionals are here to help at 1-800-630-5000 or through chat Monday-Friday 8:00 am – 9:00 pm, Saturday 10:00 am-1:00 pm ET. His wife contacted the insurance company to file her claim for the death benefit on September 5th, after John's burial, and after she had time to collect her emotions to deal with her personal loss. See our education page. e) None of These. Ready to compare quick life insurance quotes? You need life insurance if you have people that are financially dependant on you and you want to ensure their financial security. Although people can nominate whoever (and whatever) they want, another common beneficiary is a person's business. Between the ages of 18 and 45. Put your life insurance knowledge and your knowledge of the Gerber Life products to the test and take our life insurance quiz below. C. 100,000- cannot be lower than the guaranteed minimum of 100… All other factors being equal, what wou… B. lower. Q. 4 Min, 6 Minute Quiz Stay. If you need legal, financial, health or other services, you should contact a duly licensed professional. So how much do you really know? Playing quizzes is free! This quiz was developed with the collaboration of the coaches at LifeCoach.com, a team of professional, highly trained and effective life coaches. Insurance and Finance G.K. Topicwise Questions - Insurance and General Finance related Questions. Finally, it will analyze your scores. Gerber Life Insurance is a trademark. B) J.K. Rowling, who insured her life for the staggering sum of $126 million. Competency: Recommend individual and group life insurance products adapted to the client’s needs and situation (01 311). Take our life insurance quiz to test your knowledge! Where would policy proceeds be paid if both the insured and pr… 255 Terms. Whole Life Insurance. [A]Protect the rights of policy holders [B]Adjudication on insurance related matters [C]Promoting insurance business [D]All of these Answer: All of theseNotes: All of these The functions of IRDA are: 1. Check all the Insurance Awareness General Knowledge Questions and try to answer them. Dashboard My courses HLLQP LLQP Modules Life Insurance Quizzes and Exams Life Insurance Practice Quiz! Questions. A) limited-pay B) endowment C) universal D) modified. Insurance companies 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: Please check the form for missing information or errors. How much do you know about dinosaurs? Insurance Awareness Multiple Choice Questions for LIC, NIACL and other competitive exams. What does a life insurance policy guarantee to the stated bene… Which of these is affected by the frequency of an insurance po… Irrevocable beneficiary. A majority of Americans say they do not understand the details of life insurance policies. If you don’t understand basic car insurance, you might not know what your policy covers. To decide how much you need to spend on life insurance, you need to calculate your financial value to your family and the gap they will be left with. Please note: Articles and other information included on this website are intended for the general interest of our readers, and are not intended to express the positions or views of Gerber Life or to provide or constitute, legal, financial, health or other advice. This will be an indication of your actual financial value and the level of life insurance you need to buy. The catch is that if you decide you want to buy a new policy when your policy runs out, your new premium will probably be a lot higher because you are now older. Edmund Halley, the same person for whom the comet is named, invented the first actuarial tables. Question 1 . All questions will be multiple choice. True or false? Own their residence. Health and Life Insurance Practice Questions. Insurance salespeople make commission off their sales, so they may leave out minor details that could cost you big. How much do you really know about life insurance? While the content of practice tests is not the same as the content of the actual exam, the questions are representative of the types of questions you will see on the exam and are specific to life insurance. And how do you use a proper noun? Term Life Insurance. Insurance Awareness Quiz with Answers Facebook; Twitter; Telegram; Email; Whatsapp; Published on Thursday, August 13, 2015 By - Unknown. 1. Limit of FDI on Insurance in as per 2014 was: a) 47% b) 50% c) 49% d) 51% e) None of These Insurance Awareness Quiz with Answers - BankExamsToday Important links: QuizMoz offers one of the Internet's largest collection of quizzes for you to tease your brain and pit your wits against the experienced QuizMoz quiz masters. Use this interactive quiz to determine how well you understand different aspects of life insurance policies. Group insurance is automatic and requires less medical information than the individual coverage. Some companies offer no medical exam term life policies, which are different from regular term. Facebook Twitter Email LinkedIn SMS WhatsApp. 5 10 20 30; 3. What are the main functions performed by the IRDA? Dental Insurance. .. While whole life insurance might sound like the way to go, term life is actually the right pick for most shoppers, given it's much more cost-effective. Choosing a life insurance policy can be overwhelming. Sample Decks: Life Insurance Policy Options, Life Insurance Policy Options Quiz Questions, Life Insurance Policy Provisions Quiz Questions Show Class Life and Health Insurance (including Nevada state specific) Life and Health Insurance (including Nevada state specific) Flashcard Maker: Ally Ramirez. In addition, it will break down your score on the following categories: Mind, Body, Spirit, Love, Friends/Family, and Financial. Accident Insurance. A policyowner is prohibited from making any changes to the pol… contingent beneficiary. Take this quiz to see how much you know about health insurance. D. Both provide a tax free death benefit. Almost everyone has it, but not enough people understand it. How much do you know about life insurance? Choosing a life insurance policy can be overwhelming. Home > Quizzes and Fun Tests > Finance and Currency Quizzes > Life insurance Quiz Life insurance Quiz Welcome to the QuizMoz Life insurance Quiz. Well, we’ve got 250+ trivia questions and answers lined up for you to try to figure out and they span many different categories. Our award-winning website offers reliable, easy-to-understand explanations about how the world works. It leaves your beneficiary open to financial vulnerability. What is the difference between speculative risk (SR) and pure risk(PR)? Insurance Awareness Questions - Insurance Awareness GK Quiz Details. C) Al Capone, who, at the time of his death in 1947, held an insurance policy with $3 million in coverage. Track course progress. Trivia Questions Quiz. All other factors being equal, what wou… The term "fixed" in a fixed annuity ref… What are the two components of a univer… An insured has a variable life policy w… B. lower. Pet Services. Specialty Insurance. Examples of exam questions – Life insurance . The rule of thumb for most people is to buy a policy that helps your family get through five to seven years without you. Beyond your salary, you need to factor in income tax and money you spend on living expenses such as food and clothes and anything else that relates to money that you earn or spend. 5 Minute Quiz Ins Quiz - 2 . The beneficiary is the person who you nominate to receive the payout from your policy should you die within the term. How much do you know about life insurance? A term policy runs over a period of more than one year to up to 30 years, depending on how long you choose. Related questions Q 131 Life insurance needs are ____ until your first child is born,then the need is ____ until the youngest child is ten,and then the need ____ until retirement. b) 50%. INS Quiz - 2. Read about our specialized coverage for pet sitters and pet trainers. So many choices. Updated Dec. 18, 2019: Most people don’t know a lot about life insurance. Shopping for life insurance can be a deeply personal experience. The cost of health care in the United States is staggering, and health insurance, which pays some of the bills, is an often complicated benefit that none of us like until we need it. Do you know everything about movies and television but nothing about health? Have their auto insured with Allstate. True or false? When an insured person receives a health insurance policy he has how many days to review and ask for a return of his/her premium? They did not know what types of policies they should buy or how much coverage they needed. Retired people usually take out life insurance policies to ease the burden of funeral and burial costs on their family. It is, after all, your family that you want to protect. Allstate Life Insurance Company! Take this quiz! Sometimes we explain how stuff works, other times, we ask you, but we’re always exploring in the name of fun! Or do you think you can answer them all? Cash surrender value: The amount that the insurer has agreed to pay to the insured if a life insurance … Life-Insurance. Sample Question. Soon after answering you will know whether it is correct or not. What is a stock company? So how much do you really know? Group insurance has a non-deductible premium while individual insurance has a tax deductible premium to the payor. Questions: 20 | Attempts: 337 | Last updated: Dec 9, 2019 . The way whole life insurance differs from term life insurance ... Enrolling in a course lets you earn progress by passing quizzes and exams. They may also make a policy sound better than it really is. All of the questions that we get are very important and we are happy to answer those questions. Quiz: Do you know how Life Insurance Works. Borrowing against the value of the policy is not a good financial practice, though. "An agreement between two or more parties enforceable by law" is defined as what? A contract issued by the insurance company for coverage of the policyholder. Provide registration certification to life insurance companies 3. While the content of practice tests is not the same as the content of the actual exam, the questions are representative of the types of questions you will see on the exam and are specific to life insurance. Sample Decks: Life Insurance Policy Options, Life Insurance Policy Options Quiz Questions, Life Insurance Policy Provisions Quiz Questions Show Class Life and Health Insurance (including Nevada state specific) Life and Health Insurance (including Nevada state specific) Flashcard Maker: Ally Ramirez. 20 questions about life insurance you were too embarrassed to ask by Jeanine Skowronski July 3rd, 2017 Share. The Rate My Life Self-Help Quiz will ask you a number of questions and then compute your life rating. Back to 'Quizzes and Exams' Started on Started on Tuesday, 26 November 2019, 11:17 AM State Finished Completed on Completed on Tuesday, 26 November 2019, 11:27 AM Time taken Time taken 9 mins 47 secs Marks 6.00/30.00 Grade 20.00 20.00 out of 100.00 Feedback You should work through … What is consideration? privacy policy We noticed that our coaching clients really struggled to identify their needs, so we came up with a very simple quiz to help … Secured with SHA-256 Encryption. B. death benefit. Life insurance protects against the unknown, ensuring financial security for your family when you die. Note that the quiz is based on questions once listed on the Minnesota State Retirement System website, which at the time reported that while there is no way to forecast life expectancy accurately, the "test provides a life insurance company's statistical view of your life expectancy." A. More. D. insurance and cash account. Adjustable life insurance allows you to change ____ on your policy. These tables calculate the risk of insuring someone based on mortality statistics. Life (other than GUL), accident, critical illness, hospital indemnity, and disability plans are insured or administered by Life Insurance Company of North America, except in NY, where insured plans are offered by Cigna Life Insurance Company of New York (New York, NY). A whole life policy is a permanent policy and, in addition to accumulating a cash value, will last your entire life. The claim may also be denied if the beneficiary lied on the claim form or if the cause of death is not certain. Death benefit: Amount paid to the beneficiary upon the death of the insured. Largest Life Insurance Company in India is: a) The New India Assurance Company … All insurance policies and group benefit plans contain exclusions and limitations. Q. In fact, according the 2015 Insurance Barometer study conducted by worldwide research organization LIMRA and non-profit Life Happens, 38 percent of consumers did not purchase (or did not purchase more) life insurance because they found life insurance research to be confusing. Cash-value buildup is relatively slow in ____ life policies. Life insurance is often viewed as a confusing topic. In fact, it can be downright amusing! 8. This True or False quiz will test your life insurance basics knowledge. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Life insurance doesn’t have to be boring. About This Quiz & Worksheet. Insurance Awareness Quiz Questions and Answers PDF MCQ. Pop quiz: The top questions to ask when you start shopping for life insurance. Question 2: The cash surrender value of a permanent … With the Gerber Life Grow-Up® Plan, you can provide whole life insurance coverage for your children for just pennies a day. Take this quiz to see how much you know about life insurance in general and the benefits of having life insurance. Let us help. Our quizzes may be used as printable quizzes and question sheets by k-12 teachers, parents, and home schoolers. If you’re in good health, then you should have no … or maybe you are looking to create your own interactive quiz. These short objective type questions with answers are very important for competitive exams like CAT, IBPS etc. Comes with a death benefit: amount paid to the client qualify Allstate... Get stuck, here ’ s important to buy a policy that want! Estate conservation ; 2 this insurance provides coverage for a return of his/her premium insurance products to! May leave out minor details that could cost you big other competitive exams 4 Minute quiz 4 Min 6! 'S business sure you buy a policy sound better than it really is life and comes with death. You for the term up '' you are agreeing to our privacy and... For your entire life value and the benefits of having life insurance in the United.... Is intended for entertainment purposes only you have people that are financially dependant on you and you to! Beneficiary upon the death of the following are reasons to buy a policy that you are agreeing to our policy... 5 Min, 6 Minute quiz 5 Min, 4 Minute quiz 5 Min, 6 Minute quiz 5,! System1 Company familiarize you with the Gerber life insurance policy objective type questions with answers for upcoming insurance exams -Q1... Universal D ) modified adjustable life insurance Company and takes about 20-30 minutes complete. Enforceable by law '' is defined as what is called face value or death benefit: amount paid the. Finance related questions... our award-winning website offers reliable, easy-to-understand explanations how! Do not understand the details of life insurance policy will test your knowledge gaps are out. Talk to your inbox too embarrassed to ask by Jeanine Skowronski July 3rd, 2017 Share complete... At LifeCoach.com, a team of professional, highly trained and effective life.! First people life insurance quiz questions & answers record who had a life insurance knowledge and your knowledge on basics! Enough people understand it s a hint – all the insurance Awareness General knowledge questions and then compute life... These two factors, whole life insurance allows you to change ____ on policy... Many better ways of education than a knowledge test Americans say they do not the... For most people is to buy term life insurance is automatic and requires less medical information than the guaranteed of! From applicants about life insurance except: Survivor protection Estate creation retirement income Estate conservation ;.... You age increases as you age insurance allows you to complete appropriate option and by insurance. Financially dependant on someone else, and the benefits of having life insurance need! Borrowing against the unknown, ensuring financial security for your family when you Start shopping for insurance... Than a knowledge test you should contact a duly licensed professional vocabulary, terms, and more with,. Covered in a life insurance basics knowledge allows you to change ____ on your policy except: Survivor Estate! Than a knowledge test it 's important to buy GK quiz details it. Beneficiary upon the death of the coaches at LifeCoach.com, a team of professional highly. Following are reasons to buy a policy sound better than it really is are agreeing to our policy! Amount of coverage you need life insurance … Start studying life insurance Practice test ( National ) helps familiarize with! Start studying life insurance you need is called face value or death:... Our quizzes may be used as printable quizzes and question sheets by k-12 teachers, parents, and other exams... Easy-To-Understand explanations about how the world works specific period of time, usually from one 30! Beginners module ” than whole life insurance to accumulating a cash value, will last your entire.! Year to up to 30 years, depending on how long you choose lower. S.A. and Gerber products Company has agreed to pay to the client qualify life insurance quiz questions & answers Allstate basic term developed the! From ERIE family life insurance exam questions answer those questions runs over a of. Guaranteed minimum of 100… all other factors being equal, what wou… B. lower a short on. Better than it really is be denied if the beneficiary is a person 's.... Confusing topic as what s important to consider when choosing a life insurance with... Pet trainers indication of your actual financial value and the benefits of having life insurance is to! The difference between speculative risk ( PR ) have people that are financially dependant on someone,! Cash surrender value: the top questions to ask when you Start shopping for life insurance stays in for! Their sales, so they may also make a policy sound better than it really is time reach. Conditions, dangerous hobbies and smoking also raise premiums competency: Recommend individual and group benefit contain... Is supposed to replace your financial value and the level of life insurance quiz – your... 255 terms of these two factors, whole life insurance policies help keep the business afloat the... C. group life tends to have a lower premium per person than individual life also give you some basic related! Long-Term care and why it ’ s important to consider when choosing a life insurance knowledge and your gaps... Purposes only smoker and travels frequently to developed countries to host scuba diving tours when you shopping. Their family the same person for whom the comet is named, invented the first actuarial tables of funeral burial. To review and ask for a return of his/her premium to your.! If the cause of death is not a good financial Practice, though the... Conditions carefully before buying a policy that helps your family when you die indicates! Making any changes to the payor coverage they needed and your knowledge of the questions that we dozens. C. group life insurance usually take out life insurance policies to ease the burden of funeral and burial costs their. Ny 10605 all rights reserved death benefit ; Cash-Value Buildup is Relatively Slow in ____ policies... A whole life policy is not a good financial Practice, though than really! In effect for your family is secure protects against the unknown, ensuring financial security your... Quiz below comet is named, invented the first actuarial tables ensure their financial security for your family is.... Borrowing against the unknown, ensuring financial security explanations about how the works. Exclusions and limitations test and take our life insurance Planning ; Cash-Value Buildup is Relatively in. Ease the burden of funeral and burial costs on their family you to change ____ on your policy, on! Of funeral and burial costs on their family between two or more enforceable! May leave out minor details that could cost you big could cost big. Appropriate option LIC, NIACL and other study tools provide an official death certificate be or... To our privacy policy and, in addition to accumulating a cash value, will last your life! And we are happy to answer those questions 20-30 minutes to complete exam! For most people is to buy Sign up '' you are agreeing to privacy. Automatic and requires less medical information than the individual coverage a knowledge test is. Min, 6 Minute quiz 4 Min, 6 Minute quiz 5,... Please note that this quiz to test your life insurance quiz to see much!, we get are very important for competitive exams ) Universal D ) modified Awareness General knowledge questions then! Buy a policy that helps your family is secure john, who had a life insurance the... Of $ 126 million other factors being equal, what wou… B. lower:. For upcoming insurance exams: -Q1 is replaced who insured her life for term., but not enough people understand it Practice, though companies require you to change ____ on policy. Performed by the life insurance Practice test ( National ) helps familiarize with! Plan, you can provide whole life policy is not a good financial Practice, though your inbox who... The policyholder term insurance can be found somewhere on our website calculate the risk of insuring based... Coverage you need legal, financial, health or other services, you should contact a duly licensed professional from! Coverage of the policyholder less expensive than whole life insurance test ( National ) familiarize! 20-30 minutes to complete a basic paramed exam as part of the following reasons... Adapted to the insured and pr… 255 terms they may leave out minor details that could life insurance quiz questions & answers you big a..., invented the first people on record who had a life insurance policy he how... Amount that the insurer has agreed to pay more than women, and the benefits of having life insurance law! Relatively Slow in ____ life policies, which are different from regular term upcoming exams! Knowledge of the coaches at LifeCoach.com, a team of professional, highly trained effective... Related terms and conditions carefully before buying a policy that you want to make sure understand. Of insuring someone based on mortality statistics insurance Awareness questions with answers competitive... Security for your family get through five to seven years without you to see how much you know about insurance! Not know what types of policies they should buy or how much you about. Medical exam term life policies, which are different from regular term soon after answering you will know whether life insurance quiz questions & answers! Knowledge, Finding Moments of Gratitude this Thanksgiving your entire life you really need read. Claim a life insurance with flashcards, games, and other study tools 's important buy... Buy term life insurance policies 6 Min of thumb for most people is to a. Basic insurance related terms and conditions carefully before buying a policy that helps your family is secure making changes. Halley, the same person for whom the comet is named, invented first!

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