Podcast
Questions and Answers
Which of the following is the purpose of life insurance?
Which of the following is the purpose of life insurance?
- To provide financial support to your dependents in case of your unexpected death (correct)
- To make your loved ones rich when you die
- To help you accumulate wealth during your lifetime
- To cover your medical expenses
What is the meaning of 'insurable interest' in relation to life insurance?
What is the meaning of 'insurable interest' in relation to life insurance?
- Having an interest in buying life insurance
- Experiencing financial loss and hardship if the insured person dies (correct)
- Having a personal interest in the life insurance industry
- Being eligible for life insurance
What factors can affect the rates of a life insurance policy?
What factors can affect the rates of a life insurance policy?
- Age, gender, and medical history
- Driving record and planned travel
- Family's medical history and dangerous hobbies
- All of the above (correct)
Which type of insurance is typically more affordable and provides the most coverage for the least amount of premium?
Which type of insurance is typically more affordable and provides the most coverage for the least amount of premium?
Which type of insurance is used for more unique situations such as high net worth, business owners, and estate planning?
Which type of insurance is used for more unique situations such as high net worth, business owners, and estate planning?
Which type of insurance pays for lost wages if you are unable to work due to injury or illness?
Which type of insurance pays for lost wages if you are unable to work due to injury or illness?
What is the benefit amount that would be paid out by a long-term disability contract if the monthly benefit is $3,000, the elimination period is 6 months, and the benefit period is 10 years, and the individual has been disabled for 18 months?
What is the benefit amount that would be paid out by a long-term disability contract if the monthly benefit is $3,000, the elimination period is 6 months, and the benefit period is 10 years, and the individual has been disabled for 18 months?
Who is the person or company named in the policy that will receive the death benefit?
Who is the person or company named in the policy that will receive the death benefit?
What is the process used to assess eligibility for insurance?
What is the process used to assess eligibility for insurance?
What is the rule of thumb for determining how much life insurance to buy if you are the sole provider?
What is the rule of thumb for determining how much life insurance to buy if you are the sole provider?
Which type of insurance is typically more affordable and provides the most coverage for the least amount of premium?
Which type of insurance is typically more affordable and provides the most coverage for the least amount of premium?
What is the purpose of long-term care insurance?
What is the purpose of long-term care insurance?
What is the maximum monthly benefit for a disability insurance policy?
What is the maximum monthly benefit for a disability insurance policy?
What is the formula to calculate the benefit amount for a long-term disability contract?
What is the formula to calculate the benefit amount for a long-term disability contract?
