Life Insurance

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Questions and Answers

Which of the following best describes life insurance?

A policy that provides coverage for property damage
A legal contract that insures the life of a person in exchange for a premium (correct)
A financial investment that guarantees a return upon the insured's death
A form of health insurance that covers medical expenses

What happens to the insured's beneficiary upon the insured's death?

They become the new policyholder
They receive a stated sum of money from the insurance company (correct)
They receive a refund of the premium paid
They are responsible for paying the premium

What role does income play in one's quality of life?

Income is irrelevant when it comes to life insurance
Income has no impact on one's quality of life
Income plays a crucial role in the quality of life that one can enjoy (correct)
Income only affects one's physical health

What is variable life insurance?

<p>A life insurance product where a major portion of the premium is used to purchase units in a variable life fund (A)</p> Signup and view all the answers