J. Emmerich, Web Content Writer Answered: Feb 14, 2019. Life Insurance Quiz. 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. 6. Insurance Awareness Multiple Choice Questions for LIC, NIACL and other competitive exams. Secured with SHA-256 Encryption. However, you pay a higher premium for the benefit of knowing you would get your money back if you outlive your policy. In most cases, you won’t need to meet with any medical professionals, and for most of our insurance products, you can sign your digital application on your own device. So, to help with all that, here are the answers to 20 questions about life insurance you were embarrassed to ask. A term life insurance policy lasts a specific period of time. Here are other reasons to avoid mortgage life insurance. Pet Trusts and Estate Planning for Your Pets. Some are hotels, some are malls, some is auto, and even casinos. We’ll contact you by phone or online to collect any other required information if needed. Don’t I have life insurance through my employer already? You now know the basics of what you should know before buying life insurance. Put your life insurance knowledge and your knowledge of the Gerber Life products to the test and take our life insurance quiz below. Spouses, children, and other loved ones should be considered in helping secure your family’s financial future with term life insurance. Competency: Recommend individual and group life insurance products adapted to the client’s needs and situation (01 311). How did you do? 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. Spouses, children, and other loved ones should be considered in helping secure your family’s financial future with term life insurance. 1) Astronaut Insurance. Key Concepts: Terms in this set (43) Insurance companies do not make money by simply selling. Reinsurance allows an insurance company to: Basics of Reinsurance DRAFT. You can buy life insurance on your next-door neighbor. What is the difference between Term Life Insurance and Whole Life Insurance? And apply easily online. These underwriters assess each detail and determine the statistical chances of you dying early. General Insurance Question Answers for competitive exams . Did you get 7 out of 7? Learn more in this blog: Is Term Life Insurance Better than Whole Life Insurance? Firstly, there is a graded benefit clause which will not pay the full death benefit amount should you pass away during the first two policy years. You need to have a medical exam in order to buy life insurance. Questions. 1. Write. We recommend that you always supplement your work life insurance policy with a personal life insurance policy. ANS: D 2. With an employer group plan, the amount of coverage you have is typically one or two times your annual salary. True, most of the time. Insurance policy. A young married Dad is applying for life insurance. True or false? 3. 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. Sean is a smoker and travels frequently to developed countries to host scuba diving tours. The younger and healthier you are, the cheaper your policy and you can lock in that low rate. A whole life policy is a permanent policy and, in addition to accumulating a cash value, will last your entire life. In order for your spouse to get life insurance money if you die, he or she needs to be the owner of your policy. Life insurance doesn’t have to be boring. 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