19. Which of the Following Best Describes Term Life Insurance

Long service leave and termination benefits. C It is level term insurance.

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And these costs can be from 100 to several tens or.

. All of the following statements regarding term life insurance are correct EXCEPT. Life insurance can be Term or Whole Life. A universal life insurance policy ULI is considered to be.

And these costs can be from 100 to several tens or. It should be noted that coverage is also for a specified number of years. D providing more flexibility in paying premiums.

The insured pays the premium until his or her death. An insured has a variable life policy with a 100000 face amount. The insured is covered during his or her entire lifetimeB.

It provides an annually increasing death benefit. The insured pays the premium until his or her death. During this time the policy face amount was increased to 150000.

Which of the following best describes term life insuranceA. An agent has to act in the best interests of insureds applicants and insurers. Wages and salaries annual leave post-employment benefits such as retirement benefits other long-term benefits eg.

Depending on the chosen program you can partially or completely protect yourself from unforeseen expenses. It requires proof of insurability at each renewal. The dividend option in which the policyowner uses dividends to purchase a term policy for one year is referred to as the.

A term insurance only. A Neither the premium nor the death benefit is affected by the insureds age. Which of the following best describes term life insurance is a tool to reduce your risks.

Neither the premium nor the death benefit is affected by the insureds age. B a form of fixed face fixed premium whole life insurance. Added 4142012 54814 PM.

If your chosen plan is a 5-year term plan or yearly renewable term plan the premium rate will increase depending on the attained age upon renewal. The insured pays a premium for a specified number of years. Like other types of life insurance endowment contracts pay a death benefit at the insureds death.

Log in for more information. The insured pays the premium until his or her deathC. Which of the following best represents what is meant by life insurance creates an immediate estate.

It is level term insurance. In the following year the cash value took a significant decline and was worth only 70000. The insured can borrow or collect the cash value of the policy.

A source of emergency cash for any financial need. A The policy has cash values and nonforfeiture values. The choice that best describes term life insurance is.

Term insurance is paid over a short period of time such as 1 time a year for a short period of. The insured pays a. 21- Which of the following best describes what life insurance is designed to protect against.

If your chosen plan is a level term plan the premium rate is level and will not increase as your age increases. Probability of dying increasing as you grow older. And if the accident insurance event occurs the insurance company will bear all or all of the costs in full or in part.

In order to reduce the premium an insurer can backdate a life policy up to. Because it only offers protection for a limited time term life is best used for temporary needs that have a defined end-date. At one time the cash value exceeded 100000 and was worth 150000.

Which of the following best describes term life insurance. C a whole life policy where the face amount may be changed at any time. Which of the following best describes term life insurance.

Which of the following best describes term life insurance. Renewal without further evidence of insurability is not applicable for level term plan. Starting a family getting married starting a business or switching to a profession where danger is involved are all great reasons to take out a policy.

B The policy generates immediate cash value. Term life insurance covers you during the most important years of your life The best time to open a term life insurance policy is when youre expecting to make a big life decision. Which of the following best describes annually renewable term insurance.

The standard establishes the principle that the cost of providing employee benefits should be. After you apply for life insurance you go through a process called underwriting with the insurance company. Which of the following best describes an agents responsibilities.

Under a policys facility of payment provision what does an insurer do with the death benefit. The insured can borrow or collect the cash value of the policy. The life insurance underwriting.

The insured is covered during his or her entire lifetime. Dying before financial obligations have been met. C The death benefit will always be paid to the estate of the insured.

B It provides an annually increasing death benefit. B a 3-year renewable policy allows a term policyowner to increase coverage for the next 3 years. The insured pays a premium for a specified number of years.

All of the following are true regarding the guaranteed insurability rider EXCEPT. The insured pays a premium for a specified number of years. Term life insurance is well suited for all the following needs EXCEPT.

Which of the following best describes annually renewable term insurance. Whole life on the primary insured and term life insurance coverage on the spouse and each child to age 21. IAS 19 outlines the accounting requirements for employee benefits including short-term benefits eg.

Is a tool to reduce your risks. See the answer See the answer done loading. An underwriter works on behalf of the life insurance company to evaluate your application details health information and lifestyle to give you an insurance classification based on risk which determines your premium.

C an option to convert provides that a term life insurance policy can be exchanged for a. A a 3-year renewable policy allows a term policyowner to renew the same coverage for another 3 years. Depending on the chosen program you can partially or completely protect yourself from unforeseen expenses.

The insured is covered during his or her entire lifetime. And if the accident insurance event occurs the insurance company will bear all or all of the costs in full or in part.

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