Oklahoma Life, Health, & Accident-Term Life

Card Set Information

Author:
hicksmix6
ID:
306017
Filename:
Oklahoma Life, Health, & Accident-Term Life
Updated:
2015-08-04 14:18:30
Tags:
Oklahoma
Folders:
Insurance
Description:
L-52 to L-53
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user hicksmix6 on FreezingBlue Flashcards. What would you like to do?


  1. All of the following are true regarding term life insurance EXCEPT? 
    a. no cash value when the policy term expires
    b. term insurance is considered temporary
    c. term insurance premiums are more costly than other type of insurance
    d. term insurance can be converted to other types of insurance
    c. term insurance premiums are more costly than other type of insurance
  2. All of the following are features of convertible term life insurance EXCEPT?
    a. premium will increase
    b. can usually be converted to whole life
    c. evidence of insurability is required to convert
    d. this is one of the greatest features of term life
    c. evidence of insurability is required to convert
  3. Regarding term life insurance, which of the following is correct?
    a. premium will remain constant when the term is renewed
    b. policy cannot be converted until the end of the policy
    c. premium will decrease as cash builds in the policy
    d. premium will remain level over the term of the contract
    d. premium will remain level over the term of the contract
  4. For which person would term life insurance be most appropriate?
    a. person with "living" benefit needs
    b. person with temporary needs
    c. person with a lifelong need
    d. person high income tax
    b. person with temporary needs
  5. The option to change to another type of life insurance policy with the same insurer without the insured providing evidence of insurablity is called?
    a. conversing
    b. conviction
    c. credibility
    d. convertibility
    d. convertibility
  6. Term life insurance provides benefits when:
    a. insured surrenders the policy
    b. insured survives the policy period
    c. insured dies during the policy period
    d. insured assigns the policy
    c. insured dies during the policy period
  7. The insured purchased a type of life insurance policy that has no cash value.  the current policy can be changed without proving insurability to another type of policy that does accumulate cash value.  The current policy type is:
    a. renewable term policy
    b. conventional term policy
    c. convertible term policy
    d. group term
    c. convertible term policy
  8. For which of the follwoing situations would you recommend term insurance?
    a. Rita is 59 and planning for retirement at age 65
    b. Paul is 45 years old, married with one child, and the owner of a thriving business
    c. Jay is 26 years old, married with two children, and is starting an exciting new career as a life insurance producer
    d. Megan is widowed, age 72 and has three married children
    c. Jay is 26 years old, married with two children, and is starting an exciting new career as a life insurance producer
  9. Regarding renewable and convertible term provisions in life insurance policies, which of the following is correct?
    a. provisions are automatic in all term policies
    b. provisions generate cash value
    c. provisions all the insured to renew or convert without proving insurability
    d. provisions are what make term insurance less expensive than whole life
    c. provisions all the insured to renew or convert without proving insurability
  10. Term insurance is best used for people with a:
    a. need for lifetime income
    b. need to protect future insurability
    c. high income tax bracket
    d. need for lifetime insurance protection
    b. need to protect future insurability
  11. When a person renews a 5-year R&C term policy that was originally issued at age 30, it would be renewed at:
    a. 30 for additional 5 years
    b. 35 for additional 5 years
    c. 30 for any length of time the insured desires
    d. 35 for any length of time the insured desires
    b. 35 for additional 5 years
  12. Regarding the convertibility of term life insurance, which of the following is correct?
    a. it is necessary to wait until the end of the policy period
    b. the premium at conversion is based on attained age
    c. the insured must prove insurability
    d. conversion is automatic at age 65
    b. the premium at conversion is based on attained age

What would you like to do?

Home > Flashcards > Print Preview