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Primerica Life Insurance Exam (Latest Update); Questions and Answers(A+) $11.99   Add to cart

Exam (elaborations)

Primerica Life Insurance Exam (Latest Update); Questions and Answers(A+)

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  • Course
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Primerica Life Insurance Exam (Latest Update); Questions and Answers(A+) Risk uncertainty of a financial loss; 2 types Two typed of risks Pure (Insurable) and speculative (uninsurable) Benefits of purchasing insurance? You get to transfer financial risk left after passing to insurance compan...

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  • August 26, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Primerica Insurance
  • Primerica Insurance
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Primerica Life Insurance Exam (Latest Update);
Questions and Answers(A+)
Risk ✔✔uncertainty of a financial loss; 2 types


Two typed of risks ✔✔Pure (Insurable) and speculative (uninsurable)


Benefits of purchasing insurance? ✔✔You get to transfer financial risk left after

passing to


insurance company


Law of large numbers ✔✔the larger the size of the group the more accurately

the experience aka


predicted losses of that group can be predicted


Policyowner ✔✔person who owns policy, pays premiums, and chooses the

beneficiary


Insured ✔✔the life of the person the policy covers (could be policyowner)


Insurer ✔✔the insurance company which issues the policy and pays the death

benefit to the


beneficiary upon the death of the insured


Beneficiary ✔✔the person who receives death proceeds

, Primerica Life Insurance Exam (Latest Update);
Questions and Answers(A+)
What does having life insurance create or do? ✔✔Creates an immediate estate

for the beneficiary


which could help pay for daily expenses, mortgage, or college etc


Estate ✔✔the net worth of a person; things you own minus things you owe


Premium ✔✔the amount you pay for coverage aka the money that goes into the

policy; money


policy owner pays to insurer


Proceeds ✔✔the money that is paid out (protection) when the insurer dies;

money insurer pays to

beneficiary upon insureds death


Synonyms/ other names for proceeds ✔✔Coverage


insurance amount


face amount


death benefit


Are the proceeds taxed? ✔✔No, the IRS does not tax them

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