TN Life and Health Insurance Exam Questions and Answers 100% Verified
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Course
TN Life and Health Insurance
Institution
TN Life And Health Insurance
D - ️️How much of the group life of $75,000 would be taxable to the beneficiary?
A. $25,000
B. $75,000
C. $50,000
D. none
flexible premium variable life - ️️the amount of premium to be paid and the payment
date are both unknown; no guaranteed cash value/death benefit; owner cannot bor...
TN Life and Health Insurance Exam
D - ✔️✔️How much of the group life of $75,000 would be taxable to the beneficiary?
A. $25,000
B. $75,000
C. $50,000
D. none
flexible premium variable life - ✔️✔️the amount of premium to be paid and the payment
date are both unknown; no guaranteed cash value/death benefit; owner cannot borrow
on this policy
decreasing term - ✔️✔️the face amount decreases for the life of the policy down to
zero at the end of the term or expiration date of the contract
return of premium - ✔️✔️a rider that at death pays an additional amount of money
equal to all premiums paid up to your time of death
term - ✔️✔️period of time
term life insurance - ✔️✔️life insurance policy that provides temporary coverage
term life insurance - ✔️✔️least expensive, cheap, or very low premium life insurance
policy
face amount/face value - ✔️✔️the amount paid to the beneficiary at the insured's death
on the 1st page of the policy/contract - ✔️✔️where is the face value for a policy listed?
group life insurance - ✔️✔️term life insurance that employer provides to employees;
usually $10,000
$50,000 - ✔️✔️what is the maximum amount the employer can provide to an employee
without you paying tax?
renewable - ✔️✔️right of the policyholder to renew the policy at the end of the term
convertible - ✔️✔️right of the policyholder to change their temporary/term coverage to
whole life/permanent protection
B - ✔️✔️You may convert your group life at termination of employment to?
A. term
, B. whole life
C. either a or b
D. none of these
level term - ✔️✔️the face amount and the premium stay the same for the policy period
or term
credit life - ✔️✔️pays off the balance of a loan at insured's death
increasing term - ✔️✔️the face amount increases for the life of the policy; starts at
zero/no value; not sold very often
annually renewable - ✔️✔️expires each year, but is renewable for another year;
premium increases each year
whole life - ✔️✔️life insurance policy that covers the whole of life or to age 100
continuous pay - ✔️✔️pay the same premium until age 100 when the policy pays off to
owner
limited pay - ✔️✔️premium is paid up before age 100; higher premium and higher cash
value
single pay - ✔️✔️premium is paid up in one payment
20 Pay Life - ✔️✔️premium is paid up in 20 yrs
Life Paid Up at 65 - ✔️✔️premium paid up at age 65
modified whole life - ✔️✔️premium begins very low (term) and changes to whole life
with one raise in premium after 3-5 years then premium is constant for life of policy
graded premium whole life - ✔️✔️premium begins very low (term) and raises each year
for 5-10 years then premium is constant for life of policy
endowment - ✔️✔️policy matures before age 100 at a specific age or date; higher
premium and cash value
pure endowment - ✔️✔️endowment that will pay off only if the insured lives to maturity
adjustable life insurance - ✔️✔️allows the insured to adjust the premium, face amount,
and term
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