Test Your Knowledge - Life Insurance Quiz (sm) Question Title * 1. Select the type of life insurance policy that is designed to cover you for a prescribed period of time and builds no cash value: Whole Life Variable Life Term Life Fixed Benefits OK Question Title * 2. Most insurance policies cover one life, except… Whole Life Universal Life Survivorship Life Life Insurance can’t cover more than one life OK Question Title * 3. In the event of death, who receives a life insurance policy’s death benefit? The beneficiary(ies) The policy owner The insured The closest legal relative OK Question Title * 4. A non-forfeiture provision provides a policy owner who discontinues premium payments on a life policy to ..? Receive all paid premiums within 600 days of last payment Convert the cash value to cash, a term or a paid-up reduced insurance policy Elect early payment of benefits in the event of a disability or death Forfeit coverage increases in exchange for level premium payments OK Question Title * 5. All the following statements are true about permanent insurance, except? Provides only death benefit Higher premium initially than term insurance Provides for cash value accumulation May be structured to pay dividends OK Question Title * 6. Guaranteed insurability means that you ? May never be turned down for life insurance May be able to buy additional coverage regardless of age or health May receive an insurance payment if you live past age 95 May receive lower premium rates OK Question Title * 7. An accelerated death option will? Ensure your beneficiaries are paid quickly following your death Pay your beneficiaries double the face amount if you die in an accident Accelerate the time by which full death benefit amount may be accrued Prepay some or all of the death benefit while living and diagnosed with a terminal illness, specific disease or long term care illness OK DONE