Life Insurance: Whole vs. Term

Life Insurance: Whole vs. Term

Assessment

Flashcard

Social Studies

12th Grade

Hard

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10 questions

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1.

FLASHCARD QUESTION

Front

What is the primary purpose of life insurance?

Back

To guarantee financial support for your beneficiaries after your death

2.

FLASHCARD QUESTION

Front

What is the payout from a life insurance policy called?

Back

Death benefit

3.

FLASHCARD QUESTION

Front

What happens to a term life insurance policy if the insured person outlives the term?

Back

The policy expires, and there is no payout

4.

FLASHCARD QUESTION

Front

Why is term life insurance generally more affordable than whole life insurance?

Back

It does not build cash value

5.

FLASHCARD QUESTION

Front

Which of the following is a key feature of whole life insurance?
Options:
It provides coverage for a specific term,
It builds cash value over time,
It is less expensive than term life insurance,
It does not pay a death benefit

Back

It builds cash value over time

6.

FLASHCARD QUESTION

Front

If a parent wants life insurance to ensure financial security for their children until they are grown, which type of policy is more practical?

Back

Term life insurance

7.

FLASHCARD QUESTION

Front

Which of the following best describes the cash value in a whole life insurance policy? Options: Money paid to beneficiaries upon death, A savings-like feature you can borrow against, A refund of premiums paid, The cost of maintaining the policy

Back

A savings-like feature you can borrow against

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