Consumer Math Investments Test

Life insurance coverage for a specified amount of time

• Term

• Endowment

• Lifetime

Provides financial compensation to your dependents following your death

Tags

CCSS.7.RP.A.3

Life insurance that provides protection for the lifetime of the insured

• Term

• Lifetime

• Endowment

Life insurance that is both a savings plan and life insurance

• Term

• Lifetime

• Endowment

If the policyholder dies before the expiration of a term policy, the ___________ will receive the face value of the policy

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Person named to receive the death benefit of the policy

• Beneficiary

• Policyholder

• Rider

• Broker

Amount of insurance coverage purchased

• Face Value

• Par Value

• Unit

• Premium

Tags

CCSS.7.RP.A.3

What are the two types of lifetime policies?

Answer explanation

Straight Life and Limited Payment Life

Insurance payment usually paid annually, semiannually, quarterly, or monthly

• Interest

• Premium

• Installment

• Face Value

Tags

CCSS.HSF-LE.A.1B

Allows policyholder who is terminally ill to receive all or part of the death proceeds before death

• Accelerated Death Benefit

• Annuity

• Dividend

• Terminal Policy