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LIfe

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the law of large numbers, events, which happen seemingly by chance, will actually be bound to follow a predictable pattern, if enough such happenings are observed.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does the law of probability help life insurance companies?

Predicts when an individual insured will die

Estimated future death rates among members of a given group

Determines the experienced death rate among the insured persons

Develops statistics of past deaths among the general population

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Life insurance companies make use of the laws of probability in order to

estimate future death rates among members of a given group

predict when an individual insured will die

develop statistics of past deaths among the general population

determine the experienced death rate among insured persons

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

"Critical years" in the programming of life insurance means

Period during which children are small and cannot provide for themselves

Retirement years

Years between the time the youngest child is 15 years old and the mother is 62 years old

Years immediately following the insured's death

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Insurance provides protection against economic loss by enabling the policyowner to

transfer responsibility for the loss to others

take speculative risk to compensate for the loss

reduce the possibility of the occurrence of the event causing the loss

share the loss with others exposed to a similar risk

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Life insurance guarantees cash benefits for all of the following except

clean-up fund

family dependency period income

educational fund

mortgage

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Brandon advised his friend to get a policy that accumulates cash value because it is beneficial in the long run. Which of the following is false about cash value?

The cash value in a permanent policy is guaranteed by the company

Because of its very short duration the cash value of a yearly renewable term policy grows very fast

The cash value of a whole life policy builds up at a slower rate than a 20-year endowment

The cash value of an endowment builds up faster than a limited pay life policy.

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