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Life Insurance

Life Insurance
Created by Satish Govind on Mar 05, 2014 10:58 AM.
In legal terms, Life Insurance is a contract between an Insurance Policy Holder (Insured) and an Insurance Company (Insurer), wherein, the insurer provides a lump-sum payment, known as a death benefit, to beneficiaries in the event of the insured's death.
Life Insurance can be classified as Term Insurance, Universal Life coverage, Whole Life coverage, and Endowment life insurance.

How much do you know about Life Insurance? Are you aware of the importance of life insurance protection, factors that you should consider while taking life insurance cover, what type of policy is appropriate for you, what factors affect the costs of your policy, and so on? Try this quiz and find out!
Top 5 Scores
Santy
67
01:42
Anonymous
55
02:32
Anonymous
48
03:54
Anonymous
20
04:07
Anonymous
19
03:26
Questions
15
Minutes
5
High Score
67
01:42
Quiz Played
132
times
Last played on Nov 01, 2016View comments
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Sample Questions

Question 1

"Whole Life" life Insurance is an insurance-cum-investment type of insurance.

False
True
Question 2

"Term" life Insurance is an insurance-cum-investment type of insurance.

True
False
Question 3

The premium for a "Whole Life" life insurance policy is lower than that for a "Term" life insurance policy.

False
True
Question 4

You can reduce the premium (cost) that you will need to pay for life insurance cover, by being a non-smoker.

True
False
Question 5

Can my life insurance policy be used as collateral for a loan?

Yes
No
Question 6

Which of these is NOT a factor you should consider when determining how much life insurance cover you should take?

Debts, such as home loan and car loan
Forced reduction of unneccessary expenses
Education of children
Likely post-retirement expenses
Question 7

When you apply for life insurance, can an insurance company specify a limit on the insured amount?

No
Yes
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