Life Insurance

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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

	Anonymous	46 01:27
	Anonymous	44 01:16
	Anonymous	44 02:29
	Anonymous	40 01:53
	Anonymous	38 01:36

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Last played on Nov 23, 2019. View comments

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Sample Questions

Question 1

Is it legal for an insurance agent to give you any financial incentive for taking a life insurance policy through him/her?

Yes
No

Question 2

What happens if your life insurance company becomes bankrupt?

There are Government funds that guarantee you protection subject to certain limits.
The shareholders of your insurance company will refund to you whatever premium you have paid till the time of bankruptcy.
You lose all the premium you have already paid and the insurance benefits that your policy would have provided.

Question 3

The more healthy you are, the cost of your insurance is lower.

True
False

Question 4

Usually the premium (the cost of insurance) increases as one grows older, hence it is better to take your first policy at the youngest age possible and for the maximum cover you can afford, and then keep adding policies later depending on your budget and future needs.

True
False

Question 5

If your budget is tight, which of these types of life insurance policies should you choose for the purpose of protection?

Whole Life
Term

Question 6

Which of these should be your primary reason for taking life insurance?

Protection
Saving tax
Investment

Question 7

Will beneficiaries have to pay Federal income tax on the money they receive from a life insurance policy?

No
Yes

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