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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
Anonymous
46
01:27
Anonymous
44
01:16
Anonymous
44
02:29
Anonymous
40
01:53
Anonymous
38
01:36
Questions
15
Minutes
5
High Score
46
01:27
Quiz Played
132
times
Last played on Nov 01, 2016. 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.

False
True
Question 5

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

Term
Whole Life
Question 6

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

Saving tax
Protection
Investment
Question 7

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

Yes
No
X
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