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Exam 12: Life Insurance

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Question 81

Multiple Choice

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Jeff Willis has five kids and more debt than the average family.What method would probably be the best method for him to use to calculate his insurance needs?

A) easy method
B) DINK method
C) nonworking spouse method
D) family need method
E) soccer mom method

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Question 82

Multiple Choice

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Using the "nonworking" spouse method,what should be the life insurance need for a family whose youngest child is 10 years old?

A) $30,000
B) $50,000
C) $80,000
D) $100,000
E) $180,000

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Question 83

Multiple Choice

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Which statement is correct about whole life insurance?

Households with small children most often have the greatest need for life insurance.

Life insurance premiums are determined basically by the:

A beneficiary is a person designated to receive something such as life insurance proceeds,from the insured.

Your annual income is $100,000.You have a spouse,two kids,a dog and a mortgage - a typical family.What is your life insurance need based on the easy method?

The life expectancy of a female at the age of 30 is 47.65 years.It means that:

Which type of life insurance plan requires you to pay premiums for a stipulated period,usually 20 or 30 years,or until you reach a specified age?

Which type of life insurance policy combines term insurance and investment elements?

Life insurance is available from a wide range of private and public sources.

Your annual income is $50,000.What is your life insurance need based on the easy method?

A prime reason for buying an annuity is to:

Most insurance companies can determine how long a particular person will live.

Jim Brown has a life insurance policy that allows him to change his policy to fit his changing needs.He can change either the premium he pays or the period of coverage.What type of insurance does Jim likely have?

Francesca Brown has a life insurance policy that provides her with protection for the next five years.However,she can get five more years of protection at the end of this term without having to have a medical examination because she will be less than 70 years old at that time.Her premiums will rise during each five-year period.What type of term life insurance does Francesca likely have?

Two-earner couples may have a moderate need for life insurance,especially if they have a mortgage or other large debts.

Even though it is expensive,you should add the accidental death benefit to any life insurance policy you purchase.

Subject to certain minimums,which life insurance is designed to let you pay premiums at any time in virtually any amount?

The easy method of determining life insurance requirements assumes that your family is: