Chapter 10 notes I forgot

16) If you want to purchase term insurance, you will receive all of the following except?
Cash Value

17) Which of the following is NOT a type of permanent life insurance?
Decreasing term life

18) If you have a renewable term policy?
Your premium may increase because you will be older

19) If you have a multiyear level term policy?
Your premium will be the same for the duration of your policy

20) If you have a conversion term policy You can convert your term policy to a permanent policy

21) This term life policy will guarantee that will pay the same premium for the duration of your policy
Multiyear level term

22) Another name for a straight term policy is
Multiyear level term

23) Which of the following is NOT a feature of whole life insurance? The policy will return all premiums if you survive to the end of the policy

24) What is the most positive feature of whole life insurance listed below?
It builds cash value

25) Megan wants to purchase a life insurance policy that will allow her to invest in stock. Which of the following policies should she buy?
Variable Life

26) Molly is thinking about buying a life insurance policy, but she is not sure about how much she will need in the next few years. Which of the following policies would meet her needs?
Adjustable Life

27) Polly wants the opportunity to change the amount she pays for her annual premium though the life of her insurance policy without changing her coverage. Which of the following policies would meet her needs? Universal Life

28) Pam just started working at XYZ Widget Company and finally wants to get insurance coverage. She does not want to take a medical exam to get coverage because she has some underlying health conditions and is concerned that she might not qualify for a policy. Which of the following life insurance policies should she apply for? Group Life

66) Which of the following is NOT a factor that affects the price a company charges for a life insurance policy? All of the above affect the price

84) Marianne and roger are in good health and have reasonably secure careers. Each earns $45,000 annually. They own a home with a $100,000 mortgage; they owe $20,000 for their car loans, and have $6,000 in student loans. If one should die they think that funeral expenses would be $10,000. What is their total insurance needs using the DINK method? $73,000

The DINK method uses the calculation of: Funeral Expenses + (one-half of all loans, and debt) = $10,000+($126,000 x ½) = $73,000