Life True of False
Test Your Life Insurance Knowledge
Are you ready to challenge yourself and deepen your understanding of life insurance? Our quiz covers essential concepts that every insured person should know. Find out how well you understand important terms and principles in the insurance world.
Take this opportunity to:
- Learn about life insurance policies.
- Understand the key terms that impact your coverage.
- Evaluate your knowledge against others.
1. An endowment at age 65 policy with premium payable for a limited period of 20 years pays the full amount after 20 years.
True
False
2. In most life insurance application, the largest amount of information requested is data which identifies the applicant.
True
False
3. A policy is not rendered void by reason of misstatement of the assured's death.
True
False
4. In a case where the premium has not been paid and the cash values have been exhausted, the policy can still avail of the grace period.
True
False
5. According to the law of large numbers, events which happen seemingly by chance will actually be bound to follow a predictable pattern, if enough such happenings are observed.
True
False
6. Anti-selection occurs when persons in poor health wish to buy insurance.
True
False
7. A policy is still in force for the full-face amount and Will in force for a further period Of four years and 118 days, without the payment Of any premiums has availed Of paid up insurance option.
True
False
8. In the case of misstatement Of age, the amount of insurance is adjusted to the amount which the premium paid at the correct age would have purchased.
True
False
9. A policy that provided guaranteed cash values plus extra annual distributions and pays the insured after a specified time is known as a participating endowment.
True
False
10. In a group insurance it is assumed that every member of the group is insurable, provided that every member Of the group is working a minimum number Of (usually 50 hours) each week
True
False
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