TRADITIONAL LIFE INSURANCE MOCK EXAMINATION

A visually engaging illustration depicting traditional life insurance concepts with people discussing policies, a calculator, and insurance documents, set in a professional office environment.

Traditional Life Insurance Mock Examination

Test your knowledge and understanding of traditional life insurance concepts with this comprehensive mock examination. Designed for aspiring agents and insurance professionals, this quiz is an excellent tool for reviewing key principles and improving your expertise.

10 multiple-choice questions
Focused on essential life insurance topics
Ideal for exam preparation or personal assessment

10 Questions2 MinutesCreated by AnalyzingTree527

1. A single premium policy means a policy

Requiring only a single premium each year

Under which only one premium payment is required

Only available to single individuals

2. A fixed amount added to the premium of a given policy regardless of policy size is known as

Policy fee

Policy reserve

Policy values

3. To be able to calculate the required premiums for a given policy, the agent must know the applicant’s

Age

Choice of plan

All of the above

4. To calculate premiums for the other modes of premium payment the annual premium is

Multiplied by a conversion factor for the mode of payment desired

Divided by the desired number of premium payments

Multiplied by a constant conversion factor

5. Benefits payable under health insurance policies cover

Expense reimbursement benefits

Disability income benefits

All of the above

6. With employer – employee groups, an employee does not fill out a personal application for insurance. Instead he merely fills out.

A salary deduction form

An enrollment card

A registration card

7. In the event an employee leaves the company in which he is a member of its group-insurance policy, his group coverage can be changed to an individual policy using the

Conversation privilege

Policy exchange facility

Policy change form

8. For a contract to be legal and binding

Parties to the contract must be members of the bar

Parties to the contract must possess blood relationship

Parties to the contract must be legally competent

9. A father enters into a life insurance contract on behalf of his child. In this case, the father is the

Insured

Insurer

Applicant-owner

10. For life insurance coverage to be valid, insurable interest must exist

Only at the time of the loan

Only at the inception of the policy

Both at the time of the policy issue and at the time of the loan but not necessarily throughout the lifetime of the policy

TRADITIONAL LIFE INSURANCE MOCK EXAMINATION

Traditional Life Insurance Mock Examination

More Quizzes