16. Which of the Following Best Describes Term Life Insurance

Which of the following best describes term life insurance is a tool to reduce your risks. View Test Prep - FINAL QUIZ_-104 from ECON 113 at Harvard University.

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The insured pays a premium for a specified number of years.

. The insured pays the premium until his or her death. Under HIPAA requirements eligibility for the pre-existing conditions exclusion waiver under new coverage is lost if. Term insurance is a type of life insurance policy that provides coverage for a certain period of time or a specified term of years.

100 online or with a licensed agent. Is a tool to reduce your risks. It is level term insurance.

Neither the premium nor the death benefit is affected by the insureds age. Which of the following best describes term life insurance. There is a break in coverage of more than 43 days.

Premiums for term insurance remain constant. The insured can borrow or collect the cash value of the policy. The insured is covered during his or her entire lifetime.

Ad Get Instantly Matched with Your Ideal Term Life Insurance Plan. This means that youll slowly accumulate money the longer you hold the account. C an option to convert provides that a term life insurance policy can be exchanged for a.

Term life insurance also known as pure life insurance is a type of life insurance that guarantees payment of a stated death benefit if. Depending on the chosen program you can partially or completely protect yourself from unforeseen expenses. 13 - Health Accident.

A nonparticipating whole life insurance policy was surrender for its 20000 cash value. In the following year the cash value took a significant decline and was worth only 70000. An advantage of owning a flexible premium life insurance policy would be.

And if the accident insurance event occurs the insurance company will bear all or all of the costs in full or in part. The Most Reliable Term Life Insurance Companies That Will Actually Cover Your Loved Ones. Which of the following individuals must have insurable intrest in the insured.

The total premium paid had totaled 16000. Probability of dying increasing as you grow older. At one time the cash value exceeded 100000 and was worth 150000.

Suppose that under your health insurance policy hospital expenses are subject to a 1000 deductible and. Premiums are fixed for the first 5 years. And if the accident insurance event occurs the insurance company will bear all or all of the costs in full or in part.

In this situation the policy owner would receive 16000 tax free and 4000 as ordinary income. Term insurance is paid over a short period of time such as 1 time a year for a short period of. Which of the Following Best Describes Term Life Insurance By Ra_Lexi698 24 Apr 2022 Post a Comment Ad Fill Out A Simple Form Get Free Term Quotes From Top UK Insurers.

All of the following best describes Term Life Insurance EXCEPT. See the answer See the answer done loading. Life insurance or life assurance especially in the Commonwealth of Nations is a contract between an insurance policy holder and an insurer or assurer where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person often the policy holder.

During this time the policy face amount was increased to 150000. However we still believe a term life insurance. Depending on the contract other events such as terminal illness or critical illness can.

Which of the following best describes term life insurance. Evidence of insurability is. A producer is helping a married couple.

The policy owner can make policy changes without difficulty. Which of the following best describes annually renewable term insurance. Which of the following will be included in a policy summary.

The insured pays the premium until his or her death. All of the following statements regarding term life insurance are correct EXCEPT. What were the federal income tax consequences to the policy owner on receipt of the cash value.

Dying before financial obligations have been met. It provides an annually increasing death benefit. The insurer can make policy charges without difficulty.

B a 3-year renewable policy allows a term policyowner to increase coverage for the next 3 years. The insured pays a premium for a specified number of years O C. Which of the following best describes term life insurance.

Life insurance can be Term or Whole Life. The insured can borrow or collect the cash value of the policy. With answer 4 a whole-life or universal life policy both offer a cash-value savings account that is tax deferred.

There is a break in coverage of more than 33 days. 21- Which of the following best describes what life insurance is designed to protect against. And these costs can be from 100 to several tens or.

Which of the following methods of calulating the face amount of life insurance needed takes into account the insureds wages years to retirement and inflation. Term life insurance allows you to save money and place it into other accounts that will grow. If the insured dies during the time period specified in the.

An insured has a variable life policy with a 100000 face amount. Which of the following statements is correct for term insurance. 72 of Americans answered this question correctly.

Depending on the chosen program you can partially or completely protect yourself from unforeseen expenses. Written for a specified time period. A a 3-year renewable policy allows a term policyowner to renew the same coverage for another 3 years.

The insured is covered during his or her entire lifetime.

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