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Benefits Beginner:
Group Term Life Insurance
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Choose wisely. There is only one correct answer to each question.
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1.
Term life insurance premium rates are usually cheaper than whole life insurance premium rates.
Choose wisely. There is only one correct answer.
True
False
True. This is largely because term life insurance does not build up a cash value.
2.
Whole life insurance premium rates are more expensive than term insurance rates because _______.
Choose wisely. There is only one correct answer.
You are funding investments that will pay for the policys cash value if you terminate the policy
The insurance company always makes a higher payout for a whole life policy than a term policy
You have to wait longer after the death of the insured person to receive a payout for term life rather than whole life
None of the above
You are funding investments that will pay for the policys cash value if you terminate the policy. This will naturally cost you more.
3.
Features of group term life insurance policies may include _______.
Choose wisely. There is only one correct answer.
Accidental death and dismemberment benefits
Waiver of premium
Disability coverage
Both A and B
Both A and B. Disability insurance wont be included.
4.
An employer may set conditions on which employees receive a group term life insurance benefit, including that ________.
Choose wisely. There is only one correct answer.
They must work a certain number of hours per week
They must have a certain amount of time of service
Both A and B
Neither A nor B
Both A and B. Employers often set these requirements.
5.
Individual term life insurance may be less expensive than group term insurance if _______.
Choose wisely. There is only one correct answer.
You suffer from a chronic health condition
You are very healthy
You are young
Both B and C
Both B and C. The young and the healthy normally pay lower premiums.
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DONE