Credit Life- Life Insurance Overview

Réussis tes devoirs et examens dès maintenant avec Quizwiz!

What determines the amount of the insurance in credit life insurance? -the amount of the loan -the amount of the item purchased -the age of the insured -the down payment

the amount of the loan determines the amount of the insurance in credit life insurance

Regarding credit life which of the following statements is true? -creditor pays the premium -debtor pays the premium -has a thirty day free look -debtor is the beneficiary

debtor pays the premium for credit life insurance

When must an "insurable interest" exist in life insurance? -at the time the application is completed -at the birth of the insured -at the time of application and at death of the insured -at the time of death of the insured

insurable interest exists at the time the application is completed

Which of the following would NOT have an insurable interest in the life that is being insured? -a person insuring his own life -a person insuring a spouse -a business partner insuring his partner -a voter insuring the life of the President

insurable interests are: insuring your own life insuring your spouse a business partner insuring his partner NOT an insurable interest: a voter insuring the life of the president

The most common use of life insurance is: -replace loss of earning power created by a person's death -pay for funeral expenses -provide for college education -provide for retirement income

The most common use of life insurance is to replace the loss of earning power created by a person's death

What is the name of the financial tool used to determine the amount of life insurance a prospect for life insurance would need: -financial needs -human life value -law of large numbers -bid and ask

human life value: the financial tool used to determine the amount of life insurance a prospect for life insurance would need

All of the following are true regarding credit insurance EXCEPT -maximum loan period is 15 years -coverage terminates when the loan is repaid -protects installment debt -credit accident and health pays off the loan in a lump sum if the insured is disabled

regarding credit insurance- credit accident and health DOES NOT pay off the loan in a lump sum if the insured is disabled


Ensembles d'études connexes

Material and Non-material Culture

View Set

Radioactive Decay & Half-Life Calculations, Fission and Fusion

View Set

Life Ch2 - Quiz - Types of Life Policies

View Set

сокращения в авиации

View Set

Basic anatomy & physiology final exam

View Set

TOPIC #92: CONGENITAL HEART DISEASE. LEFT-TO-RIGHT SHUNTS (arterial and ventricular septal defects, patent ductus arteriousus). RIGHT-TO-LEFT SHUNTS (tetralogy of Fallot, transposition of the great arteries). COARCTATION OF THE AORTA

View Set

Ch 4 Examining Ethics in Nursing Research

View Set