Lists To Know

Question 1

Elements of insurable risk

Answer 1

Due to chance 
Definite and measurable 
Statistically preventable
Not catastrophic 
Randomly selected and large loss exposure

Question 2

Personal uses of life insurance

Answer 2

Survivor protection
Estate creation
Cash accumulation 
Liquidity
Estate conservation

Question 3

Types of insurance

Answer 3

A. Term life insurance

1. Level term
   - Annually renewable term
   - Level premium term
2. Decreasing term (and also increasing term)

B. Whole life insurance

1. Continuous premium (straight life)
2. Limited payment
3. Single premium

C. Flexible premium

1. Adjustable life
2. Universal life
3. Variable life

D. Specialized policies

1. Joint-life (first-to-die)
2. Survivorship (second-to-die)
3. Juvenile life (jumping juvenile)

E. Group life insurance
F. Credit life insurance