Term Life Flashcards

1
Q

your premiums and death benefit stay the same for the entire length of the term.

A

Level

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

You take out a $300,000, 30-year decreasing term life insurance policy to help your spouse continue making your mortgage payment in case you pass away unexpectedly.

A

Decreasing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

allows term life insurance policyholders to recover the premiums they’ve paid over the life of their policy if they don’t die while the policy is in effect

A

Return of Premium

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

a form of term life insurance which offers a guarantee of future insurability for a set number of years.

A

Annually Renewable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

a clause in many term life insurance policies that allow for its renewal without the need for new underwriting

A

Renewable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

River purchased a $100,000 convertible term life insurance policy for 30 years and has the option to convert part of or the entire policy into a whole life insurance policy before the age of 50.

A

Convertible

How well did you know this?
1
Not at all
2
3
4
5
Perfectly