Question 1

At what age is term life insurance usually not renewable?

Accepted Answer

A)  50
B)  60 to 65
C)  85 to 90
D)  70 to 75
E)  55 to 60F) None of the above
G) A) and E)

Question 2

Universal life is a type of permanent life insurance

Accepted Answer

A) True 
 B)False

Question 3

In 2015 roughly how much did Canadians pay for health and insurance products?

Accepted Answer

A)  20 billion
B)  30 billion
C)  40 billion
D)  50 billion
E)  90 billionF) A) and B)
G) B) and E)

Question 4

Life insurance may be used as a way to provide liquidity at the time of death.

Accepted Answer

A) True 
 B)False

Question 5

Canadians are amongst the most life-insured people in the world.

Accepted Answer

A) True 
 B)False

Question 6

The "free-look" period allows you to cancel your life insurance without penalty anytime within 30 days.

Accepted Answer

A) True 
 B)False

Question 7

Group health insurance covers all of your health insurance needs.

Accepted Answer

A) True 
 B)False

Question 8

Most people are more likely to lose their income due to death than due to disability.

Accepted Answer

A) True 
 B)False

Question 9

Which type of insurance is probably the most neglected form of available insurance protection?

Accepted Answer

A)  life
B)  liability
C)  disability
D)  car
E)  home and propertyF) B) and C)
G) All of the above

Question 10

Which of the following methods can be used to estimate your life insurance requirements?

Accepted Answer

A)  income replacement method.
B)  family need method.
C)  average income replacement method.
D)  A and B are correct.
E)  A, B and C are correctF) B) and E)
G) A) and B)

Question 11

What percent of all applicants who apply for life insurance are found to be insurable?

Accepted Answer

A)  58
B)  68
C)  85
D)  90
E)  98F) A) and D)
G) A) and C)

Question 12

Individual health insurance covers either one person or family.

Accepted Answer

A) True 
 B)False

Question 13

Just about every worker is covered by disability income insurance.

Accepted Answer

A) True 
 B)False

Question 14

Canadian consumers are generally unaware that long-term care insurance even exists.

Accepted Answer

A) True 
 B)False

Question 15

In planning your insurance program, you should

Accepted Answer

A)  seek advice from a competent financial adviser.
B)  determine what insurance is required.
C)  consider social security and other group insurance.
D)  decide what type of insurance best meets your needs.
E)  seek advice from a competent financial adviser, determine what insurance is required, consider social security and other group insurance, and decide what type of insurance best meets your needs.F) A) and E)
G) A) and D)

Question 16

What is not one of the five questions when choosing an insurance agent?

Accepted Answer

A)  Is your agent available when needed?
B)  Does your agent advise you to have a financial plan?
C)  Does your agent keep up with changes in the insurance field?
D)  Is your agent a top 1% of their field insurance agent?
E)  Is your agent happy to answer questions?F) C) and D)
G) C) and E)

Question 17

A nonparticipating policy has somewhat higher premiums than a participating policy.

Accepted Answer

A) True 
 B)False

Question 18

With a lump-sum payment, the insurance company pays the face amount of the policy in one installment to the beneficiary or to the estate of the insured.

Accepted Answer

A) True 
 B)False

Question 19

The lump-sum payment is the most widely used settlement option for life insurance policies.

Accepted Answer

A) True 
 B)False

Question 20

A method of evaluating the cost of life insurance by taking into account the time value of money is called

Accepted Answer

A)  double indemnity.
B)  guaranteed insurability.
C)  an interest-adjusted index.
D)  the consumer price index.
E)  a present value index.F) A) and B)
G) A) and C)

Exam 9: Life, Health, and Disability Insurance

At what age is term life insurance usually not renewable?

Correct AnswerverifiedShow Answer

Individual health insurance covers either one person or family.

Correct AnswerverifiedShow Answer

What percent of all applicants who apply for life insurance are found to be insurable?

Correct AnswerverifiedShow Answer

Which type of insurance is probably the most neglected form of available insurance protection?

Correct AnswerverifiedShow Answer

In 2015 roughly how much did Canadians pay for health and insurance products?

Correct AnswerverifiedShow Answer

Just about every worker is covered by disability income insurance.

Correct AnswerverifiedShow Answer

What is not one of the five questions when choosing an insurance agent?

Correct AnswerverifiedShow Answer

The "free-look" period allows you to cancel your life insurance without penalty anytime within 30 days.

Correct AnswerverifiedShow Answer

Universal life is a type of permanent life insurance

Correct AnswerverifiedShow Answer

A nonparticipating policy has somewhat higher premiums than a participating policy.

Correct AnswerverifiedShow Answer

In planning your insurance program, you should

Correct AnswerverifiedShow Answer

Life insurance may be used as a way to provide liquidity at the time of death.

Correct AnswerverifiedShow Answer

Which of the following methods can be used to estimate your life insurance requirements?

Correct AnswerverifiedShow Answer

Most people are more likely to lose their income due to death than due to disability.

Correct AnswerverifiedShow Answer

Canadian consumers are generally unaware that long-term care insurance even exists.

Correct AnswerverifiedShow Answer

The lump-sum payment is the most widely used settlement option for life insurance policies.

Correct AnswerverifiedShow Answer

With a lump-sum payment, the insurance company pays the face amount of the policy in one installment to the beneficiary or to the estate of the insured.

Correct AnswerverifiedShow Answer

Canadians are amongst the most life-insured people in the world.

Correct AnswerverifiedShow Answer

A method of evaluating the cost of life insurance by taking into account the time value of money is called

Correct AnswerverifiedShow Answer

Group health insurance covers all of your health insurance needs.

Correct AnswerverifiedShow Answer

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