Most Life Insurance Gurus Could Not Answer Over 50% Of This Question

Choosing a life insurance policy can be overwhelming. Most life insurance gurus have tested their knowledge with this quiz and were not able to score above average. Are you an insurance guru ? Or You are just a student learning about insurance and its policies? This test will help you know more about yourself!

Take this quiz to see how much you know about life insurance in general and the benefits of having life insurance.

  • Question of

    What is the goal of life insurance ?

    • Security for the family
    • To ensure you die rich
    • To ensure you never lack money in your life
    • To ensure you never die again as long as you want
  • Question of

    How long is the term of a life insurance policy?

    • Lifetime
    • As long as you want
    • Monthly
    • Yearly
  • Question of

    Who is the beneficiary of a life insurance policy?

    • The person who will receive the money
    • The person you are insuring
    • The person you bought the insurance from
    • The insurance companies manager
  • Question of

    What was the first ancient civilization on record to use life insurance?

    • Roman
    • Israelite
    • Greek
    • Egyptian
  • Question of

    Who invented the first actuarial tables?

    • Edmund Halley
    • Isaac Newton
    • Elon Musk
    • Fernando Actuarial
  • Question of

    Which of the following factors are likely to increase your life insurance premium?

    • Been male
    • Been female
    • Been young
    • Been old
  • Question of

    What is the usual procedure for claiming a life insurance policy?

    • Provide a death certificate
    • Fill out a death form
    • None of the above
    • All of the above
  • Question of

    If you have a life insurance policy that is tied to your mortgage for the purpose of paying off the mortgage, what happens to the policy as you pay off the mortgage?

    • It decreases in value
    • It increases in value
    • The value does not change
    • I dont know
  • Question of

    On what grounds might a claim be denied?

    • If suicide is the cause of the death
    • If the person died alone
    • If the person died above 40 years
    • If the person died below 40 years
  • Question of

    Who should take out life insurance?

    • Someone with dependants
    • Someone who worries alot
    • Someone who lives alone
    • Someone who cares alot
  • Question of

    People in what age group usually need life insurance?

    • Old people
    • Young professionals
    • Teenagers
    • Retired men and women
  • Question of

    What is the most common reason for retired people to take out a life insurance policy?

    • To assist with funeral cost
    • To pay up loans
    • To pay off mortgage
    • To pay for living a retirement community
  • Question of

    If you have a life insurance policy that is tied to your mortgage for the purpose of paying off the mortgage, what happens to the policy as you pay off the mortgage?

    • It decreases in value
    • The value doesnt change
    • I increases in value
    • I dont know
  • Question of

    Besides family, who else is commonly nominated as a life insurance beneficiary?

    • Businesses
    • Pets
    • Charities
    • Private homes
  • Question of

    Which of the following is a feature of a permanent life insurance policy but not a term policy?

    • Cash value component
    • Fixed term
    • Fixed premiums
    • Fixed mortgage
  • Question of

    What is usually the maximum length of time that you can have a term policy?

    • 30 years
    • 10 years
    • 35 years
    • 15 years
    • 50 years
  • Question of

    What is the first step in deciding how much to spend on life insurance?

    • Calculate your financial value
    • Ask your colleagues what they spend
    • Go with salesperson best offer
  • Question of

    What is the term given to the total amount of coverage you need?

    • Face value
    • Total value
    • Common value
    • Insurance value
  • Question of

    What is a good rule of thumb to help determine how much your policy should be worth?

    • Buy a policy that replaces your salary for 5 to 7 years
    • Buy a policy that suits your family needs
    • Buy a policy that suits your business needs
    • Buy a policy that pays your annual income
  • Question of

    What else do you need to know before taking out a life insurance policy?

    • Policy cancellation term
    • How long you need the policy
    • Both of the above
    • None of the above

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