Team Af Quiz Life Insurance--general

10 Questions | Total Attempts: 45

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Team Quizzes & Trivia

Questions and Answers
  • 1. 
    The primary purpose of Life Insurance is to provide a death benefit.
    • A. 

      True

    • B. 

      False

  • 2. 
    Which of the following are tax advantages of permanent Life Insurance?
    • A. 

      Tax Deferred Growth

    • B. 

      Basis out First (FIFO)

    • C. 

      Tax Free loans

    • D. 

      All of the above

  • 3. 
    All Life Insurance should be sold using some type of Needs Analysis to determine the face amount of the policy.
    • A. 

      True

    • B. 

      False

  • 4. 
    MEC stands for Modified Endowment Contract.
    • A. 

      True

    • B. 

      False

  • 5. 
    Which of the following tax advantages are lost when a Life Insurance Policy becomes a MEC? A. Death Benefit is Generally Tax Free B. Tax Deferred Growth C. Basis Out First (FIFO) D. Tax Free Loans
    • A. 

      A & B

    • B. 

      A

    • C. 

      C & D

    • D. 

      D

  • 6. 
    How many different Death Benefit Options are available on our Ultra Index Universal Life Policy?
    • A. 

      1

    • B. 

      2

    • C. 

      3

    • D. 

      4

  • 7. 
    How many Primary Term Rider layers are available on a True Term policy?
    • A. 

      1

    • B. 

      3

    • C. 

      4

    • D. 

      5

  • 8. 
    An Allstate Whole Life Advantage Policy pays dividends.
    • A. 

      True

    • B. 

      False

  • 9. 
    the Following are three ways to be taxed on your Retirement Savings/Growth.  Which category do most people have their retirement savings in?
    • A. 

      Taxable

    • B. 

      Tax deferred growth, taxable distributions

    • C. 

      Tax deferred growth, tax free distributions

    • D. 

      Tax free

  • 10. 
    Life Insurance is a "love letter" that tells those that are left behind that we cared enough to make sure that they were taken care of after we are gone.
    • A. 

      True

    • B. 

      False

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