Team Af Quiz Life Insurance--general
10 Questions
| Attempts: 127
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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