31. Group life insurance is a. provided by lenders. b. now called home service l

Question

31. Group life insurance is
a. provided by lenders.
b. now called home service life.
c. generally a decreasing term policy.
d. often more expensive than private coverage.
e. All of the above


____ 32. ____ and ____ are both relatively expensive types of decreasing-term life insurance.
a. Group life; credit life
b. Credit life; mortgage life
c. Mortgage life; industrial life
d. Industrial life; special-purpose policies
e. Special-purpose policies; group life


____ 33. A grace period permits the policy holder to retain insurance even though the premium has not been paid for
a. a year.
b. 6 months.
c. 3 months.
d. 2 months.
e. 30 days


____ 34. If Mary Lou Thompson selected a life income settlement option with 10 years certain when her husband died, which of the following is(are) true?
a. Mary Lou will receive benefits for the rest of her life.
b. Mary Lou's beneficiaries will receive benefits for 10 years after her death.
c. At least 10 years of benefits will be paid to Mary Lou and perhaps her beneficiaries.
d. a and b
e. a and c


____ 35. A participating policy
a. has no incontestability clause.
b. is a form of endowment insurance.
c. may pay dividends.
d. requires a savings function.
e. contains no tax benefits.


____ 36. The major financial benefit of beginning your retirement funding early is related to
a. increased cost of living.
b. compound interest.
c. reduced anxiety.
d. inflation.
e. investment returns.


____ 37. The first step in retirement planning is to
a. determine how large a nest egg is required.
b. consider your longevity.
c. define your investment program.
d. determine your income-earning assets.
e. set retirement goals


____ 38. When setting retirement goals you should consider
a. what you want to do in retirement.
b. your expected standard of living.
c. your proposed level of income.
d. special retirement activities and projects.
e. all of these.


____ 39. The major mistake(s) people make in retirement planning is(are)
a. starting too early.
b. saving too little.
c. investing too aggressively.
d. a and b
e. a, b, and c


____ 40. The major mistake(s) people make in retirement planning is(are)
a. starting too late.
b. saving too little.
c. investing too conservatively.
d. a and b
e. a, b, and c

Explanation / Answer

31. b. now called home service life. 32. b. Credit life; mortgage life 33. a. a year. 34. e. a and c 35. e. contains no tax benefits. 36. c. reduced anxiety. 37. e. set retirement goals 38. e. all of these. 39. e. a, b, and c 40. e. a, b, and c please rate appreciated

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