Chapter 15 - Multiple Choice Quiz: This Activity Contains 22 Questions

Chapter 15 - Multiple Choice Quiz https://wps.prenhall.com/bp_frasca_persfin_8/103/26494/6782682.cw...
Home Chapter 15 Online Study Guide Chapter 15 - Multiple Choice Quiz
Chapter 15 - Multiple Choice Quiz
This activity contains 22 questions.
Probate costs should be included in the
transition fund.
family maintenance fund.
retirement fund.
emergency fund.
Social security survivor benefits are
available to dependent children through age 21.

only available to the widowed spouse and children.
available to the widowed spouse with or without dependent children.
available to the surviving spouse with dependent children under age 16.
The annual support needed to maintain the family after the death of a market worker generally will be equal to
the previous family income less
probate costs.
the own consumption of the deceased market worker.
the insurance protection gap.
lifestyle assets.
A survivorship joint life policy pays out
a proportional share of the face amount to each dependent survivor.

at the first death among the named insureds.
at each death of a named insured.
at the last death among the named insureds.
The periodic payment for a life insurance policy is known as a(n)
face payment.
premium.
annuity payment.
dividend.
The beneficiary of a life insurance policy receives the
face amount of policy less an outstanding policy loans.

accumulated policy premium.
face amount of the policy less any policy dividends.
policy dividends.
A company that buys life insurance policies from insured individuals approaching death is known as a(n)
viatical company.
hospice life company.
term life company.
universal life company.
The basic difference between term life and whole life insurance is that
term life can only insure a single individual; whereas, whole life can insure the entire family.
term life can pay out at the end of a specified term; whereas, whole life only pays out at the death of the insured.
term life cannot be purchased on a short-term basis; whereas, whole life can.
whole life insurance builds cash value and term life does not.
1 of 3 29-09-2020, 11:56 AM
Given policies with identical face amounts, premiums on the term life policy are typically
less expensive than the whole life policy because the entire premium on the term life policy pays for death protection.
more expensive than the whole life policy because there is no cash build up with the term life policy.
less expensive than the whole life policy because the premiums on the term life are tax deductible.
more expensive than the whole life policy because term life only provides temporary death benefits.
Decreasing term insurance is most similar to
universal life.
adjustable life.
limited payment life.
group mortgage life.
Which of the following does not represent another common name for "whole life" insurance?
Straight life
Whole life
Ordinary life
Complete life
Which of the following policies is you cash value invested in a selected portfolio of stocks and bonds?
Variable life
Adjustable life
Limited payment life
Universal life
Policy loans are generally available to insureds
of term life policies at relatively high market rates of interest.

of term life policies at relatively low market rates of interest.
of whole life policies at relatively low market rates of interest.
of whole life policies at relatively high market rates of interest.
Which of the following policies combines term value insurance and cash value buildup in one policy?
Adjustable life.
Endowment life.
Universal life.
Limited payment life.
Which of the following best represents the tax advantage of owning life insurance?
Tax deferred earnings on the cash value and distribution of cash value at lower tax rate on capital gains.
Tax deferred earnings on the cash value and tax-exempt receipt of proceeds by beneficiaries.
Tax deferred earnings on the cash value and tax-deductible premiums.
Tax-deductible dividends and tax deferred earnings on cash value.
When you die intestate,
your estate need not pass through probate.

you die outside your state of residency.
you die without a valid will.
your estate has a negative net worth.
2 of 3 29-09-2020, 11:56 AM
The individual named in the will to manage your death estate is known as a(n)
director.
executor.
probater.
testator.
Proceeds from a life insurance policy owned by the deceased with named beneficiaries
are not subject to estate taxes.

are distributed through the will.
are included in the ordinary income of the deceased.
do not pass through probate.
Which of the following is the typical arrangement in which marriage partners share ownership of the family
home?
Tenancy in common
Joint venture
Fee simple
Joint tenancy
A trust in which the grantor gives up all control of the funds in the trust is known as a(n)
irrevocable trust.
revocable trust.
mandatory trust.
living trust.
A division of the death estate that provides all survivors with an equal share is known as a
per stirpes division.

a division in common.
per capita division.
ceteris paribus division.
You can revoke a previous will by
obtaining the agreement of the previous beneficiaries.

writing a valid new will.
filing a public document in the county of record.
writing a codicil.
Answer choices in this exercise appear in a different order each time the page is loaded.
Copyright © 1995 - 2010 Pearson Education . All rights reserved. Pearson Prentice Hall is an imprint of Pearson .
Legal Notice | Privacy Policy | Permissions
3 of 3 29-09-2020, 11:56 AM

Chapter 15 - Multiple Choice Quiz: This Activity Contains 22 Questions

Uploaded by

Copyright:

Available Formats

Chapter 15 - Multiple Choice Quiz: This Activity Contains 22 Questions

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Chapter 15 - Multiple Choice Quiz: This Activity Contains 22 Questions

Uploaded by

Copyright:

Available Formats

Chapter 15 - Multiple Choice Quiz https://wps.prenhall.com/bp_frasca_persfin_8/103/26494/6782682.cw...

Home Chapter 15 Online Study Guide Chapter 15 - Multiple Choice Quiz

Chapter 15 - Multiple Choice Quiz

This activity contains 22 questions.

Probate costs should be included in the

Social security survivor benefits are

available to dependent children through age 21.

A survivorship joint life policy pays out

a proportional share of the face amount to each dependent survivor.

The periodic payment for a life insurance policy is known as a(n)

The beneficiary of a life insurance policy receives the

face amount of policy less an outstanding policy loans.

Decreasing term insurance is most similar to

Policy loans are generally available to insureds

of term life policies at relatively high market rates of interest.

When you die intestate,

your estate need not pass through probate.

are not subject to estate taxes.

per stirpes division.

You can revoke a previous will by

obtaining the agreement of the previous beneficiaries.

You might also like

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.