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Beneficiaries of Life Insurance Policies

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Bob has a life insurance policy in which he cannot make any changes unless he consults and gets approval from the primary beneficiary. What type of policy is this?

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1. What type of beneficiary is first in line to receive benefits after a policyholder dies?

2. What is a common disaster clause?

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About This Quiz & Worksheet

This quiz and corresponding worksheet are designed to assess how much you know about life insurance beneficiaries. Among the things you will be quizzed on include term definitions and your understanding of conditions that apply to beneficiaries.

Quiz & Worksheet Goals

When you use this assessment tool, you should be prepared to:

  • Identify a type of policy based on a given example
  • Name the type of beneficiary who first receives benefits after the death of a policyholder
  • Explain a common disaster clause
  • List methods that allow policyholders to name minors as beneficiaries
  • Relate conditions in which a contingent beneficiary can receive funds from a will or trust

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the lesson, such as different beneficiary types
  • Defining a key concept - ensure that you can accurately define what a common disaster clause is
  • Information recall - remember in what instances a policyholder can name a minor as their beneficiary
  • Knowledge application - use what you know to correctly identify a policy type after reading an example

Additional Learning

You could be a beneficiary of additional information when you refer to the lesson titled Beneficiaries of Life Insurance Policies. This lesson provides details about:

  • How one is eligible to be a primary beneficiary
  • Who can be a contingent beneficiary
  • What a revocable beneficiary is
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