Life Insurance Settlement Options

Instructions:

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

question 1 of 3

What settlement option will provide a full pay out of the death benefit but likely not for weeks?

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1. What does the settlement option of specific income do?

2. Which settlement option allows for the death benefit to stay with insurer and only interest be paid out over time, until they finally need the full amount?

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About This Quiz & Worksheet

The questions below will quickly test your knowledge of different life insurance settlement options. You must identify different options available and describe what they provide.

Quiz & Worksheet Goals

Answer these questions to make sure you understand the following:

  • Specific income settlements
  • How easy it is to change your settlement option
  • Policies that allow the insured to pass their coverage onto another person

Skills Practiced

  • Problem solving - use acquired knowledge to identify specific types of settlement options from their description
  • Information recall - access the knowledge you've gained regarding the purpose of the settlement option of specific income
  • Knowledge application - use your knowledge to answer questions about different settlement options or what insurance companies don't usually let some do once they choose an option

Additional Learning

If you would like to know more about this type of contract, read the lesson titled Life Insurance Settlement Options. It will help you understand things such as:

  • Life income policies
  • Fixed amount payments
  • The importance of life insurance
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