Term Life Insurance: Convertible & Renewable Features

Instructions:

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

question 1 of 3

Which option does a convertible term life insurance policy give to the buyer?

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1. Which of the following is a possible consequence of a renewable term life insurance policy if the policy owner's health has dramatically decreased?

2. Which of the following is TRUE of a convertible policy?

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About This Quiz & Worksheet

Answer these quiz and worksheet questions to find out what you know about different types of term life insurance products. You will need to discuss the costs and benefits of different policy options.

Quiz & Worksheet Goals

In this quiz and worksheet set you'll review your knowledge of:

  • Benefits of convertible term life insurance
  • Determining premiums of term life insurance policies
  • Costs and benefits of convertible term life insurance

Skills Practiced

  • Making connections - use understanding of renewable term life insurance to discuss how the premiums can be affected over the life of the plan
  • Defining key concepts - ensure that you can accurately define main phrases, such as renewable and convertible term life insurance
  • Information recall - access the knowledge you've gained regarding what can happen to your renewable policy if your health takes a turn for the worse

Additional Learning

Learn more about these types of insurance plans by reviewing the lesson titled Term Life Insurance: Convertible & Renewable Features. You will be exposed to concepts like:

  • Benefits and drawbacks of convertible and renewable policies
  • Costs associated with these policies
  • Examples of situations where these policies would be useful
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