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Term Life Insurance: Definition & Forms

Instructions:

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

question 1 of 3

Which of these term life insurance policies offers a quicker acceptance process?

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1. What is another name for decreasing term life insurance?

2. Sue is looking to purchase term life insurance for 5 years at a time. She wants to renew every 5 years because she doesn't know what her circumstances will be after 5 years. What type will guarantee that her insurance will be renewed even if her health precludes it?

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About This Quiz & Worksheet

The quiz and worksheet will help measure your understanding of term life insurance. Topics you should comprehend in order to pass the quiz include a term life insurance policy that offers a quick acceptance process and another name for decreasing term life insurance.

Quiz & Worksheet Goals

Questions in this quiz and worksheet ask about the following:

  • Another name for decreasing term life insurance
  • Type of term insurance that doesn't result in someone losing everything
  • Term life insurance that offers a quick acceptance process
  • Calculating monthly premiums of a life insurance policy
  • Type of insurance that can be renewed

Skills Practiced

  • Information recall - access the knowledge you've gained regarding the types of term insurance that doesn't result in someone losing everything
  • Interpreting information - verify that you can read information regarding term life insurance
  • Problem solving - use acquired knowledge to calculate monthly premiums of a life insurance policy

Additional Learning

To increase your understanding of insurance, read through the accompanying lesson titled Term Life Insurance: Definition & Forms. This lesson focuses on the following objectives:

  • Recall what term life insurance is and its purpose
  • Explore the different types of term life insurance people can receive
  • Identify the benefits of using return of premium term life insurance
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