Introduction to Business

Section 1: Life Insurance

Self-Checks

1.
Someone who receives part or all of the proceeds of a life insurance policy is a(n) ______ .
A)addressee
B)beneficiary
C)heir
D)recipient
2.
Another name for cash-value insurance is ______ insurance.
A)permanent
B)term
C)universal life
D)hole life
3.
Policyholders purchase ________ insurance if they want flexibility in premium payments and death benefits as their financial situation changes.
A)permanent
B)term
C)universal life
D)whole life
4.
With _______ insurance, the cash value part of the premium is used for investments such as stocks, bonds, and mutual funds.
A)cash value
B)group life
C)investor life
D)universal life
5.
If the insured person lives beyond the term of a term insurance policy, the policy has ______ value.
A)double
B)face
C)market
D)no
6.
Whole life insurance provides ______ during the policyholder's life.
A)benefits
B)cash
C)income
D)savings
7.
In general, the cost of term life insurance is ______ the cost of cash-value insurance.
A)cannot be compared to
B)less than
C)more than
D)similar to
8.
Life insurance costs more for people in ______ occupations.
A)dangerous
B)high-paying
C)sedentary
D)stressful
9.
With whole life insurance, the premium ______ as the policyholder ages.
A)decreases
B)escalates
C)increases
D)stays the same
10.
When a married person dies, the life insurance policy proceeds will go to the policyholder's _______ .
A)beneficiaries
B)children
C)spouse
D)survivors
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