1. a. Explain the meaning of premature death. b. Identify the costs associated with premature death. c. Explain the economic justification for the purchase of life insurance. 2. Explain the financial impact of premature death on the different types of families in the United States. 3. a. Define human life value. b. Describe the steps in determining the human life value of a family head. 4. The needs approach is widely used for determining the amount of life insurance to purchase. Describe the following needs for a typical family head: a. Cash needs b. Income needs c. Special needs 5. a. Briefly explain the basic characteristics of term insurance. b. Identify the major types of term insurance sold today. c. Explain the situations that justify the purchase of term insurance. d. What are the major limitations of term insurance? 6. a. Briefly explain the basic characteristics of ordinary life policies. b. Why does an ordinary life insurance policy develop a legal reserve? c. Explain the situations that justify the purchase of ordinary life insurance. d. What is the major limitation of ordinary life insurance? 7. Describe the basic characteristics of variable life insurance. 8. a. Explain the basic characteristics of universal life policies. b. Explain the limitations of universal life insurance. c. Compare and contrast the following features of universal life and indexed universal life: minimum interest guarantees, source of credited interest, limitations on credited interest. 9. a. What is a variable universal life insurance policy? b. How does variable universal life insurance differ from a typical universal life insurance policy? c. Identify the various expense charges that policyholders must pay under a variable universal life insurance policy. 10. a. What is a preferred risk policy? b. Explain the basic features of second-to-die life insurance and describe a situation in which a policy might be appropriate