| d. college education expenses. The choices a life insurance policy beneficiary and/or the policyholder have concerning the form of payment of the death benefit are called | a. multiple indemnity clauses. | | | | b. guaranteed renewability options. | | | | | d. settlement options. The type of life insurance that pays a death benefit and has aspects of an investment is | | | c. cash-value life insurance. | | | | d. guaranteed renewable insurance. Who of the following would be least likely to need life insurance? | a. a married mother working part-time outside the home who has young children | | | | b. a forty-five-year-old widower who lives with and supports his retired father | | | | c. a thirty-five-year-old single lawyer with a disabled younger brother whose parents are deceased | | | | d. a married certified public accountant with no children whose spouse is a dentist | A parent in his early thirties has determined that he needs about $1 million in additional life insurance. What would be the best way to meet this need? | a. one term life insurance policy | | | | b. several level-premium term life insurance policies with differing face amounts | | | | c. one cash-value life insurance policy | | | | d. several cash-value life insurance policies with differing face amounts Your approach to life insurance should be to | a. buy low and sell high. | | | | b. buy now and pay later. | | | | c. insure less and pay less. | | | | d. buy term and invest the rest. The type(s) of financial risk reduced via life insurance is/are | a. dying too soon, before you can provide for others. | | | | b. living too long and, thus, outliving your wealth. | | | | c. cost of health care prior to death. | | | | d. both dying too soon and cost of health care prior to death. A five-year term insurance policy where the face amount and the premium stays the same each year rather than goes up with your age is | a. guaranteed renewable term insurance. | | | | b. convertible term insurance. | | | | c. decreasing term insurance. | | | | d. annual renewable term insurance. | | | | | | | | | | | | | |