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Life insurance: Quiz


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Question 1: Premiums paid by the policy owner are normally not deductible for federal and state ________ purposes.
Income taxProgressive taxPayroll taxTax haven

Question 2: The television series ________ has included episodes that feature this scenario.
CSI: Crime Scene InvestigationMedstar TelevisionForensic FilesForensic science

Question 3: Trust law and taxation of trusts can be complicated, so any individual intending to use trusts for tax planning would usually seek professional advice from an ________ (IFA) and/or a solicitor.
FinanceIndependent Financial AdviserCollective investment schemeInsurance

Question 4: The Presbyterian Synods in Philadelphia and ________ created the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers in 1759; Episcopalian priests organized a similar fund in 1769.
New YorkConnecticutNew JerseyMassachusetts

Question 5: ________ (UL) is a relatively new insurance product intended to provide permanent insurance coverage with greater flexibility in premium payment and the potential for a higher internal rate of return.
Bond insuranceAccidental death and dismemberment insuranceVariable universal life insuranceUniversal life insurance

Question 6: Individual Retirement Account (IRA), ________ or Roth IRA) may be better alternatives for value accumulation.
Defined benefit pension planPension401(k)Employee Retirement Income Security Act

Question 7: ________ provides for a level premium, and a cash value table included in the policy guaranteed by the company.
Whole life insuranceIncome protection insuranceMarine insuranceNo-fault insurance

Question 8: This type of insurance is designed specifically to cover ________ expenses when the insured person dies.
CremationBurialFuneralDeath and culture

Question 9: This means, for instance, that the proposed insured has no adverse medical history, is not under medication for any condition, and his family (immediate and extended) have no history of early ________, diabetes, or other conditions.

Question 10: In response to bills passed in ________ in 2001 and in Illinois in 2003, the companies have been required to search their records for such policies.
CaliforniaSan Jose, CaliforniaLos AngelesSacramento, California


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