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Guide for IFSE Institute Life License Qualification Program (LLQP)

Quiz IFSE Institute Life License Qualification Program (LLQP)

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/ 10

Quiz

1/10
Insurance Fundamentals
Which of the following is a primary purpose of life insurance?
Select the answer
1 correct answer
A.
To provide a savings vehicle for the policyholder
B.
To protect against financial loss due to the death of the insured
C.
To serve as an investment tool for the policyholder
D.
To cover medical expenses of the insured

Quiz

2/10
Life Insurance Products
Which type of life insurance policy combines a death benefit with a cash value component that grows over time?
Select the answer
1 correct answer
A.
Term life insurance
B.
Whole life insurance
C.
Universal life insurance
D.
Variable life insurance

Quiz

3/10
Health Insurance Products
Which of the following is typically covered under a standard health insurance policy?
Select the answer
1 correct answer
A.
Cosmetic surgery
B.
Routine dental check-ups
C.
Emergency medical services
D.
Elective procedures

Quiz

4/10
Insurance Fundamentals
What is the main difference between term life insurance and whole life insurance?
Select the answer
1 correct answer
A.
Term life insurance provides coverage for a specific period, while whole life insurance offers coverage for the insured's entire life.
B.
Term life insurance is more expensive than whole life insurance.
C.
Whole life insurance does not accumulate cash value, whereas term life insurance does.
D.
Term life insurance is only available to individuals under 30 years old.

Quiz

5/10
Life Insurance Products
What is a key feature of universal life insurance?
Select the answer
1 correct answer
A.
Fixed premiums and a fixed death benefit
B.
Flexible premiums and a flexible death benefit
C.
No cash value accumulation
D.
Limited to a 10-year term

Quiz

6/10
Health Insurance Products
What is the purpose of critical illness insurance?
Select the answer
1 correct answer
A.
To cover medical expenses for minor illnesses
B.
To provide a lump sum payment upon diagnosis of a covered serious illness
C.
To cover the cost of prescription medications
D.
To pay for routine medical check-ups

Quiz

7/10
Insurance Fundamentals
Which of the following is a characteristic of a beneficiary in a life insurance policy?
Select the answer
1 correct answer
A.
The beneficiary must be a family member of the insured.
B.
The beneficiary receives the death benefit upon the insured's death.
C.
The beneficiary is responsible for paying the policy premiums.
D.
The beneficiary owns the life insurance policy.

Quiz

8/10
Life Insurance Products
Which of the following is a characteristic of term life insurance?
Select the answer
1 correct answer
A.
It provides coverage for the insured's entire life.
B.
It accumulates cash value over time.
C.
It offers coverage for a specific period, such as 10 or 20 years.
D.
It has higher premiums compared to whole life insurance.

Quiz

9/10
Health Insurance Products
Which of the following is a common exclusion in health insurance policies?
Select the answer
1 correct answer
A.
Emergency medical services
B.
Pre-existing conditions
C.
Preventive care services
D.
Prescription medications

Quiz

10/10
Insurance Fundamentals
What does the term 'underwriting' refer to in the context of life insurance?
Select the answer
1 correct answer
A.
The process of selling insurance policies to clients
B.
The process of determining the premium rates for policies
C.
The process of evaluating the risk of insuring a person and determining the terms of the insurance policy
D.
The process of paying out claims to beneficiaries
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Info quiz:

  • Quiz name:IFSE Institute Life License Qualification Program (LLQP)
  • Total number of questions:133
  • Number of questions for the test:50
  • Pass score:80%

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