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ABA CTFA Practice Test - Questions Answers, Page 36

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Question 351

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Need analysis method is a more detailed approach than multiple-of-earnings method. This method considers both financial obligations and financial resources of the insured and his or her dependents. Which of the following steps is/are involved in this method?

Estimate the total economic resources needed if the individual were to die
Estimate the total economic resources needed if the individual were to die
Determine all financial resources that would be available after death, including existing life insurance and pension plan death benefits
Determine all financial resources that would be available after death, including existing life insurance and pension plan death benefits
Subtract available resources from the amount needed to determine how much additional life insurance is required
Subtract available resources from the amount needed to determine how much additional life insurance is required
All of these
All of these
Suggested answer: D
asked 16/09/2024
james james
37 questions

Question 352

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Insurance that provides only death benefits, for a specified period, and does not provide accumulation of cash value is called:

Straight term policy
Straight term policy
Term life insurance
Term life insurance
Decreasing term policy
Decreasing term policy
Renewability
Renewability
Suggested answer: B
asked 16/09/2024
David Washington
35 questions

Question 353

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It is a term life policy written for a given number of years with coverage remaining unchanged throughout the effective period. What is it?

Straight term policy
Straight term policy
Term life insurance
Term life insurance
Decreasing term policy
Decreasing term policy
Renewability
Renewability
Suggested answer: A
asked 16/09/2024
Jesse Moisio
52 questions

Question 354

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It is a term life policy provision allowing the insured to renew the policy at the end of its term without having to show evidence of insurability

Straight term policy
Straight term policy
Term life insurance
Term life insurance
Decreasing term policy
Decreasing term policy
Renewability
Renewability
Suggested answer: D
asked 16/09/2024
Jose Osnayo
47 questions

Question 355

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Decreasing term policy is:

A term insurance policy that maintains a level premium throughout all periods of coverage while the amount of protection decreases
A term insurance policy that maintains a level premium throughout all periods of coverage while the amount of protection decreases
A term insurance policy that maintains a level premium throughout all periods of coverage while the amount of protection increases
A term insurance policy that maintains a level premium throughout all periods of coverage while the amount of protection increases
A term insurance policy that maintains a level premium throughout all periods of coverage while the amount of protection remains unchanged
A term insurance policy that maintains a level premium throughout all periods of coverage while the amount of protection remains unchanged
None of these
None of these
Suggested answer: D
asked 16/09/2024
Kellen Winters
46 questions

Question 356

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__________ is the accumulated refundable value of an insurance policy; results from the investment earnings on paid-in insurance premiums.

Cash value
Cash value
Nonforefeiture right
Nonforefeiture right
Decreasing term policy
Decreasing term policy
Continuous premium
Continuous premium
Suggested answer: A
asked 16/09/2024
Mark Anthony Simon
46 questions

Question 357

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Three major types of whole life policies are available. Which of the following is/are Not out of those?

Continuous Premium
Continuous Premium
Limited Premium
Limited Premium
Single premium
Single premium
None of these
None of these
Suggested answer: D
asked 16/09/2024
Geetanjali Singh
40 questions

Question 358

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Whole life insurance is a life insurance designed to offer ongoing insurance coverage over the course of an insured's entire life. The noteworthy advantage of whole life insurance is:

Premium payments contribute towards building an estate
Premium payments contribute towards building an estate
One can budget premium payments for a long period
One can budget premium payments for a long period
It's a low-load life insurance
It's a low-load life insurance
These are sold only by agents
These are sold only by agents
Suggested answer: A
asked 16/09/2024
Anu V
35 questions

Question 359

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Group health insurance is the health insurance consisting of contracts written between a group, (employer, union, etc.) and the health care provider. Most health insurance plans fall into one of two categories. Which one of the following set represents those two categories?

Traditional indemnity and PPO
Traditional indemnity and PPO
Traditional indemnity and managed care plans
Traditional indemnity and managed care plans
Fee-for-service indemnity and managed care plans
Fee-for-service indemnity and managed care plans
Both B and C
Both B and C
Suggested answer: D
asked 16/09/2024
Silfredo Jimenez Munoz
40 questions

Question 360

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A form of HMO in which subscribers receive services from physicians practicing from their own offices and from community hospitals affiliated with the IPA.

Individual practice association
Individual practice association
Preferred provider organization
Preferred provider organization
Exclusive provider organization
Exclusive provider organization
Point-of-service plan
Point-of-service plan
Suggested answer: A
asked 16/09/2024
Marcelo I Sotelo S
40 questions
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