Question: Guaranteed renewable term insurance allows you to renew a policy for another term without qualifying medically.

Answer: True

Question: It can be difficult to evaluate the true cost of a ___ at the time of purchase

Answer: Universal Life Insurance

Question: A ______ policy is a type of term insurance

Answer: Straight term

Question: The underwriting function of insurance companies is designed to ensure that premiums are based on _____

Answer: the chance of losses

Question: ______ is the choice to accept and bear the risk of loss

Answer: Risk assumption

Question: Policy feature that allows the insured to increase coverage periodically without showing proof of insurability.

Answer: Guaranteed Purchase Option

Question: Avoiding alcoholic beverges while driving is an example of loss prevention

Answer: True

Question: Group life insurance

Answer: insurance that provides a master policy for a group

Question: Insurance underwritings

Answer: the process used by insurers to decide who can be insured and to determine applicable rates that will be charged for premiums.

Question: Life insurance proceeds paid to your heirs are not usually subject to state or federal income taxes.

Answer: True