RP - Life Insurance Lesson
Life Insurance
Introduction
Life insurance is always a hard thing to discuss and decide upon. However, you will want to make sure that you and your family are prepared in case something does happen. A life insurance policy covers death expenses such as funeral arrangements. It helps to pay off any debt left by the policyholder and can provide funds for the family to continue on and maintain their standard of living.
Life Insurance Jargon
Recall that "jargon" is a set of special words or expressions that are used by a particular profession or group and are typically difficult for others to understand. We want to make sure that we understand the jargon that exists for life insurance. You may know some of the vocabulary listed below. Click on each word to view the definition. Write down the vocabulary words and definitions that you may not have known in your notebook.
Estimating Premiums
Premium charts are often used to help estimate the annual cost of a life insurance policy. View the example and then attempt the three practice examples on your own.
Estimating Premiums Practice
Click on the arrow in the bottom right corner to move through the practice questions.
Life Expectancy
It might be a bit daunting when discussing life expectancy and mortality rates, but it’s an important part of the math that is involved when determining your life insurance premiums. You’ll want to make sure that you are being charged fairly by knowing what the policy cost is based upon and how to calculate it. Click on the names below to work through a few scenarios.
Life Expectancy Practice
Click on the checkmark on the bottom right to check your answer. Then, move to the next round.
IMAGES CREATED BY GAVS or OER