Vocabulary
A person who receives the death benefits of a life insurance policy after the insured’s death.
Beneficiary
The number of American adults who say they need (or need more) life insurance.
102 Million
In 2023 the total amount of unclaimed life insurance reached to over $1B. Common reason for unclaimed payout is...
Beneficiary does not know.
Top reason for not purchasing life insurance across all generations - Boomers, Gen X,Y and Millennial is?
Too Expensive
The percentage of Americans feel financial stress
79%
An additional benefit paid out if the policyholder dies in an accident.
Accidental Death Benefit
According to 2022 data, over 84 million Americans are covered by which government health insurance?
Medicaid
According to Guinness World Records the world’s largest life insurance policy, worth $250 million, was issued to a person in Asia. Which part of Asia?
Hong Kong.
Wealth transfer. This generation is concerned with passing on wealth to their heirs, through life insurance payouts.
Baby Boomers
The book mentions this as the "silent killer".
Inflation
The person who reviews the applicant's medical history to determine if they are approved for the policy.
Underwriter
Only 45% of Hispanic Americans own life insurance, the main reason why they DO NOT own it is - too expensive. What is the main reason why they own it?
Burial or Final Expense
Stella Liebeck filed a $20,000 lawsuit against McDonald's for a third-degree burn from a drive-thru disaster. Which menu item was involved in the famous 1994 product liability suit?
Coffee
Gen Z population are known to use social media to learn about financial/insurance topics. 62% turn to which social media platform?
Youtube.
Name 3 of the 10 Commandments of Mozone.
Sit in front.
Eye contact.
Walk faster.
Talk louder.
Smile.
Dress sharp.
Come early, stay late.
Declare your intentions publicly.
Rise up, stand up.
Stumble forward, stay confused.
Your coverage _______, if you have mortgage life insurance and are paying down the principal.
Decreases
According to LIMRA, in January 2024, what % of consumers reported owning life insurance (e.g. individual, employer-sponsored, etc.)
51%
How much does each American need to retire comfortably?
$1.4 Million
According to American Association for LTC Insurance, the Baby Boomer Generation's greatest health risk is?
Obesity
The number of people worldwide who lack access to clean and safe drinking water.
785 Million
Also called an “endorsement,” what horseback riding term is also used when you amend an insurance policy to add or remove coverage?
Rider
Women are likely less to own life insurance than men. 46% for women, while 57% for men. This 11% gender gap is the largest it has ever been and has persisted for ___ years.
14
Insurance dates back to over ____ years ago.
4,000 years
bottomry contracts practiced by Hindu, Babylon and Greece
Survey says this generation is most worried about finances, retirement preparedness.
Gen X
An estimated number of Americans living in poverty.
34 Million