Matching Type Questions
As we said earlier, matching questions are really basic multiple choice questions. Usually, matching questions present the options first and then the same options will apply to a number of different questions. For example, matching questions might be presented as follows:
(A) Whole life insurance (B) Term life insurance (C) Universal life insurance (D) Variable life insurance
These choices would then be followed by a series of questions such as:
3. Which life insurance is not cash value life insurance?
4. Which life insurance will provide death benefits that can change?
5. Which life insurance provides a guaranteed rate of return for the policy owner?
Since the choices for these questions are the same, they require less time to read and answer. For this reason, students should try to answer the matching questions early in a test session. By answering shorter questions first, students will save more time for the more difficult questions and not miss out on the easier points that can be scored with matching questions. The answers to questions 3, 4, and 5 are (B), (C), and (A), respectively.
Sometimes, you can also improve your percentages by paying attention to certain key words. For multiple choice questions that require you to identify a correct statement, rather than just a phrase or a number, the word choice can be revealing. For example, a question such as the following one might appear on the CFP® Certification Examination:
6. Which of the following statements concerning the requirement of an insurable interest for the assignment of a life insurance policy is correct?
(A) The assignee must have an insurable interest at the time of the assignment.
(B) The assignee is required to have an insurable interest during the lifetime of the insured.
(C) The assignee must have an insurable interest only at the time of death.
(D) The assignee usually need not have an insurable interest, either at the time of or after assignment.
Each of the incorrect choices in this question reveals itself as incorrect by words such as "must", "required", and "only". When these words appear in a statement, the assertion does not permit any exceptions. Consequently, if you can think of any specific exception, the statement is obviously incorrect, and you can eliminate the statement as a possible answer. Words convey the idea that a statement is always true or never true require only one specific exception to prove them wrong. There are many ways in which these choices can be written to make a general assertion. Try to get a sense of these general statements as you work with the application questions. The answer to question 6 is (D).
Remember to make use of everything you know and every resource at your command. Common sense is many times the best approach to finding the correct answer. Your experiences may provide you with clues to answers even though you may have forgotten the facts and figures presented in the review book.