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9 Cards in this Set
- Front
- Back
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1. Ownership:
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only the policy owner controls, and pays.
benifiter and insured may be different people. insured may be same. |
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Important:
all modes of payment other than _____ require policy owner to pay a fee |
ANNUALLY
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policy loan not subject to taxation (cash value)
true of false |
true
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how long after death of owner will beneficiary have to die before he is considered dead first:
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30-60
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spendtrift clause
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payed out in amounts, so that creditors don't gobble it up
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reinstatement vs. new policy
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-if can prove insurablilty (less than 3 (5) years after lapse) required to pay all back premiums and loans
- application of reinstation contestable for 2 years following reinstatement - |
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fixed-period option on payback
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period of specific time
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fixed amount option on payback
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period of specific amount
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life income option
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BENEFICIARY can be given life income option. installments for life, if long life may outlive principle.
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