Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key


Play button


Play button




Click to flip

9 Cards in this Set

  • Front
  • Back
1. Ownership:
only the policy owner controls, and pays.
benifiter and insured may be different people.
insured may be same.
all modes of payment other than _____ require policy owner to pay a fee
policy loan not subject to taxation (cash value)

true of false
how long after death of owner will beneficiary have to die before he is considered dead first:
spendtrift clause
payed out in amounts, so that creditors don't gobble it up
reinstatement vs. new policy
-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
fixed-period option on payback
period of specific time
fixed amount option on payback
period of specific amount
life income option
BENEFICIARY can be given life income option. installments for life, if long life may outlive principle.