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3 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Non-forfeiture option |
A legal provision whereby the policy owner may take the accumulated values in a policy as one of the following: cash surrender-lump sum payment of cash value less any unpaid premiums or outstanding loans. Extended term a term policy with the same face amount as the original policy. Lasts for a period of time. Reduced paid up whole life insurance for a lesser face amount. The acronym of C-E-R helps here. |
Cash surrender all, extended term, reduced paid up (C. E. R) |
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Non-medical |
Insurance issued without a medical exam. For example if the applicant is young and is buying a small amount of life Insurance no physical exam is required so coverage may begin immediately. |
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Non-participating |
Insurance that does not pay policy dividends to policyholders which are issued by stock insurance companies. Stock insurers may pay dividends, but if so they are paid to the stockholders and they are taxable. |
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