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27 Cards in this Set
- Front
- Back
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Key features of term life: |
Pure death protection (no cash value), level premium, renewable, and convertible |
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3 basic types of term life |
Level, increasing, and decreasing. |
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Term life level means |
Face amount remains the same throughout the policy term |
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Term life increasing means |
Face amount increases each year |
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Term life decreasing means |
Face amount decreases each year. |
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Whole life key features |
Protections until insured age 100, level premium, and cash values and living benefits |
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Whole life has cash values and living benefits which can be used for |
Policy loans and surrenders |
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Whole life 3 basic types |
Straight life, limited payment, single premium. |
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Whole life straight life means |
Premiums are paid until the insured death or age 100 |
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Whole life limited payment means |
Premiums as paid up before age 100 |
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Whole life single premium means |
Policy is completely paid up after one premium |
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Flexible premium life insurance basic types |
Adjustable life & universal life |
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Flexible Premium adjustable life means |
Can be either term or permanent, policy owner can increase or decrease the premium, the face amount and the period of protection |
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Flexible premium universal life 2 death benefit options |
Option A- level benefit or option B - increasing benefit. |
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Flexible premium universal life has 2 components- |
Insurance annually renewable term or cash account |
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Variable life is what type of insurance |
Permanent insurance |
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Variable life insurance premiums can be |
Fixed(of whole life) or flexible (if universal) |
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Variable life insurance features a cash value that is |
Not guaranteed and is invested in separate accounts. |
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Variable life insurance is regulated by |
SEC/FINRA and department of insurance |
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What licensing does an agent need to write variable life insurance |
Insurance and securities |
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Credit life insurance insures |
The debtor and pays off the balance of a loan. |
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Who owns a Credit life insurance policy |
Creditor is owner and beneficiary |
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Group life insurance has to be what kind of group? |
Natural, cant be formed just to buy insurance |
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Group life insurance has no evidence of what? |
Insurability |
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Who has the master policy of a group life insurance |
The group sponsor, usually employer |
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Group life insurance provides certificates of insurance to who? |
The insured |
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Group life insurance can be converted to an individual insurance how? |
With no proof of insurability and within a specified time period |
