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29 Cards in this Set
- Front
- Back
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Ordinary Life |
One of the three types NOT industrial or group |
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Industrial Insurance |
Small amounts (1000) - burial insurance |
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Group insurance |
groups unions, etc |
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Term life insurance |
Insurance for a Specified term (20 years) |
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Level Term insurance |
Same premium, same coverage |
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Decreasing Term Insurance |
Usually used for mortgages |
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Increasing Term Insurance |
Tied to cost of living |
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Option to renew |
Renew before term life expires |
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Option to Convert |
Change to Whole Life without evidence of insurability |
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Whole Life |
Paid out at death or at 100 |
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Cash values |
The savings element of whole life |
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Living benefits |
Borrow the cash values from Whole Life |
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Whole Life Premiums |
Premium calculated over whole life of the term |
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Straight Whole LIfe |
Permanent Level protection with level premiums from issue to 100 |
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Limited Pay Whole Life |
Pay premiums for a limited time (like 20 years or until 65) |
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Single premium whole life |
One time premium payment for whole life insurance |
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Modified whole life |
Lower premiums at the start (5 years) and then higher after |
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Graded Premium Whole Life |
Premiums increase gradually then STOP and level off |
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Endowments |
Money given at a specific period of time |
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Modified Endowment Contracts |
An over funded policy according to the IRS |
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Family Income policies |
Decreasing term insurance that pays out for a specified time AFTER PURCHASE DATE |
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Family Maintenance Policy |
The family gets the providers income for a certain number of years (until 65). If provider does not die, they only get the face value |
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Joint Life Policies |
Death benefit at the time of ONE spouse's death |
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Joint Life and Survivor Policies |
Two policies but also for the survivor's death for asset taxes. |
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Credit Life Insurance |
Taken to cover a large loan to pay off (decreasing) |
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Interest Sensitive Whole Life |
Insured changes by lower premiums or higher cash values |
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Adjustable Life |
Combination of term and permanent insurance. |
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Universal Life |
Flexible premiums and adjustable death benefit. Insureds can put in as much as they want. Some goes to insurance protection, some builds cash value. |
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Variable Insurance Products |
Part of a premium is placed into a seperate account which is invested in a stock, bond, or money market fund. |
