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17 Cards in this Set

  • Front
  • Back

Term life Insurance

Provides temporary protection for a specified amount of years . Pay a death benefit and does not accumulate cash value. The least expensive form of insurance.

Renewable Term Policy

Issued for a specified term and may be renewed at the end of that term without evidence of insurability . May be limited in the number of renewals or to a specified age beyond which renewals will not be available .

Nonrenewable term policy

issued for a specific term and may not be renewed

convertible term policy

Allows a policy owner to convert or exchange the temporary protection for some form of permanent protection without evidence of insurability. Conversion must be made prior to expiration of term.

Reentry term policy

Gives the insured the opportunity to provide evidence of insurability at the end of the term and qualify for reduced premium rates.

Level Term policies

issued for a fixed face amount , which remains the same during the term of coverage. May be issued for an annual period, for a specified number of years or until a specified age.

Decreasing term policy

Issued for an initial face amount that declines during the term period and reaches zero at policy expiration.

Increasing term policy

Begin with little to no insurance protection, and the face amount grows over time. NOT COMMON

Whole life insurance

designed to provide coverage the whole life. Consist of a combination of a savings element and a decreasing amount of net insurance.

Straight Life

Most common type of whole life insurance sold. Stretch the premium payments over the whole life of the insured.(continuous insurance)

Limited-payment whole life

Policies allow the policy owner to pay for the entire policy in a shorter period of time or to a specific age.

Single premium whole life policy

a whole life policy with one premium payment accumulates immediate cash value.

Current assumption whole life

Offer flexible premium payments that are tied into current interest rate fluctuations.

Adjustable life insurance

A policy that offers the policy owner the option to adjust the policy's face amount, premium, and type of protection and length of protection.

Universal life insurance

pay higher interest rates during inflationary times.( has death protection and cash value, the death protection resembles one-year renewable term insurance )

Variable life

Death protection and savings /invest element. cash values are backed by equity investments and securities are not guaranteed. Regulated as securities.

Credit life insurance

Designed to insure the lives of debtors for the benefit of a creditor.