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16 Cards in this Set
- Front
- Back
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Term Life
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-most simple type of life ins.
-often called "temporary" life insurance |
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1. Level term
2. Decreasing Term 3. Increasing Term 4. Indeterminate Premium 5. Deposit Term |
Forms of TERM life insurance include:
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Level Term
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provides a livel amount of protection for a specified number of years at a level premium amount
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Decreasing term
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has a decreasing death benefit amount over the period of a term even though a premium remains the same
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Increasing term
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increasing death benefit that increases periodically over the term of policy
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Indeterminate Premium Term
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issued with 2 premium tables:
1. current premium table 2. Maximum premium table |
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Deposit Term
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level term that has a much higher premium in the first policy year than in subsequent years
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Renewable Term Life Insurance
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gives policyowner the option to renew before the expiration date of the policy without proving evidence of insurability
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Convertible Term Life Insurance
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allows policyowner to change the coverage to permanent insurance with NO evidence of insurability
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Limited Pay Whole Life
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have level premiums that are limited to a certain time period
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Single Premium Whole Life
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involves the payment of a large one time only premium at the beginning of the policy
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Modified Premium Whole Life
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premiums are lower at the start of the policythan a typical whole life policy. After 5 years the premiums will increase one time
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Endowment policy
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a permanent life insurance policy where the premiums are paid into for a certain number of years
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1. Endowment Life
2. Juvenile Endowment 3. Retirement Endowment |
Types of Endowments:
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Universal Life
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are flexible life policies that allow the ED to have "term like" cost of life insurance witht the remaining premiums being invested into the policys cash value
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Variable Life
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similar to whole life , except it uses market based fund as the underlying investmentfor the cash value
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