Types of Insurance
What is the only Non-permanent type of insurance.
TERM
What option sends a check each anniversary?
CASH
What does RPU stand for?
Reduced Paid Up
How do WL policies earn a cash value?
Based on a schedule in the contract
Why can't they take a loan on a term policy?
Des not have a cash value
What type of insurance has cash value that is invested in the stock market?
Variable Universal Life
Which option will apply the dividends to an outstanding loan?
Loan Repayment
Which option will start a loan to pay the premiums?
Automatic Premium Loan
What screen is used to quote a cash value on an ISL?
U1Q1
What screen will you see the loan interest on?
U1LN
Which is the only type of policy that allows clients to participate in dividends?
Whole Life
What code does A-Z stand for?
Modal Premium Reduction
What option will keep the policy until maturity but will lower the face value?
RPU
How does cash value grow on a UL policy?
Interest Rate
What is the minimum loan amount someone can take?
$25
What does ISL stand for?
Interest Sensitive Life
What will it say in the PAR field if they are NOT participating?
1-
Which option will allow them to stop paying a premium but will shorten the timeframe they can have the contract inforce?
Extended Term Insurance
Does a cash value always pay out on the death of the insured on a UL policy?
No only if they have Increasing Death Benefit
When do we send loan interest statements?
Annually on the Anniversary
What type of insurance allows the client to choose either a Level or an Increasing Death Benefit?
Universal Life
What screen do you look at to determine which option was chosen?
62D4
Are Non Forfeiture options allowed on all products?
No - only Whole Life
What do you have to deduct on a partial surrender quote before giving the proceeds number to the client?
Any payment received within the last 24 days or any draft that will come out in the next 10 days.
What screen can you view to see if they have loan repayment set up?
6220