Types of Life Insurance
time period, cost effective, higher face
what is Term Life?
individual has the ownership rights in a policy
what is Policyowner?
which provision allows the insured to change to another type of policy form
what is a Conversion Option?
this act states employers with 20 or more employees must provide health coverage up to 18 months after termination
what is COBRA?
a document that provides information for underwriting purposes
what is an Application?
level face, fixed premium, endows at 100
what is Whole Life?
10x your income
what is How much do you need for Coverage for income replacement?
allows specified number of days following receipt of policy to review and return if not satisfied
what is the Free Look?
covers both injury and sickness
what is Accident and Health?
an agent who handles the insurer's funds
what is a Fiduciary?
adjustable face, level premium, 2-4% interest
what is Universal Life?
money accumulated in a permanent policy
what is Cash Value?
primary, contingent, and tertiary
what is Succession of Beneficiaries?
specified period of time before new coverage goes into effect for a pre-existing condition
what is Probationary Period?
the process of evaluating a risk
what is Underwriting?
variable, sub accounts determines interest earned
what is VUL?
continuous, limited pay, single premium
what is a Whole Life Policy?
death benefit paid less the premium due in the event this happens (DOUBLE JEOPARDY)
what is Insured dies during the Grace Period?
it pays upon accidental death, loss of site, or loss of two limbs
what is Accidental Death & Dismemberment?
the party making application
what is Applicant?
flexible premium, adjustable face, interest is linked to an interest earning account
what is IUL?
determines when premiums are due, frequency of payment, and to whom
consists of the policy plus any riders and a copy of the application
what is the Entire Contract?
pays benefits to the providers of the healthcare rather than the insured
what is Service Providers?
termination of a policy because premium has not been paid (DOUBLE JEOPARDY)
what is Lapse?