one
5 personal uses of life insurance
survivor protection
estate creation
estate conservation
cash accumulation
liquidity
primary for criteria for underwriting (5)
rhymes with harry styles
health, occupation, lifestyle, hobbies, habbits
premiums are deposited in the general account
fixed annuities
cannot pay out more than the balance of the debt
credit life insurance
joint life=
first to die
prepared by insurer accepted or rejected by insured
contract of adhesion
at surrender the owner gets _________
premium + interest surrender charge
regardless of term insurance purchased ___ is level throughout term policy
premium
the principle is tax free but interest is taxable
settlement option
protects the contingent beneficiary
common disaster clause
planned assumption of risk through use of deductible, copay, or self insurance
retention
mode of premium payment
(time frame)
NOT CASH
annual, semi-annual, quarterly, monthly
level premium & death benefits that increases each year
increasing term
____ of life policy are tax free for beneficiary
lump-sum cash payments
Commissioner to determine weather product is suitable for appointment
30 days
insurable risk (5) ddsnr
due to change. definite and measurable, statistically predictable, randomly selected
pays for a specific time only
fixed period
written as annually renewable term insurance
group insurance
second to die lower premium
survivorship
____ means that applicant may be covered as early as the dated of application
conditional
3 insurable interest
policy owners life, life of a family member, life of business partner- key employee
insurance rates are based on assumption that premiums will be paid annually
mode of premium payment
universal has 2 death benefit options
option A and option B
____ premium and statement on the application
insured consideration