Retire and Death
Pay Now or Later
Riders/Provisions
Annuities
Owner's Rights
100
The Person or organization to whom benefits are payable at the insured's death
What is the beneficiary?
100
direct bill, coupon, preauthorized check, payroll deduction
What Methods of payment
100
If added, pays a reduced benefit amount before death in case of a terminal illness specified in the policy. A reduced benefit amount is later paid at the insured's death.
What is Terminal Illness accelerated benefit provision
100
An investment in corporate stocks.
What is Equity Investment
100
the person who applies for the policy and pays the premium. Must have insurable interest at the time the policy is issued.
Who is the owner?
200
must give policy owner at least 10 days (some policies extend to 20-30 days
What is Ten Day Free Look Provision
200
Frequency of payments: Annual, semi-annual, quarterly, monthly
What is mode?
200
if added, for an extra premium charge, allows the insured person while alive to collect up to a specified portion of the life insurance face amount to pay nursing home expenses. A reduced benefit is paid to the beneficiary at the insured's death.
What is Long Term care Rider
200
Tax penalties apply to all amounts withdrawn prior to what age
What is 59 1/2
200
Insured, Beneficiary-(the only time a beneficiary must have insurable interest is if he/she is the policyowner) or a Third Party Source.
Who can own a policy
300
Retirement plan
What is another name for Pension?
300
31 day period after premiums were due. The purpose is to avoid unintended lapse of the policy
What is the Grace Period
300
This provision is sometimes included in some life insurance policies. If included in a policy, it allows the insured to receive part of the policy face amount while still alive. Also called Living Benefit Provision
What is Accelerated benefit provision
300
A. Fixed Period B. Fixed Amount C. Life Annuity D. Life Annuity Fixed Period (life annuity period certain) E. Cash Refund Life Annuity F. Joint and Survivor Life Annuity G. Joint and 2/3 Survivor Life Annuity.
What are the types or options for annuities?
300
A.Name and change beneficiaries unless an irrevicabke beneficiary has been named. B. Select a settlement option C. Select a dividend option (participating policies only) D. Borrow against the policy (cash value policies only) E. Surrender the policy and exercise a nonforfeiture option (cash value policies only) Assign (transfer) the policy
What are Owner's rights
400
A. Lump Sum B. held by the insurance company at interest C. Any annuity options D. and special option agreed to by the insurance company. Lump sum payment is usually the automatic settlement option
What are Settlement Options?
400
The first premium must be paid in advance to an office or agent of the insurance company.
What is Premium Payment Clause
400
if added, allows the insured to receive part of the policy life insurance benefits while still alive in monthly income benefits for long term nursing care. A reduced benefit amount is later paid at the insured's death.
What is Long-term care accelerated benefit provision
400
1. The insurance company will pay level monthly benefits for the fixed period of time. 2. If the annuitant dies before the fixed period of payments have been paid, benefit payments will continue at the annuitants death to the beneficiary for the remainder of the fixed period.
What is Fixed Period (Period Certain)
400
a transfer of one or more rights in a policy to another. The policy owner has the right to assign the policy or policy benefits.
What is Assignment
500
the legal proceeding through which property is distributed at a person's death under the supervision of a court. Life insurance benefits avoid probate.
What is probate?
500
Owner of policy does not pay the premium
What is lapse?
500
If added, pays a reduced benefit amount before death in case of a terminal illness specified in the policy. A reduced benefit amount is later paid at the insured's death.
What is Terminal Illness accelerated benefit provision
500
. The insurance company will pay a higher level monthly benefit while the annuitant and the annuitant's spouse are both alive. 2. After one spouse dies, a reduced monthly benefit equal to 2/3 of the original monthly benefit will be paid to the surviving spouse. At the second spouse's death, benefits stop and there will be no benefits to a beneficiary
What is Joint and 2/3 survivor life annuity
500
allows the policyowner to reinstate a lapsed policy usually within 3 years of the lapse. All back premiums must be repaid with interest. New evidence of insurability may be required. The insurance company can agree to reinstate parts of the policy and not others. New suicide and incontestability periods apply.
What is the Reinstatement provision
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