A
Known as "Temporary" Protection
What is term life insurance.
When you hear the term "separate account" it refers to .....
Variable whole life insurance
Paid if the death occurs within a specified period of time or if the insured outlives the policy term
What is return of premium
Also known as Pure death Protection
What is Term Insurance.
Provide Lifetime Protection and include a savings element.
What is Whole Life Insurance.
Death benefit is paid upon the last death.
What is Survivorship
Whole life policy that provides a guaranteed death benefit to age 100.
Interest Sensitive Whole Life.
Classified depending on whether the policyowner or the insurer assumes the inflation risk.
What is Indexed Life
Death benefit is paid upon the first death
What is Joint Life Insurance.
This Universal Life Policy has a "Corridor"
What is Universal Life Option A
It has a living benefit where the policyowner can borrow against the cash value while the policy is in effect, or can receive the cash value when the policy is surrendered
What is Whole Life Insurance
In order to solicit variable insurance and annuity products, you need which two licenses to do so?
Life and Securities License.
Policy can be renewed yearly without proof of insurability. DB remains level but premium increases due to attained age
What is Annual Renewable Term
Level, fixed premium, investment-based product
What is Variable Life Insurance.
Death benefit includes the annual increase in cash value so that the death benefit gradually increases each year by the amount that the cash value increases
Universal Life Option B
Also known as Permanent Life Insurance
What is Whole Life Insurance?
Name three basic whole life policies.
Straight Life, Limited pay, Single Premium Whole Life.
Provides the greatest amount of coverage for the lowest amount of premium, has no cash value, premium is level through term of policy
What is Term Life Insurance
Type of insurance that combines many features of the whole life with the flexible premium of universal life and the investment component of variable life
What is Variable Universal Life Insurance.
What are the three types of term Insurance?
Level, Increasing, Decreasing
Life insurance is an increasing term insurance policy that pays an additional death benefit to the beneficiary equal to the amount of the premiums paid
What is Return of Premuim
What are the two types of premium for a Universal Whole life policy?
What is minimum premium and what is target premium.
With this type of policy, the policyowner can: Increase or decrease the premium or the premium paying period; Increase or decrease the face amount; or Change the period of protection
What is Adjustable Life Insurance
Cash value is dependent upon the performance of the equity index, such as S&P 500 although there is a guaranteed minimum interest rate
Also known as Flexible Premium Adjustable Life
What is Universal Life Insurance