DEFINITIONS #1.
This is the amount of money in a Universal life certificate
What is Cash Value?
- New case
- case type: (illustration request inforce)
- caller role: owner
- customer Kongpheng Lychuefong
- call identifier : ___
- description: please send an AS IS illustration.
What are Steps to Creating a Case?
Members can take cash value through 3 options which are: Loan, Partial Surrender, Cancellation.
$500 minimum. Available after the first certificate anniversary if cash value is available. This may be taxable when the cost basis is exceeded.
What are Withdrawals?
2 possible options available for a member to choose from when taking out a Universal life certificate.
Hint: Level or Increasing benefit option
What is Death Benefit?
Face amount - Any Loans = ?
There is an administration fee of $25 that will be charged and is taken directly from the cash value when this request is processed.
What is Partial Surrender?
cert #:4856894
FileNexus: Illustration
- $5,515 @ 3%
What is the Guaranteed cash Value at the age of 20?
These are flexible and can be paid as: Regular Deposits, Lump sum or Irregular Deposits.
What are Premiums?
- Accelerated Death Benefit
- Common Carrier Accidental Death Benefit
- Family Health Benefit
What are Built- In Riders?
Cost for the amount at risk under the certificate
What is Cost of Insurance?
- Waiver of Monthly Deduction
- Guaranteed Purchase Option
- Accidental Death
- Children's Term
What are Additional Riders?
This is the lowest or is the minimum interest rate that the cash value could earn.
What is Guaranteed Interest Rate?
Apart from a Team Leader, this is also what Cindy does.
What is a Hair Technician?
The certificate will become this if the overage remains in the cash value.
What is a Modified Endowment Contract?
At this age there is no further cost of insurance or fees that will be deducted, however, interest continues to be credited for the account value.
What is Age 100?
This should be quoted to a member if they inquire as to what their cash value would be earning.
What is Current Interest Rate?
Face amount + Cash Value - Any Loan= ?
What is Increasing Death Benefit Calculation?
It's a projection of future values based on guaranteed rates, current rates and mid-point rates which also provides a summary of:
- Face amount
- Riders
- Projected Lapse Date (if any)
- Maximum Premiums Allowed
What is Illustration?
2%
What is The New Smart Policy UL Guaranteed Interest Rate?