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life section

key fact

who might want adjustable whole life insurance real estate producer
on a universal life policy can a client skip reduce or increase premiums yes
on a universal life can the policy lapse as long as there is enough cash value to cover the expense deductions no
which whole life policy allows the client to self-direct the cash value investment variable universal whole life
which products have no guarantees and are not backed by the state guaranty fund? variable products
another name for increasing term is return of premium policy
which policy limits increase each year by the amount of premium paid? increasing term or return of premium
which policy is renewable w/0 a physical exam, up to a certain age term
can term be converted into whole life? yes
can whole life be converted into term? no
what is the conversion based on clients attained (current) age but w/o physical exam
--- life is a type of decreasing term. Benefits here are paid directly to the --- Credit life-- Creiditor
--- is not usually used as mortgage protection coverage since most mortgages are too long Credit life
can the policy limits on credit life exceed the amount of the loan no
which whole life policies, though paid up earlier, don not mature until the clients age 100 Limited pay whole life
what offers flexible premiums universal life
investing in -- is considered a - against inflation variable products -- headge
all - are for life. You - outlive the income from an - annuities
is annuities the same as life insurance? no life insurance creates an estate
what systematically liquidate your estate over a period of time annuities
annuities both individual and group contain a - day grace period. 30
-annuities guarantee a fixed rate of return and are backed by the state guaranty fund fixed
if a person dies at what stage does the account value will be paid to your beneficiary or to your estate? accumulation
which is the most risky annuity, it carries no beneficiary life income annuity
which annuity has the least amount of risk to the client refund annuity
do variable life producers need to register with the NYSE or the FINRA no
what does NYSE and FINRA stand for New York Stock exchange Financial Industry Regulatory Authority
variable life contract and variable annuity should be kept were in a different company bank account almost like a mutual fund
where is the clients funds placed to purchase whole life and fixed annuities general account
For whole life--what must be made to show the clients guaranteed cash value at the end of each year(for 20 years) and what should be included in it a table-- 1,000 per unit-- mortality table and interest rate used in determining those values
the SEC is a -- that regulates securities federal agency
the - is an association that regulates its own members aka called the FINRA NSDA
which agency must you be registered with in order to sell a variable product FINRA--financial industry regulatory authority
on a 20 pay life the cash value will = the face amount -- (100) at maturity
how is an annuity table different than a mortality table? no insurance protection
which to life reach maturity at the same time whole life and limited pay life
a single premium may buy a policy that is -- paid up for life
annuities are often used as life insurance settlement options
these are all interest sensitive whole life products universal life variable life and variable/ universal life
this has a choice of death benefits option A or B UL
this is an insurance and a securities product; hence it is regulated on the state level by the department of insurance and on a federal level by the SEC variable whole life
in order to renew renewable term the insured only has to pay the premium
what will pay while either party is alive joint and survivor annuity
in which annuity does it began to pay out 1 month later with a single premium an immediate annuity
on a variable annuity during the payout period the annuity is valued in -- annuity units
which policy is returned to the insured tax free if the insured does not die during the term return of premium term insurance policy
this offers a minimum guaranteed interest rate on cash value accumulation as well as the ability to be created with additional earnings depending upon the performance of the index equity indexed life insurance
what is designed to provide protection until you die or reach age 100 whole life
- life insurance does not have a guaranteed interest rate or guaranteed cash value Variable life
this has no underwriting annuity
if a client takes a cash surrender on annuity before age 59 1/2 then they are subjected to a -- on any earnings. On top of the normal income tax rates owed 10% early penalty
which life policy is commonly purchased to fund estate taxes? survivorship
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