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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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