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flash cards

TermDefinition
under a 20-pay whole life policy, in order for the policy to pay the premium must be paid for what time period for 20 years or until the insured's death whichever occurs first
an insured owns a life policy. to be able to pay some of her medical bills, she withdraws a portion of the policies cash value. There is a limit for a withdrawal and the insurer charges a fee. what type of policy does she have Universal Life
Which type of policy generates immediate cash value Single premium whole life
What product provides income for a specified period of years or for life, and protects a person from outliving thier money an annuity
A married couple owns a permanent policy that covers both of thier life and pays the death benefit only upon the death of the first insured. What is this policy joint life policy, when the first death occurs the policy ends
Equity indexed annuities have guaranteed minimum interest rates, they are aggresive,
what characteristics make whole life permanent protection coverage until death or age 100
An insured purchased a 10 year level term life policy that is guaranteed renewable and convertible. What happens at the end of the 10 year term may be renewed without evidence of insurability for another like term or may be converted to permanent insurance
best describes annually renewable term life it is low level term
The policy owner of a universal life policy may skip paying the premium and the policy will not lapse as long as As long as the policy contains sufficient cash value at the time to cover the cost of insurance for the premium period
Type of policy that can be changed from one that does not accumulate cash value to one that does is a Convertable term policy
When would a 20-pay whole life policy endow? when the insured reaches 100
Which policy component decreases in decreasing term insurance face value
variable whole life is based on what type of premium level fixed
the term fixed in a fixed annuity refers to what amount and length of payments, guaranteed interest rate, and equal annuity payments
An annuity purchased with multiple payments that begin income payments after one year from the moment of purchase is known as what flexible premium differed annuity
If the annuitant dies before the annuitization period starts, what will the beneficiary receive either the amount paid into the annuity or the cash value whichever is greater
with single premium differed annuity , when will the annuity payments become available no sooner than 1 year after annuity purchase
What annuity settlement options provide income payments to the annuitant for the duration of his life, and also guarantees payment for a specified number of years Life income with period certain
How soon can payments begin in an immediate annuity no latter than 1 year from time of annuity purchase
Under option B in a universal life policy, what happens to the death benefit the death benefit increases each year by the amount of the cash value
Can a business or a corporation be an annuitant No, an annuitant must always be a natural person
What does the term level mean in term level insurance face amount
Who bears the investment risk in an fixed annuity the insurer
what type of annuity credits its interest based upon an index such as S&P 500 Equity indexed annuity
Why are policy loans not available on term insurance there is no cash value to borrow against
Whose life expectancy is taken into consideration in an annuity contract annuitant
Who receives income payment from an annuity annuitant
What is the difference between a single and a flexible premium payment option in a differed annuity
Created by: Ginawatson
 

 



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