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Life Section 1

Types of Policies

TermDefinition
Ordinary (straight) life - Covers until you die or age 100 (whichever comes first) - guaranteed, tax-deferred interest rate - Cash value will equal face amount at policy maturity - cash value starts to build slowly after third policy year
Limited Pay and Single Premium Whole Life - Same as straight life, but premium paying period is shorter - Cash values build faster than straight
Modified Premium
Created by: junior8o8
Popular Insurance sets

 

 



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