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Unit 2 Series 6

QQ2.N Life Ins

QuestionAnswer
Whole Life Insurance (WLI) Provides protection for the whole of life. Coverage begins on the date of issue and continue to the date of insureds death. Benefit payable is face amount of policy. Premium is set at time of issue and remains level for policy life.
Cash Value Accumulation savings element of WLI that increases annually and invested conservatively. Traditional Life Insurance reserves are held in insurer's gen acct.
Variable Life Insurance Ins contracts that provide financial compensation to the insured's named beneficiary if the insured dies while the policy is in force. The ins co guarntees pymt of a min amount +additional sum accoding to the performance of a seperate acct.
Minimum Guaranteed Death Benefit The amount payable under a variable life ins policy upon the policyowner's death, regardless of the separate accts investment performance. The ins co guarantees the min amount.
Scheduled/ Fixed Premium VLI Contract Issued with minimum guaranteed death benefit. Evidence of insurability is required and premium is determined by insured's age and sex. After the costs are deducted, the net premium is invested in a separate account the policyowner selects.
Universal Variable Life Insurance (UVL)/ Flexible Premium Policy A variable or whole life ins contract that permits the holder to adjust the premium paymens and eath benefit according to the changing nees.
Mortality Risk Fee Covers the risk that the policyowner may live for a period other than that assumed.
Expense Fee Covers the risk that the costs of administering and issuing the policy may be greater than assumed.
Created by: ericjrolon