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Section 4 - Life Insurance Policy Provisions, Options and Riders

Terms in this set (112)

Required Life Policy Provisions - Entire Contract (4parts)
There are four(4) parts to a Life Insurance policy that constitute what is called the entire contract:
1. The policy itself
2. The application
3. Any supplemental applications (such as additional insureds)
4. Any riders and endorsements
Required Life Policy Provisions - Free Look
Also known as the 'right to examine', is the contractual right go the insurance applicant to examine the policy after delivery for a given period of time, usually 10 days and return it for a full return of premium if dissatisfied.

In many states, if policy is being replaced is 20 days.
Required Life Policy Provisions - Insuring Clause/Agreement
Portion of the policy that states the insurance companys promise to pay, along with:
- The individual(s) covered
- The property and/or locations covered
- The perils covered
- The policys inception and termination dates
Required Life Policy Provisions - Consideration Clause
Legal requirement that both parties to the policy, the insured as well as the insurance company exchange something of value.
Required Life Policy Provisions - Grace Period
The period of time, usually 30 days, following the premium due date during which the insurance remains at full benefit and payment of the premium may be made without penalty.

If insured dies during this period, the premium will be deducted from the death benefit payout.
Required Life Policy Provisions - Reinstatement
The policy, unless surrendered for its cash value, may be ________________ at any time within three(3) years after the date of default because of premium non-payment.
Required Life Policy Provisions - Incontestability
Also known as "Time Limit on Lawsuits" clause, prevents the insurer from declaring a policy invalid or refusing to pay a claim due to misstatement or concealment in the application after a set time period the policy has been in force, usually two(2) years.
Required Life Policy Provisions - Contestable Period
A period (usually two(2) years) after the policy is issued, during which the company has the right to cancel the policy because of the insureds material misrepresentation, fraud, etc.
Required Life Policy Provisions - Suicide Clause
Standard disclaimer excluding payment of benefits if death is a result of suicide.

Most states limit this exclusion to a suicide occurring within the first two (2) years of the policys issue.
Required Life Policy Provisions - Misstatement of Age or Gender
This can be considered lying on the application. If an insureds age or sex was stated incorrectly on the application, the amount payable under the policy will be the amount which would have been purchased (and paid for through the premiums) for the correct age and sex of applicant.
Required Life Policy Provisions - Statements of the Insured
A Life Insurance policy is required to provide that __________________________________, or on behalf of the insured (unless fraudulent) will be considered representations and not warranties.
Required Life Policy Provisions - Legal Action
A Life Insurance policy ,ay not have any provision which limits the time of ___________________ to less than two(2) years after the event or claim.
Required Life Policy Provisions - Payments of Claims
These must be paid out in a timely fashion once the insurer receives satisfactory proof, such as a death certificate. The time frame for the payment is usually 60 days. The proceeds from the policys death benefit will earn interest until payment is made.
Other Life Policy Provisions - Owners Rights
The owner of a Life Insurance policy is entitled to the following rights:
-Assigning or transferring ownership of the policy
-Choosing and changing beneficiaries
-Selecting and changing the payment schedule
-Choosing a settlement option
-Receiving cash values and dividends and borrowing against those values
Other Life Policy Provisions - Owners Rights

Irrevocable Beneficiary
This designation cannot be changed without the beneficiaries permission or death and that person must agree in writing to any changes made, including beneficiary changes and policy assignments.
Other Life Policy Provisions - Assignment
The transfer by the policy owner of all or some of the rights under, and/or interest in, the policy to another individual through written notice to the insurance company.
Other Life Policy Provisions - Policy Underwriting and Modifications

Signatures
No policy will be issued without the applicants (insureds or owners) ________________________.

No changes to the policy are valid unless signed by an officer of the company. The agent is not allowed to make changes to the contract
Other Life Policy Provisions - Policy Underwriting and Modifications

Consent
When an applicant buys insurance on the life of another, the other person must sign the application to show his or her _____________ for coverage to be purchased on his or her life.
Other Life Policy Provisions - Policy Underwriting and Modifications

Changes
Any ______________ made on the application or to the policy dining the underwriting process must be acknowledged by the owners signature to show acceptance of the changes and notice of continued insurability.
Other Life Policy Provisions - Medical Examination

Medical Examination at the Time of Application
An applicant may undergo a medical examination during this time, depending on his or her age and the type and amount of insurance applied for. Examination will usually include:
-Basic physical
-Urine specimen
-Bloodwork
-EKG/ECG
-Xrays

Coverage will not be extended until there is satisfactory completion of the physical.
Other Life Policy Provisions - Medical Examination

Medical Examination at the Time of Claim
An insurer may perform a medical examination at this time & as often as it reasonably requires, and may perform an autopsy in case of death if it is reasonably necessary and not forbidden by law.
Other Life Policy Provisions - Interest on Insurance Proceeds
If the proceeds from an insurance policy are left in the trust of the insurer, or if there has been no payout, interest must be paid on the funds from the date of the insureds death to the date of payment.
Life Policy Exclusions
Discretionary provisions are specified conditions or circumstances for which the policy does not provide benefits
Five (5) basic exclusions in most Life Insurance Policies:
1. War Exclusion
2. Dangerous Occupation/Recreational Activities Exclusion
3. Health Exclusions
4. Suicide
5. Commission of a Felony
Five (5) basic exclusions in most Life Insurance Policies:

1. War Exclusion
This clause is usually included if the country is at war at the time of policy issue and, if included, excludes death by act of war
Five (5) basic exclusions in most Life Insurance Policies:

2. Dangerous Occupation/Recreational Activities exclusion
Insurers either charge higher premiums or exclude coverage altogether if the insured is involved in certain hobbies and/or occupations that involve more risk than the average person is exposed to.
Five (5) basic exclusions in most Life Insurance Policies:

3. Health Exclusion
These involve individuals with physical impairments that could reduce their life expectancy, and in such cases the insurer may exclude any coverage or impose a surcharge on top of the regular premium.
Five (5) basic exclusions in most Life Insurance Policies:

4. Suicide
Usually limited to two(2) years, some states do not allow this exclusion, requiring the insurer to prove the insured intended to commit suicide when the policy was originally purchased.
Five (5) basic exclusions in most Life Insurance Policies:

5. Commission of a Felony
If death occurs during the commission of a felony, the policy is not obligated to pay out.
Beneficiary - Designations

Individuals
Can be selected to be the sole beneficiary, or more than one individual can be chosen to each be a proportional beneficiary.
Beneficiary - Designations

Individuals: Owner
The person or institution that applies for the policy, signs the application stipulating the information is correct and pays the premium.

Has the right to change beneficiaries, borrow cash values, and choose payout options.
Beneficiary - Designations

Individuals: Primary Beneficiary
Any person, class of people (such as insureds children), institution, or trust specifically named in a Life or Annuity contract to receive the policy benefits upon the insureds death.
Beneficiary - Designations

Individuals: Contingent Beneficiary
The person(s) or institution designated in the policy to receive policy benefits if the primary beneficiary dies while the insured is still living.
Beneficiary - Designations

Individuals: Tertiary Beneficiary
Third layer of beneficiary; receives benefits only when both the primary and the contingent beneficiaries die while the insured is still living.
Beneficiary - Designations

Right to Change the Beneficiary
Insured has the right to ___________________________________ of the policy benefits at any time without knowledge or consent of previous beneficiaries.

Exceptions:
1. When there is an irrevocable beneficiary in place
2. When the policy has been pledged for collateral on a loan
Beneficiary - Designations: Right to Change the Beneficiary

Methods: Filing
Sending a letter or making a phone call to the insurer requesting the change. The insurer then sends notice of the policy change to the insured.
Beneficiary - Designations: Right to Change the Beneficiary

Methods: Endorsement
The insured sends the policy to the insurer, who then endorse the change in the policy and returns the policy to the insured.
Beneficiary - Designations: Classes
These designations include specific but unnamed groups of individuals, such as "the children of the insured"
Beneficiary - Designations: Estates
If the insured does not name any beneficiaries to the Life Insurance policy the death benefit will enter his/her estate at the time of his death. The death benefit will also enter the insureds estate if all beneficiaries to the policy predecease the insured.

Whole Life insurance policy death benefits generally pass to the beneficiary free of income taxes, the policy death benefit is part of the estate, and if the death benefit is part of the estate, estate taxes do need to be paid if the taxable estate value is larger enough to be subject to taxes.
Beneficiary - Designations: Minor Beneficiaries
Minors may also be designated, but no monies would be paid directly to them. Instead, payment would be made on their behalf to the executor or administrator of the insureds estate or to a trust.
Beneficiary - Designations: Trusts
An arrangement in which property is held by a person or corporation (trustee) for the benefit of others (beneficiaries). The person establishing the trust (grantor) gives the trustee title to the trust assets that are called corpus, which is subject to the terms of the agreement. Trusts are often used when minor children are to be the beneficiaries of a Life Insurance policy.
Beneficiary - Designations: Revocable Beneficiary
This provision allows the owner of a policy to change the beneficiary, surrender the policy, or make loans against the cash value, without consent from the current beneficiary.
Beneficiary - Designations: Irrevocable Beneficiary
The beneficiary must agree in writing to any changes made, including beneficiary changes and policy assignments.
Beneficiary - Designations: Per Stirpes
Refers to "by branches." Proceeds designated to a particular named beneficiary on this basis would be passed on in equal shares to the beneficiaries children if the beneficiary died before the insured.
Beneficiary - Designations: Per Capita
If beneficiaries were named on a per capita basis, policy proceeds would only go to the beneficiaries actually named in the policy.
Beneficiary - Succession
The order in which beneficiaries receive benefits under a Life Insurance or annuity policy. First is the primary beneficiary, followed by the contingent beneficiary. If both predecease the insured, the tertiary beneficiary would receive the benefits.
Uniform Simultaneous Death Act
Statue enacted in some states to alleviate the problem of simultaneous death when the will doesn't specify what to do.

If two(2) persons die within 120 hours of one another, each is considered to have predeceased the other.

Purpose is to save the heirs of the estate time and money. Statue prevents the inheritance from being transferred and taxed multiple times.
Common Disaster Clause
A Life Insurance policy provision that states that the primary beneficiary must survive the insured by a specified period, such as 60-90 days, in order to receive the policy proceeds. Otherwise, the policy proceeds will be paid as though the primary beneficiary had died before the insured.
Spendthrift Clause/Trust
This clause protects the proceeds received by a beneficiary from being confiscated by any creditors to whom the beneficiary owes money. The clause imposes legally binding restraints on transfers-voluntary or involuntary-of assets from the trust so that only the beneficiary receives the assets. The beneficiaries cannot voluntarily transfer or alienate their interests; the beneficiaries' creditors or creditors of the individual transferring assets to the trust cannot invade or attach to the trust and its assets. If it is a large enough estate, a spendthrift trust can provide financial security for more than one generation of the same family. When the trust is terminated assets may be bequeathed or disbursed to a qualified charity.

It can also protect trust assets from being raided by a spouse or child.
Facility of Payment Clause
Allows the insurer to pay the death benefit to someone other than the beneficiary under certain conditions. This clause generally appears in group life or industrial policies.
Settlement Options
Choices available to the insured/owner for distribution of insurance proceeds.
Settlement Options: Face Amount
The policy death benefit, the sum of money that will be paid in the case of death of the insured or at the policys maturity. Outstanding policy loans will reduce the face amount at time of payout.
Settlement Options: Cash Payment/Lump Sum
This is the automatic settlement option.

The entire amount of the insurance proceeds due or still owed is payable to the beneficiary in one(1) sum. If there are any policy loans outstanding, or if any vatical payments have been made, these amounts will be subtracted from the cash payment.
Settlement Options: Supplementary Contracts
If the lump sum payment is not chosen, it basically becomes an annuity. The insurance company retains the cash sum and makes payments in accordance with another chosen settlement option.
Settlement Options: Supplementary Contracts

Life Income
Payments are made in equal installments over the remainder of the annuitants life, and then all payments cease.
Settlement Options: Supplementary Contracts

Life Income - Fixed Amount (Annuity Certain), or Lifetime Annuity
Fixed monthly pension covering the annuitant alone and ends when the annuitant dies. If the annuitant dies two(2) or three(3) months after payouts begin, then that's it, and the insurer keeps the remaining money. Due to the higher risk (not knowing when the annuitant will die), this form of payout option usually yields the highest periodic payment to the annuitant.
Settlement Options: Supplementary Contracts

Joint Lifetime/Joint Life Annuity
A fixed monthly pension covering the annuitant and spouse or other beneficiary. Payment stops upon death of the first to die.
Settlement Options: Supplementary Contracts

Life Annuity, Period Certain
Payments are made for the annuitants lifetime, but will continue to a beneficiary if the insured dies before a certain number of years has passed.
Settlement Options: Supplementary Contracts

Life Income Joint and Survivor
Payments are guaranteed for the lifetime of two(2) or more annuitants. If either person dies, the payments continue at a predetermined arrangement. They may be at the full and original amount, or at some fraction of the full amount, such as three-fourths(3/4), or one-half(1/2) of the original payout.
Settlement Options: Supplementary Contracts

Periodic Payments
Result in an income lasting a guaranteed number of years. Payments will be higher in the lifetime option but will stop after the specified period of time.
Surrender
The cancellation of the policy b y the policy owner and the subsequent payment of any cash values to the owner by the insurance company.
Endowment
When an insured reaches the age of 100, the Whole Life policy endows. This means that the cash value in the policy is equal to the face value of the policy, coverage ends, and the cash value of the policy is paid out to the owner of the policy.
Capital Liquidation
Payments come from part of the principal plus the interest.
Interest Only (Capital Conservation)
With this option the death benefit is deposited into an annuity and the interest from the annuity is the only thing the beneficiary receives. This method keeps the full principle amount intact forever, as no money is taken from the principle. Long-term trusts may be set up with a life insurance endowment perpetually funding the trust through an "interest-only" settlement option.
Fixed Period Option
A Life insurance Settlement option under which the beneficiary receives a regular income for a specified period of time, such as 10 years, at which time the principal and interest are depleted. The name speaks for itself.
Fixed Amount Option
A Life insurance Settlement option under which the beneficiary receives a fixed amount (such as $500 a month) for an unspecified period of time. Payments continue until the principal and interest are depleted.
Non-Forfeiture Options: Standard Non-Forfeiture Law
Requires that all cash values or their equivalent must be made available to the policyholder if they cancel the policy or want to stop paying premiums. The policy owner may elect one of three options:
1. Cash Surrender Value
2. Reduced Paid-Up Insurance
3. Extended Term Option
Non-Forfeiture Options: Standard Non-Forfeiture Law

1. Cash Surrender Value Option
Policyholder receives the policys cash value or cash accumulation as a lump sum.

Any outstanding policy loans are deducted form the cash payout.
Non-Forfeiture Options: Standard Non-Forfeiture Law

2. Reduced Paid-Up Insurance
Coverage continues at a reduced face amount as determined by the policys cash value.

The cash value acts as a single premium payment to purchase a Whole Life policy. The new policy will grow cash values and develop dividends, as did the original policy.
Non-Forfeiture Options: Standard Non-Forfeiture Law

3. Extended Term Option
Purchases Term Insurance in a face amount equal to the original policys face amount. The Term policys length is the time bought by the original policys cash value.

This is the automatic option if the a policy lapses without he owner selecting an option.
Policy Loans and Withdrawals/Partial Surrenders

Cash Value
Value of the cash fund within a Permanent Life insurance policy that is part of the death benefit and owned by the policy owner for purposes of cash surrender or policy loans.
Policy Loans and Withdrawals/Partial Surrenders

Cash Values and Policy Loans
Money paid into a Whole Life policy accumulates as guaranteed cash values which are available to the insured upon surrender.

As long as the policy is in force, the insured may borrow against the cash value as a policy loan at the current policy loan interest rate.
Policy Loans and Withdrawals/Partial Surrenders

Automatic Premium Loan
Elective policy feature that borrows money from the policys cash value to pay any premium not paid by the end of the grace period. This helps reduce cancellations of a policy owners neglect or forgetting to pay the premium on time.
Policy Loans and Withdrawals/Partial Surrenders

Automatic Premium Loan: Taxation
Death benefit is income tax-free if premiums are paid with after-tax dollars.

Policy loans are tax-free (non-MEC policies), which would be paid off at the time of death by the death benefit.

Cash values would be available on a tax-free basis in the form of refunds of premiums paid in and policy loans.
Policy Loans and Withdrawals/Partial Surrenders

Partial Surrender/Withdrawal
Unlike a policy loan, this is a payout of a partial amount of the cash value without the necessity of paying the money back. The face amount of the death benefit can be reduced or the premium may need to be increased to keep the policy in force.
Policy Loans and Withdrawals/Partial Surrenders

Consequences of a Partial Surrender
The contract has FIFO withdrawal status after 10 years (FIFO: First In, First Out), meaning that withdrawals are treated as having come first from the cost basis in the contract. Once the cost basis is exhausted, the remainder of partial withdrawals are taxed as ordinary income.
Dividend Options

What are policy dividends?
Return of unused premiums
Life Insurance Dividends and Taxes
Dividends are not subject to current income tax, but interest received on the dividends is subject to current income tax
Dividend Uses
1. Cash Payment
2. Reduction of the Next Years Premium
3. Accumulation at Interest
4. One-Year Term Insurance
5. Paid-Up Additions
Dividend Uses

1. Cash Payment
Dividends can be paid out as cash
Dividend Uses

2. Reduction of the Next Years Premium
Dividends can be automatically used to pay down the premium of the policy for the next year.
Dividend Uses

3. Accumulation at Interest
Dividends are kept by the insurer and the funds accumulate interest for the policyholder.
Dividend Uses

4. One-Year Term Insurance
The insured may purchase a one-year term policy with a death benefit up to an amount equal to the policys cash value.
Dividend Uses

5. Paid-Up Additions
These are units of single premium insurance purchased with dividends of participating policies. They will develop cash value and future dividends.

This is the automatic dividend option if the owner fails to select one himself.
Riders/Endorsements
Optional attachments to an insurance policy that modify its conditions by expanding or restricting benefits or excluding certain conditions from coverage
Disability Riders

Waiver of Premium and Waiver of Monthly Deduction Rider
Provides that premiums no longer need to be paid if the policy owner becomes permanently disabled.

-Permanent disability is usually one lasting longer than 6 months
-Premiums are payable through the 6-month "waiting period" from the date of disability, but premiums paid during the 6-month period are refunded
-Variable or Universal policies have only the actual insurance portion of the premium waived; the insurer does not continue any additional investment funding
-This rider usually dropped at age 60 or 65, at which time the cost of the rider is also dropped, unless the insured has been totally disabled for the previous five (5) years , in which case the waiver will continue.=
Disability Riders

Disability Income Rider
Pays a monthly income benefit to the insured in the event he or she becomes disabled. It pays benefits for life, or until a disability ends once a waiting period has passed form the date of the insureds disability.
Disability Riders

Waiver of Premium with Disability Income Rider
Combines the disability waiver of premium and adds a monthly income benefit to the policyholder in the event that he or she becomes disabled.
Disability Riders

Waiver of Cost of Insurance
If the owner becomes disabled, this rider will only pay the portion of the premium that is for the cost of the insurance - not any extra that was paid into the policy for investment purposes.
Disability Riders

Waiver of Premium
This rider provides that premiums be waived if the policy owner becomes disabled. Policies with a set premium have the entire premium waived
Disability Riders

Waiver of Cost of Insurance
Policies with a variable premium, such as Universal Life policies, actually have the premium amount divided into two(2) sections:
1. Pure insurance amount
2. Investment amount

If the owner becomes disabled, this rider will pay only the portion of the premium that is for the cost of insurance - not any extra that was paid into the policy for investment purposes.
Disability Riders

Taxation
The death benefit is income tax-free if premiums re paid with after-tax dollars.

Policy Lonas are tax-free and if they are not paid off earlier, then they would be paid off at the death by the death benefit (does NOT apply to MEC policies)

Cash values would be available on a tax free basis in the form of refunds of premiums paid in and policy loans.
Disability Riders

Death of Payor Rider/Payor Death Benefit Rider/Payor Benefit Clause
These waive premiums on a juvenile policy until the insured reaches age 25 if the premium payor dies before the insureds 25th birthday, at which time the insured may take over payment of the premium or surrender the policy.
Accelerated Living Benefit Provision/Rider
This rider allows a policy owner to "accelerate" receipt of a portion of the policy's death benefit upon the insureds occurrence of a terminal illness, a catastrophic illness, or eligibility for long-term care
Future benefits payable upon death will be reduced by any amounts paid out under the terms of this rider
Accelerated Living Benefit Provision/Rider

Conditions for Payment
Insurers may include in their Life insurance policies a provision for accelerated payment of benefits to the insured during the insureds lifetime if a qualified health care provider determines that the insured...

Is no longer able to preform two(2) of the following activities of daily living:
-Bathing
-Dressing
-Eating
-Continence
-Toileting
-Transferring

Proceeds from the policy, in these instances, would better serve the insured by helping pay for necessary healthcare, rather than being available to beneficiaries after death.
Accelerated Living Benefit Provision/Rider

Effect on Death Benefit
Any accelerated payments made to the insured will decrease the death benefit - any death benefit remaining after payment of the living benefits will be distributed at the time of insureds death.
Accelerated Living Benefit Provision/Rider

Types of Accelerated Benefits: Long Term Care Accelerated Benefit Rider
Insured receives monthly income benefits fir payment of long term nursing care expenses with this rider. This decreases policys death benefit.
Accelerated Living Benefit Provision/Rider

Types of Accelerated Benefits: Terminal Illness Rider
Pays a partial benefit if the insured is diagnosed with a terminal illness, as specified in the policy.
Accelerated Living Benefit Provision/Rider

Types of Accelerated Benefits: Qualified Condition Rider
Payment of up to 25% of the policys face value amount for certain illnesses that are specified in the policy such as stroke, heart attack, Alzheimers Disease, life threatening cancer or kidney failure is covered with this rider.
Viatical Agreement
Arrangement in which a terminally ill individual sells his policy to another person or organization for less than the face amount, allowing the insured to have the benefit of the money for medical bills now, rather than the policy beneficiary getting the death benefit later.
Riders Covering Additional Insureds
Riders usually offered as another form of a Term rider, covering a family member other than the insured and attached to the policy covering the insured:

Spouse Rider
Child Rider
Family Rider
Nonfamily Rider
Riders Covering Additional Insureds: Spouse/Other Insured Term Rider
Rider that covers the spouse or some other designated individual, such as a business partner
Riders Covering Additional Insureds: Children Term Rider
Rider that covers all children in the family.

Once the rider is effective, newborn children, newly adopted children and new stepchildren are automatically insured when they become 15 days old, as long as they are not hospitalized. There is no additional premium.
Riders Covering Additional Insureds: Family Term Rider
Rider that provides coverage for all other family members other than the insured.
Riders Affecting the Death Benefit Amount (7)
* Accidental Death Benefit (Double or Triple Indemnity)
* Guaranteed Insurability
* Guaranteed Convertible Option
* Cost of Living (COL)
* Term Riders
* Other Insureds Riders
* Return of Policy Premium
Riders Affecting the Death Benefit Amount

1. Accidental Death Benefit Rider
Also called multiple indemnity rider, these pay an extra amount, usually equal to the policys face value, if the insured dies under certain conditions as stipulated in the policy (double indemnity)

Accidental death does not include any accident that is the result of any illness or physical disability that the insured may have, but only if death is the result of an external, violent, and purely accidental cause.

Coverage usually ends when the insured reaches a certain age, such as 60 or 65, at which time any extra premium charge is also dropped from the premium.
Riders Affecting the Death Benefit Amount

2. Guaranteed Insurability Option
This is a rider to a policy allowing the purchase of an additional insurance at specified ages (such as 18, 21, 25, 30 and 35) without evidence of insurability.

Rider must be purchased at the time of application and will be taken into consideration during the underwriting process.

When an insured chooses to exercise this option and purchases additional Life Insurance, the premium rate for the additional insurance will be what the premium would be for the attained age of the insured at the time of additional purchase.
Riders Affecting the Death Benefit Amount

3. Guaranteed Convertible Option
This rider gives the promise that a policy may continue at the current face value under another form of insurance (usually a change from term to whole life) at the current premium for the attained age of the new policy, without underwriting by the company.
Riders Affecting the Death Benefit Amount

4. Cost of Living Adjustment (COL)
An increase int he policys face amount is tied to the cost of living index on an annual basis and limited to a maximum, such as five (5) percent in any one year.

Premiums re adjusted at the time of coverage change. The insured does not need to provide proof of insurability at the time of increase.
Riders Affecting the Death Benefit Amount

5. Term Riders
These riders are Term policies that are attached to straight Life policies, which as in some family insurance plans.
Riders Affecting the Death Benefit Amount

6. Other Insureds Riders
These riders are usually offered as another form of Term rider, covering a family member other than the insured (spouses, children, non-family members, etc.)
Riders Affecting the Death Benefit Amount

7. Return of Policy Premium Rider
The amount payable at death is the death benefit plus all or some of the premiums paid. Premiums paid are higher than for a policy that does not return any of the premiums with this rider.
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