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Study sets matching "life insurance policies"

Insurance - Types of Life Insurance Policies
Pure Life Insurance
Pure Death Protection
Level ... Increasing... Decreasing
Annually Renewable Term
Term insurance is also known as?
Term insurance provides this, and includes no cash value or o…
Three basic types of term coverage available? Based on how th…
What is the purest form of term insurance?
Pure Life Insurance
Term insurance is also known as?
Pure Death Protection
Term insurance provides this, and includes no cash value or o…
147 terms
Life Insurance Policies
Describe three characteristics of Whol…
What is the minimum face amount of Who…
What are the two categories of Whole L…
What are the five categories of term i…
Permanent Coverage, Cash Reserves, and Endows at 100 years of…
$1,000
Traditional and Interest Sensitive Whole Life
(1) Renewable, (2) Convertible, (3) Decreasing , (4) Increasi…
Describe three characteristics of Whol…
Permanent Coverage, Cash Reserves, and Endows at 100 years of…
What is the minimum face amount of Who…
$1,000
110 terms
Part 3: Life Insurance Policies
Define Term Life Insurance
True or False... Term policies provide fo…
True or False... With term life insurance…
Fill in the Blank:... Term insurance prov…
This is a temporary protection because it only provides cover…
True
True
PURE DEATH PROTECTION
Define Term Life Insurance
This is a temporary protection because it only provides cover…
True or False... Term policies provide fo…
True
34 terms
LIFE INSURANCE POLICIES
Life insurers issue three basic kinds
Ordinary Insurance
Industrial Insurance
Group Insurance
1. Ordinary... 2. Group... 3. Industrial
Ordinary Insurance includes all types of temporary or term in…
Industrial Insurance is marketed today in rather small face a…
Group provides insurance for a number of individuals under on…
Life insurers issue three basic kinds
1. Ordinary... 2. Group... 3. Industrial
Ordinary Insurance
Ordinary Insurance includes all types of temporary or term in…
22 terms
Life Insurance Policies - LIFE
Term insurance
3 basic term coverage available
Level Term Insurance
Annually renewable term
temporary protection bc it only provides coverage for a speci…
Level, Increasing and Decreasing
death benefit does not change through the life of the policy
death benefit remains level; guaranteed to renew without proo…
Term insurance
temporary protection bc it only provides coverage for a speci…
3 basic term coverage available
Level, Increasing and Decreasing
23 terms
Life Insurance Policies
Characteristics of term life insurance?
What is annually renewable term (ART)…
How does continuous premium straight l…
Which features of an adjustable life p…
provides temporary, pure death protection, with no cash value
ART is the purest form of term insurance in which death benef…
Premiums for straight life will be spread over the insured's…
The premium or the premium paying period, the face amount, an…
Characteristics of term life insurance?
provides temporary, pure death protection, with no cash value
What is annually renewable term (ART)…
ART is the purest form of term insurance in which death benef…
104 terms
Life Insurance - Types of Insurance Policies
What is Term Life Insurance?
True or False: a term life policy can'…
What is a Convertible Term policy?
What is a Level Term insurance policy?
A life insurance policy that is for a certain period of time…
False, they can be renewed
This allows the policyowner to convert or exchange a term pol…
This provides a level death benefit and level premium during…
What is Term Life Insurance?
A life insurance policy that is for a certain period of time…
True or False: a term life policy can'…
False, they can be renewed
28 terms
Life Insurance Policies
Term
Permanent Whole Life
Universal Life
Variable Life
Fixed and level death benefit; fixed premiums, no cash values…
fixed and level death benefit; fixed premiums, fixed and guar…
Adjustable level or increasing options; flexible premiums; ca…
Varies with investments, fixed premiums, cash values vary wit…
Term
Fixed and level death benefit; fixed premiums, no cash values…
Permanent Whole Life
fixed and level death benefit; fixed premiums, fixed and guar…
108 terms
Life Insurance Policies
In group insurance the policy owner, w…
Where is Partial surrenders usually al…
In traditional whole life policy premi…
A universal life policy that has an in…
The Master Policy
Annuities, universal life and variable life policies
For a shorter period of time
Variable universal life
In group insurance the policy owner, w…
The Master Policy
Where is Partial surrenders usually al…
Annuities, universal life and variable life policies
13 terms
Specialized life insurance policies
Joint (first to die) life insurance
uses of joint life insurance
Survivor ship (second to die) life ins…
uses of survivorship life insurance
Joint life insurance is permanent coverage that insures two p…
These two features—a death benefit paid upon the first death…
Another form of dual-insured life insurance is appropriately…
Survivorship life is especially popular in the estate plannin…
Joint (first to die) life insurance
Joint life insurance is permanent coverage that insures two p…
uses of joint life insurance
These two features—a death benefit paid upon the first death…
27 terms
Life insurance Policies
Insured buys a 5 year level premium te…
What makes whole life permanent protec…
An insured has a policy that requires…
What distinguishes a group life from i…
It will increase because the insured will be 5 years older th…
coverage until death or until age 100
Limited Pay Life
reduced adverse selection. Group life requires a number of pa…
Insured buys a 5 year level premium te…
It will increase because the insured will be 5 years older th…
What makes whole life permanent protec…
coverage until death or until age 100
49 terms
Life Insurance Policies
Whole life
The policyowner
Option A- level death benefits and Opt…
The employer ( also known as the spons…
What type of insurance policy provides permanent protection?
Who is entitled to the cash values in a life insurance policy?
What are the death benefits in universal life policies
Who owns a group life insurance contract?
Whole life
What type of insurance policy provides permanent protection?
The policyowner
Who is entitled to the cash values in a life insurance policy?
33 terms
Life Insurance Policies
Term Insurance
Pure death protection
3 types of term insurance
Level term insurance
Temporary protection because it only provides coverage for a…
Provided with term insurance:... 1. If the insured dies duing t…
Based on how the face amount (death benefit) changes during t…
The most common type of temporary protection purchased. The t…
Term Insurance
Temporary protection because it only provides coverage for a…
Pure death protection
Provided with term insurance:... 1. If the insured dies duing t…
45 terms
life insurance policies
what universal life option has a gradu…
in annually renewable term policies wh…
when the amount of insurance is increa…
regarding taxation, how does the cash…
option a
insureds attained age
evidence of insurability
tax deferred
what universal life option has a gradu…
option a
in annually renewable term policies wh…
insureds attained age
29 terms
Life Insurance Policies
Annual Renewable Term/ART (Level Term)
Level Premium Term (Level Term)
Re-entry option
Decreasing Term (often used as mortgag…
-face amt stays level, but as the insured gets older the... pre…
-both the premium and the face amt stay level for a period…
common feature of many term policies which give insured the o…
-premium stays the same, but the amt of coverage... decreases.…
Annual Renewable Term/ART (Level Term)
-face amt stays level, but as the insured gets older the... pre…
Level Premium Term (Level Term)
-both the premium and the face amt stay level for a period…
19 terms
Life Insurance Policies
Terms to Know:
Cash Value
Face Amount
Permanent Insurance
...
a policy's savings element or living benefit
the amount of benefit stated in the life insurance policy
builds cash value and remains in effect for the entire life o…
Terms to Know:
...
Cash Value
a policy's savings element or living benefit
28 terms
Types of Life Insurance Policies
term insurance
pure death protection
whole life
indexed whole life
insurance offering temporary protection, aka only provides co…
protection offered through term insurance... -> death benefit p…
insurance that provides LIFETIME PROTECTION and includes a sa…
insurance where the cash value is dependent on the performanc…
term insurance
insurance offering temporary protection, aka only provides co…
pure death protection
protection offered through term insurance... -> death benefit p…
84 terms
Types of Life Insurance Policies
Life insurance can be structured to pr…
Term life insurance policies:
face amount (face value)
renewable term policy
a guaranteed death benefit only, using term insurance; ... a gua…
provide temporary insurance protection for a specified period…
the amount of money listed on the face page (first page) of t…
issued for a specified term and may be renewed at the end of…
Life insurance can be structured to pr…
a guaranteed death benefit only, using term insurance; ... a gua…
Term life insurance policies:
provide temporary insurance protection for a specified period…
20 terms
Life Insurance Policies/Laws
Term Life
Whole Life
Industrial Life
Group Life
Greatest amount of life insurance for a specified period of t…
Insurance that provides death benefits for the entire life of…
Premiums are paid weekly and collected by debit agents. (desi…
Members of a group such as a place of employment, association…
Term Life
Greatest amount of life insurance for a specified period of t…
Whole Life
Insurance that provides death benefits for the entire life of…
35 terms
life insurance policies
decreasing term
universal life insurance
term
survivorship life insurance policies
Often used to protect home mortgages or for temporary needs,…
...
A Term policy, since it is the most inexpensive type of insur…
Survivorship life insurance policies only pay when the last p…
decreasing term
Often used to protect home mortgages or for temporary needs,…
universal life insurance
...
23 terms
Life Insurance Policies
What is term life?
In a term life policy are the premiums…
What does term insurance provide?
What is the Level term policy?
It is temp protection that provides coverage for a specific p…
Lowest premium
Pure death protection; if insured dies during the term the be…
Most common type of life insurance, death benefit does not ch…
What is term life?
It is temp protection that provides coverage for a specific p…
In a term life policy are the premiums…
Lowest premium
51 terms
LAH-Life Insurance Policies
**How much is the MI State Licensing F…
**How much is the NIPR Processing Fee?
**How much is the total application fee?
In a group life plan, who holds the ma…
$10
$5
$15
The policyowner/sponsor/employer
**How much is the MI State Licensing F…
$10
**How much is the NIPR Processing Fee?
$5
52 terms
Life Insurance Policies
What does "level" refer to in the leve…
The death protection component of a un…
What are the death benefit options in…
When does an adjustable life policy ac…
Face amount
Annually renewable term
Option A - level death benefit, and Option B - increasing dea…
When the premium paid are more than the cost of the policy
What does "level" refer to in the leve…
Face amount
The death protection component of a un…
Annually renewable term
43 terms
Life Insurance Policies
term insurance
pure death protection
level term
annual renewable term (ART)
Is temporary protection because it only provides coverage for…
- If the insured dies during this term, the policy pays the d…
Is the most common type of temporary protection purchased. Th…
Is the purest form of term insurance. Death benefit remains l…
term insurance
Is temporary protection because it only provides coverage for…
pure death protection
- If the insured dies during this term, the policy pays the d…
15 terms
Life insurance policies definitions
pay life
Limited pay life
Endowment
Amortized
1. sort of limited pay life... 2. require client to pay over a s…
1. exactly like straight life insurance, but premium is paid…
1. whole life policy where maturity occurs at a predetermined…
A financial debt that is paid off over a period of time by a…
pay life
1. sort of limited pay life... 2. require client to pay over a s…
Limited pay life
1. exactly like straight life insurance, but premium is paid…
41 terms
Section 4 - Life Insurance Policies
Classes of insurance
Term life insurance
Level term: Annual Renewable Term
Level term: Level Premium Term
Whole Life, Endowment, Term
NOT permanent insurance--in order to be covered, you must die…
1 year term policy... Face amount stays level, each year premium…
Term period is longer than 1 year... When the policy renews, tha…
Classes of insurance
Whole Life, Endowment, Term
Term life insurance
NOT permanent insurance--in order to be covered, you must die…
36 terms
Life insurance policies
Master policy
Partial surrenders are usually allowed…
limited pay policy
Variable universal life
policy that is issued to the employer in group insurance
...
premiums are paid for a shorter period of time
1. universal life policy that has an investment piece... 2. Life…
Master policy
policy that is issued to the employer in group insurance
Partial surrenders are usually allowed…
...
20 terms
4. Life Insurance Policies
Conditional Receipt
Jumping Juvenile Life Insurance
Master Policy
Convertible Term Insurance
A provision that, if premium settlement accompanies the appli…
Juvenile insurance on which the face amount increases by a mu…
The policy contract issued to the employer under a Group Insu…
A Term policy that can be converted to a permanent type of co…
Conditional Receipt
A provision that, if premium settlement accompanies the appli…
Jumping Juvenile Life Insurance
Juvenile insurance on which the face amount increases by a mu…
28 terms
Life Insurance Policies
Term Life Insuracne
Pure
Level Term Insurance
Decreasing Term Insurance
- A pure form of insurance bc only death benefit... The most ef…
Provides only death benefit and no cash value
Level death benefit but increasing premium... It renews every y…
Decreasing Death benefit but the premiums remain level... -Ofte…
Term Life Insuracne
- A pure form of insurance bc only death benefit... The most ef…
Pure
Provides only death benefit and no cash value
33 terms
Types of Life Insurance Policies
Term Insurance
Pure death protection
3 levels of term insurance
Level term insurance
is temporary protection because it only provides coverage for…
1) If the insured dies during the term, the policy pays the d…
1) Level... 2) Increasing... 3) Decreasing.
is the most common type of temporary protection purchased. Th…
Term Insurance
is temporary protection because it only provides coverage for…
Pure death protection
1) If the insured dies during the term, the policy pays the d…
LIFE INSURANCE POLICIES TERMS
D/B
THERE ARE 2 TYPES OF LEVEL TERM
MORALE-HAZARD
ANNUITIES- YOUR CLIENT IS PLANNING TO…
death benefits
1-art-annual renewable term. 2-death benefit remains level bu…
refers to an increase in the hazard presented by a risk, aris…
straight life
D/B
death benefits
THERE ARE 2 TYPES OF LEVEL TERM
1-art-annual renewable term. 2-death benefit remains level bu…
63 terms
Life Insurance Policies
term life insurance
pure death protection
three basic types of term life insurance
level term insurance
temporary protection; lowest premium
if insured dies during term, death benefit is paid to benefic…
level, increasing, decreasing
most common type of temporary protection purchased; death ben…
term life insurance
temporary protection; lowest premium
pure death protection
if insured dies during term, death benefit is paid to benefic…
50 terms
Life Insurance Policies
between adjustable life and universal…
in what type of life insurance policie…
universal life policies have two types…
during partial withdrawal of a univers…
universal life
universal life
guaranteed and current
interest earned on the withdrawn cash value
between adjustable life and universal…
universal life
in what type of life insurance policie…
universal life
10 terms
Life Insurance Policies
Cash Value
Face Amount
Permanent Insurance
Term Insurance
a policy's savings element or living benefit
the amount of benefit stated in the life insurance policy
builds cash value and remains in effect for the entire life o…
temporary protection
Cash Value
a policy's savings element or living benefit
Face Amount
the amount of benefit stated in the life insurance policy
15 terms
Life Insurance policies
3 types of Life Insurance
Types of Ordinary Life insurance
Term Life insurance
Types of term life insurance
1. Ordinary... 2. Industrial ... 3. Group
-term... -whole... -universal... -variable
-simplest form of life insurance... -must die within policy peri…
Level term... Decreasing term... increasing term
3 types of Life Insurance
1. Ordinary... 2. Industrial ... 3. Group
Types of Ordinary Life insurance
-term... -whole... -universal... -variable
110 terms
Life Insurance: Policy Flexibility
Par-contracts
Non-par contracts
Leave at Interest
Pre-pay premiums
Policies that pay dividends.
Policies that do not pay dividends.
Temporary arrangement for the insurer to hold the dividend un…
Reduce the next premium by the amount of the dividend.
Par-contracts
Policies that pay dividends.
Non-par contracts
Policies that do not pay dividends.
50 terms
life insurance policies
the policyowner of a whole life insura…
in annually renewable term policies, w…
what happens to the premium in an annu…
in term policies, what happens to the…
age 100
the insured's attained age
the premium increases with each renewal
the premium remains level
the policyowner of a whole life insura…
age 100
in annually renewable term policies, w…
the insured's attained age
13 terms
7 - Life Insurance Policies
What is Annually Renewable Term insura…
How does Continuous Premium Straight l…
Which features of an Adjustable Life p…
What are the death benefit options in…
Death benefit stays level.... ... Policy renews each year w/o proo…
Continuous: Premium is paid until age 100. ... 20-Year: Premi…
Change Premium. ... Change Face Amount.... Change Period of Prote…
Option A: Level Death benefit. ... Option B: Increasing Death b…
What is Annually Renewable Term insura…
Death benefit stays level.... ... Policy renews each year w/o proo…
How does Continuous Premium Straight l…
Continuous: Premium is paid until age 100. ... 20-Year: Premi…
18 terms
Classes of Life Insurance Policies
Group vs. Individual Insurance
Group insurance
Individual Insurance
Ordinary life insruance
The group vs. individual classification defines how life or h…
With group coverage, one master policy covers multiple people…
People who buy life insurance for personal protection do so w…
Provided by so-called "ordinary" companies, ordinary life ins…
Group vs. Individual Insurance
The group vs. individual classification defines how life or h…
Group insurance
With group coverage, one master policy covers multiple people…
30 terms
life insurance policies
joint (first to die) life insurance
survivorship (second to die) insurance
juvenile life insurance (jumping juven…
decreasing term policies
insurers two persons under one policy, the policy pays when t…
very similar in joint, except it pays when the second insured…
can be purchased for a child at any age, and features low pre…
level premium throughout policy, decreasing coverage however…
joint (first to die) life insurance
insurers two persons under one policy, the policy pays when t…
survivorship (second to die) insurance
very similar in joint, except it pays when the second insured…
33 terms
Types of Life Insurance Policies
Term Life
Pure Death Protection
Level Term Insurance
Annually Renewable Term
a temporary protection because it only provides coverage for…
If the insured dies during this term, the policy pays the dea…
Most common type of temporary protection purchased, the death…
The purest form of term insurance. The death benefit remains…
Term Life
a temporary protection because it only provides coverage for…
Pure Death Protection
If the insured dies during this term, the policy pays the dea…
20 terms
Life Insurance Policies
Annually Renewable Term
Option B
Straight Life Policies
Level Term Insurance
Least Expensive First Year Premium. Adjusted each year to the…
Death benefit includes the annual increase in cash value so t…
Has a level guaranteed face amount and a level premium for th…
Best describes annually renewable term insurance and offers t…
Annually Renewable Term
Least Expensive First Year Premium. Adjusted each year to the…
Option B
Death benefit includes the annual increase in cash value so t…
32 terms
Life Insurance Policies
Accumulate
Attained Age
Cash Value
Face Amounnt
Build up
The insured's age at the time the policy is issued or renewed
A policy's savings element or living benefit
The amount of benefit stated in the insurance policy
Accumulate
Build up
Attained Age
The insured's age at the time the policy is issued or renewed
20 terms
Life Insurance Policies
Term/Pure Life Insurance
Level Term Insurance
Annually Renewable Term
Permanent Life Insurance
temporary protection because it only provides coverage for a…
most common type of temporary protection purchased. Death ben…
the purest form of term insurance. Death benefit remains leve…
build cash value and remain in effect for the entire life on…
Term/Pure Life Insurance
temporary protection because it only provides coverage for a…
Level Term Insurance
most common type of temporary protection purchased. Death ben…
46 terms
Life insurance policies
Ordinary life
Industrial insurance
Group insurance
Term life insurance
Individual life insurance that includes many types of tempora…
Characterized by comparatively small issue amounts, such as $…
Written for employer, employee groups, associations, unions,…
Provides low-cost insurance protection for a specified period…
Ordinary life
Individual life insurance that includes many types of tempora…
Industrial insurance
Characterized by comparatively small issue amounts, such as $…
25 terms
Life insurance policies
2 categories of all life insurance pro…
Term life insurance ... (OA)
Level term insurance
Level premium term
Permanent and temporary
Temporary protection . "Pure life insurance"... "Greatest covera…
The most common temporary insurance purchased. The death bene…
Provides a level death benefit and a level premium during pol…
2 categories of all life insurance pro…
Permanent and temporary
Term life insurance ... (OA)
Temporary protection . "Pure life insurance"... "Greatest covera…
32 terms
Life Insurance Policies
term life insurance
term insurance provides what is known…
Three types of term coverage available
Level Term Insurance
life insurance that is provided for a temporary amount of tim…
-If the insured dies, the policy pays the death benefit to th…
Level... Increasing... Decreasing
most common temporary protection purchased. The word level re…
term life insurance
life insurance that is provided for a temporary amount of tim…
term insurance provides what is known…
-If the insured dies, the policy pays the death benefit to th…
36 terms
Life Insurance Policies
Accumulate
Attained Age
Cash Value
Deferred
Buildup
The insured's age at the time the policy is renewed or replac…
A policy's savings element or living benefits
Withheld or postponed until a specified time or event in the…
Accumulate
Buildup
Attained Age
The insured's age at the time the policy is renewed or replac…
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