Florida Life, Health and Variable Annuity Exam Latest Update Graded A

Florida Life, Health and Variable Annuity Exam Latest Update Graded A Categories of Life Insurance Ordinary, Industrial and Group Ordinary Life is individual life insurance that includes many types of TERM and PERMANENT insurance and is usually paid with monthly premiums. Is the principal type of life insurance purchased in the United States. Industrial Insurance small issue amounts with premiums collected weekly or monthly by agents at policyowner's home. Also known as BURIAL INSURANCE Group Insurance written for employer-employee groups to provide coverage for a number of individuals under one contract. Underwriting is based on the group and not the individual. Premiums are lower but when you leave it gets expensive. Term Life Insurance simplest type of life insurance, provides insurance protection for a specified period and pays a benefit only if the insured dies during the period. Like renting your insurance but it's more affordable but as you get older it goes up.(No Equity) Forms of Term Life Insurance level, decreasing and increasing Level Term Insurance provides a level amount of protection for a specified period, after which the policy expires. Level premium and level death benefit Decreasing Term Insurance characterized by benefit amounts that decrease gradually over the term of protection but the premium stays the same throughout. Used to cover LOANS or MORTGAGES. Increasing Term Insurance insurance that provides a death benefit that increases at periodic intervals over the policy's term. Usually used to cover a BUY SELL AGREEMENT and is usually purchased as a COST OF LIVING RIDER. Features of Term Life option to renew an option to convert Option to Renew allows policyowner to renew the term policy before its termination date without having to provide evidence of insurability/good health. Option to Convert gives the insured the right to convert or exchange the term policy for a whole life(or permanent) plan without evidence of insurability. Whole Life Insurance also known as permanent or cash value insurance, provides permanent protection for the whole of life and you pay premiums which are locked in for the entire life as well as the benefit which is also constant throughout the life. Designed to mature at age 100. Invest in bonds, treasuries and mortgages to guarantee it endows. Endow when cash value = death benefit Basic Forms of Whole Life straight whole life, limited pay whole life and single-premium whole life Straight