Nevada Life & Health Insurance ExamFX
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Terms in this set (248)
temporary protection because it only provides
term insurance
coverage for a specific period of time
face amount death benefit
level, increasing, decreasing
3 basic types of term
coverage - based on how the face amount changes during the
policy term
What is the premium in regardless of type of term insurance purchased,
term insurance? premium is level throughout the term of policy
death benefit does not change throughout the life of
level term insurance
the policy
premium increases annually according to the attained
annually renewable term
age, guaranteed to be renewable each year
level premium and death benefit that decreases each
decreasing term
year over duration of the policy term
level premium and death benefit that increases each
increasing term
year over the duration of the policy term
, an increasing term policy that pays an additional
death beneficiary equal to the amount of the
premiums paid
return of premium life
insurance
- return of premium is paid if the death occurs within a
specified period of time or if the insured outlives the
policy term
allows the policyowner the right to renew coverage at
renewable provision
the expiration date without evidence of insurability
provides the policyowner the right to convert the
convertible provision policy to a permanent insurance policy without
evidence of insurability
general term used to refer to various forms of life
insurance policies that build cash value and remain in
permanent life insurance
effect for the entire life of the insured (or until age
100) as long as premium is paid
aka cash value, does not usually accumulate until the
nonforteiture value
third policy year and it grows tax deferred
- level premium
key characteristics of - death benefit
whole life insurance - cash value
- living benefits
1. straight (ordinary) whole life
3 basic forms of whole life
2. limited-pay whole life
insurance
3. single premium whole life
basic whole life policy; policy owner pays the
premium from the lime the policy is issued until
straight life insured's death or age 100
- has lowest annual premium
Questions with Correct Answers
Save
Terms in this set (248)
temporary protection because it only provides
term insurance
coverage for a specific period of time
face amount death benefit
level, increasing, decreasing
3 basic types of term
coverage - based on how the face amount changes during the
policy term
What is the premium in regardless of type of term insurance purchased,
term insurance? premium is level throughout the term of policy
death benefit does not change throughout the life of
level term insurance
the policy
premium increases annually according to the attained
annually renewable term
age, guaranteed to be renewable each year
level premium and death benefit that decreases each
decreasing term
year over duration of the policy term
level premium and death benefit that increases each
increasing term
year over the duration of the policy term
, an increasing term policy that pays an additional
death beneficiary equal to the amount of the
premiums paid
return of premium life
insurance
- return of premium is paid if the death occurs within a
specified period of time or if the insured outlives the
policy term
allows the policyowner the right to renew coverage at
renewable provision
the expiration date without evidence of insurability
provides the policyowner the right to convert the
convertible provision policy to a permanent insurance policy without
evidence of insurability
general term used to refer to various forms of life
insurance policies that build cash value and remain in
permanent life insurance
effect for the entire life of the insured (or until age
100) as long as premium is paid
aka cash value, does not usually accumulate until the
nonforteiture value
third policy year and it grows tax deferred
- level premium
key characteristics of - death benefit
whole life insurance - cash value
- living benefits
1. straight (ordinary) whole life
3 basic forms of whole life
2. limited-pay whole life
insurance
3. single premium whole life
basic whole life policy; policy owner pays the
premium from the lime the policy is issued until
straight life insured's death or age 100
- has lowest annual premium
