types of term insurance
Annuity
A contract that provides income for a specified period Of years, or for life.
Payor benefit
Allow the insurer to relieve a minor insured from premium payments if the minors parents have died or become disabled.
Universal life
Allows policy owner to pay more or less than the planned premium
5 dividend options
Crapo. cash payment, reduction of premium accumulation of interest, paid up option, one-year term option.
10 days
Days before a hearing that notice will be sent to a licensee.
Joint life policy
Death benefit is paid upon the first death only
Payyor benefit rider
Does not cause the death benefit to increase, only pays the premium if the payyor is disabled or dies.
Automatic premium loan
Enables a policy to remain in force, special type of loan that prevents the unintentional lapse of a policy due to nonpayment of the premium.
Universal Life waiver of cost of insurance rider
If the insured becomes disabled, the rider allows the cost of insurance to be waived.
21 days
Insurer had to provide an applicant with the reasons for an adverse underwriting decision after receiving written request.
5 days
Insurer has to notify producers, it has cancelled their appointments.
Conditional receipt
Intended to provide coverage on a date earlier than the date of the issuance of the policy
MIB
Medical Information Bureau is made up of insurers.
Incontestability clause
Prevents an insurer from denying a claim due to statement in an application after policy has been in force for 2 years.
10 days
Producer has to stop selling insurance for an insurer, after notice of termination of appointment has been sent.
10 days
Replacing insurer has to contact the insured, after policy issue, concerning the use of marketing communications.
5 days
Replacing insurer has to notify existing insurer, of receipt of replacement application.
Who bears all the risk in a fixed annuity?
The insurance company
level term
death benefit does not change through out the life of the policy.
decreasing term
level premium and death benefit that decreases each year over the duration of the policy term. used for mortgage or other debts.
types of Term insurance
level, increasing, decreasing, annually renewable
annually renewable term
policy guaranteed renewable with out proof of insurability, but premium increases annually according to attained age.
