Primerica: life insurance basics
Predicted needs of family after insureds death
Based on human life value approach, what is NOT used to calculate an individual's life value.
Liquidity
Cash values can be borrowed at any time
Payment plan monthly-> anually
Decreases because the insurer would have entire premium to invest for full year
Buyers guide
Generic consumer publication that explains life insurance in general terms
Application
Primary source for insurance underwriting
Life settlement transaction contract termination
15 days to rescind contract
Permanent policy
Cash value involved
Cost comparison methods
Comparing 1 cost of life insurance policy to another
The owner
In a life settlement contract, the life settlement broker represents
Industrial life
Insured has life policy w/ face amount of $500. Pays premium each week to agent who sold him policy. What kind of policy is this? Usually with face amount under $1000, written nonmedically
Paramedical report
May only be completed by registered nurse
Gross annual premium
Net premium plus expenses
Inspection report
Report regarding potential insured that includes the insureds financial status/ hobbies/ habits
Any form of insuranxe
Type of insurance policy to fund agreements
Earliest a policy may go into effect
When application is signed and check given to agent
Company underwriters allowed to discriminate?
Yes, not unfairly
