Pfin. Ch. 8

an insured usually chooses variable life insurance in order to.

emphasize saving portions while still having death protection

life insurance policies with small face amounts where the premium may be collected weekly by agents is termed as:

industrial life insurance

____ is not a type of term insurance

limited pay

the basic purpose of insurance is to

protect self from economic losses

which of the following risk managament techniques is the purchase of insurance common form

risk transfer

the insurance portion of a universal life policy is most analogous to:

term insurance

insurance underwriting is best described as

the process used by insurers to decide who can be insured and to determine applicable rates that will be charged for premiums.

kurt purchased a policy with an initial premium of $3,000 and may elect how much he desires to pay in premiums from now on. He has purchased a face value of $100,000 and can accumulate cash value. What type of life insurance has Kurt purchased?

universal life

a life insurance contract contains clauses for

a. settlement options. b. policy reinstatement. c. beneficiary clause. *d. all of the above*

underwriting helps protect life insurance companies from which of the following

adverse selection