Primerica Chapter 2 Types of life insurance policies

Lakukan tugas rumah & ujian kamu dengan baik sekarang menggunakan Quizwiz!

annuities investment options

-fixed annuities -variable annuity -indexed annuities

the face amount

death benefit

universal life

flexible premium like adjustable life, annually renewable term insurance

Indexed annuities

guaranteed interest rate. tied to an index like S&P 500

fixed annuities

guaranteed minim rate of interest. fixed rate of return

option b

increasing death benefit option

level

most common and refers to the death benefit

Most term policies are renewable or convertible or both

most term policies are renewable or convertible or both

Term Life

only provides protection for a specific period of time

Straight life

ordinary life or continuous whole life the lowest annual premium

beneficiary

person who receives annuity assets

annuitant

person who receives benefits or payments from the annuity. whose life expectancy is taken into consideration and for whom the annuity is written. A corporation may own an annuity but the receiver must be a natural person

adjustable life

policy owner can make adjustments

limited -pay life / single premium life

premiums for coverage will be completely paid up before the age of 100. some are paid all in 20 years some are paid in 65 years.

types of premium payment options

single payment periodic payment

variable annuity

FINRA and SEC ( 2 types of liscenses ) nothing guaranteed

annuity

a contract that provides income for a specified period of years and protects a person from outliving his or her money.

annuity period

annualization period, liquidation period or payout period, the sum accumaulated starts doing income payments

variance whole life

assets must be held in seperate accounts

increasing

death benefit increases and reaches the optium level at the end of the period

decreasing

death benefit reaches $0 (when there is a mortage due)

variable universal life

dually regulated by state and federal government (SEC FIRNA)

returns of premium

increasing term life that pays an additional benefit equal to the amount of premium paid

survivorship

insures 2 or more lives, pays the last death. (second to die or last survivor)

option a

level death benefit

single whole life premium

level death benefit to the insured age of 100 for a time lump-sum payment . it generates immediate cash.

accumulation period

pay-in period, the owner makes payments into an annuity, earn interest on a tax deferred basis

immediate annuities

purchased with a single lump-sum payment, provides income payment that start within one year from the date of purchased

Whole life term

remains in effect for the entire life of the insured or until the age of 100

Joint life

single policy designed to insure 2 or more lives, cost less than individual policies and paid after 1st death

Annually renewable term

the death benefit remains the same however the premium must be renewed each year without proof of insurablity / premium price increases with age

the level of the premium throughout the term

the premium is leveled but the death benefit may influcate

owner (annuity)

the purchaser of the contract

renewable

the right to renew policy without proof of insurability .... however the premium will be based on the insured's current age


Set pelajaran terkait

DS 3841 MIS TTU Exam 4 Chapter 10, 11, 12

View Set

NU373 EAQ Evolve Elsevier: HESI Prep Pediatrics

View Set

GRE 2022 (Math Foundations-Arithmetic And Number Properties Review)

View Set

Notes: Parasympathetic Nervous System (2-11-16)

View Set

PEDS Chapter 15: Nursing Care of the Child with an Infection

View Set

Intermodal Dry Cargo CNTR/CSC Reinspection Certifier

View Set

Florida Agent's Health Insurance: Field Underwriting Procedures 11%

View Set