Financial Management Ch 12
The amount received after giving up a whole life type of insurance policy is called
Cash value
Insurance companies look at which of the following guidelines for preferred rates under guidelines for preferred rates
Cholesterol Levels Family History Weight
Life insurance that provides policy dividends is called
Participating
What characteristics should you consider in an insurance company?
Service, financial stability,
If suicide occurs during the first ____ years the policy is in force, only the _____ paid are paid to beneficiary
Two, Premiums
When determining your need for life insurance, you should consider your
Type of household Stage in the life cycle
Nonparticipating policies do not provide policy ________
Dividends
Participating policies refund part of the policy premium called a policy _____
Dividends
Insurance protection is available from the following sources
Employers Labor unions Professional organizations
An annuity is a contract that provides regular _____ for as long as a person lives
Income
A document attached to a policy that ____its coverage is called a rider
Modifies
Cash-value policies are good for people who
Must be forced to save Plan to keep the policy long term
Universal life is a whole life policy that combines ______ life insurance and ______ elements.
Term, Investment
A whole life policy that combines term insurance and investment element is called
Universal life
A life insurance agent who has passes a series of college-level examination on insurance and related subjects is called?
chartered life underwriter
An incontestability clause states that the insurer cannot dispute the ______ o fa policy after a specific _______ of time
validity, period
