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| except for the first premium, the policy owner determines the amount and frequency of pmts |
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| what is the cash value account called in universal life insurance? |
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| universal policies typically have a monthly deductible for |
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| in universal life insurance, the premiums, less explicit expense charges, are credited to a cash value account from which months mortality charges are deducted and to which monthly interest is |
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Definition
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| a distinct characteristic of universal life insurance is the separation of unbundling of the |
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Definition
| protection component and the savings component |
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| in what kind of insurance does the policy owner receive an annual statement that shows premiums paid, death benefit, and value of the cash-value account |
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| the statement to the policy owner shows the mortality charge and interest credited to the cash-value account |
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| most universal policies have a target |
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| a suggested level premium that will keep the policy in force for a specified # of years - the policy owner is not obligated to pay it |
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| most have a no-lapse guarantee |
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| guarantees that the policy will remain in force for a certain number of years |
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Definition
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Term
| in universal policies, the minimum premium is specified in the policy and, depending on the insurer, may be less than or equal to the |
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Definition
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Term
| is deducted from the cash value account for the cost of the insurance protection in universal policies |
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| the cost of the insurance in universal policies is determined by multiplying the applicable monthly mortality rate by the |
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| the different btwn the current death benefit and the cash value |
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| universal policies contain a table that shows the maximum rate per $1000 of insurance that the company can |
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