Term
| a whole life policy in which premiums are lower for the first three to five years and higher thereafter |
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Definition
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Term
| in a modified life policy, the initial premium is slightly higher than for term insurance, but considerably lower than for ordinary life policy issued at |
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Definition
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Term
| insureds can purchase permanent insurance immediately even though they cannot afford the higher premiums for a regular whole life policy |
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Definition
| advantage of modified life policy |
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Term
| is attractive to persons who expect that their incomes will increase in the future and higher premiums will not be financially burdensome |
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Definition
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Term
| most life insurers sell policies at lower rates to individuals known as |
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Definition
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Term
| preferred risks are sold to people whose mortality experience is expected to be |
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Term
| is carefully underwritten |
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Definition
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Term
| a preferred risk policy is only sold to people whose health history, weight, occupation, and habits indicate more favorable |
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Definition
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Term
| in a preferred risk policy, the insurer may require the purchase of a |
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Definition
| minimum amount of insurance |
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Term
| if an individual qualifies for a preferred rate, substantial savings are |
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Definition
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Term
| a discount for nonsmokers is an example of a |
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Definition
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Term
| a form of life insurance that insures two of more lives and pays the death benefits upon the death of the second or last insured |
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Definition
| second-to-die life insurance |
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Term
| second to die life insurance is also called |
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Definition
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Term
| second-to-die life insurance is usually whole life, but it can be |
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Definition
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