Term
| a second form of this option is to use the dividends to purchase yearly renewable term insurance |
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Definition
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Term
| depends on the amt of the dividends, the insured's attained age, and the insurer's term insurance rates |
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Definition
| the amt of term insurance purchased |
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Term
| the dividends can also be used to convert a policy into a |
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Definition
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Term
| if the paid-up option is used, the policy becomes paid-up whenever the reserve value under the basic contract plus the reserve value of the paid-up additions or deposit equal the net single premium for a paid-up policy at the insured's |
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Definition
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Term
| can also be used to mature a policy as an endowment |
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Definition
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Term
| when the reserve value under the basic policy plus the reserve value of the paid-up additions or deposits equals the face amt of insurance, the policy matures as an |
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Definition
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Term
| the policy owner pays more than is actuarially necessary for the life insurance protection if what is purchased? |
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Definition
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Term
| since the policy owner pays more than is actuarially necessary for the life insurance protection when a cash-value policy is purchased, the policy owner should |
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Definition
| get something back if the policy is surrendered |
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Term
| the pmt to a withdrawing policy owner is known as a |
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Definition
| nonforfeiture value or cash-surrender value |
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Term
| all states have standard laws that require insurers to provide at least a minimum nonforfeiture value to policy owners who surrender their policies |
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Definition
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