Term
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Definition
| cash value, reduced paid-up insurance, extended term insurance |
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Term
| w/ the cash value non nonforfeiture option, the policy can be surrendered for its cash value, at which time all benefits under the policy |
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Definition
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Term
| w/ the cash value nonforfeiture option, how long can the pmt be delayed if the policy is surrendered? |
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Definition
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Term
| insurers generally do not delay pmt of the |
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Definition
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Term
| the cash-surrender option can be used if the insured no longer needs |
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Definition
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Term
| under the reduced paid-up insurance nonforfeiture option, the cash-surrender value is applied as a net single premium to purchase a |
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Definition
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Term
| w/ the reduced paid-up insurance option, what depends on the insured's attained age, the cash-surrender value, and the mortality and interest assupmtions stated in the original contract |
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Definition
| the amt of insurance purchased |
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Term
| is the same as the original policy, but the face amt of insurance is reduced |
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Definition
| the reduced paid-up policy |
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Term
| w/ the reduced paid-up policy, is the original policy participating or not? is the reduced policy? |
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Definition
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Term
| is appropriate if life insurance is still needed but the policy owner does not wish to pay premiums |
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Definition
| reduced paid-up insurance option |
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