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| under what settlement option are the policy proceeds retained by the insurer, and interest is periodically paid to the beneficiary |
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| can be paid monthly, quarterly, semiannually, or annually |
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| most insurers guarantee a minimum interest rate on the policy proceeds retained under the |
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| w/ the interest settlement option, if the policy is participating, a higher rate of interest is paid based on |
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| w/ the interest settlement option, who can be given withdrawal rights by which part or all of the proceeds can be withdrawn? |
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| w/ the interest settlement option, the beneficiary can also be given the right to change to another |
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| the interest settlement option can be effectively used if the funds will not be needed until |
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| under what settlement option are the policy proceeds paid to a beneficiary over some fixed period of time |
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Definition
| fixed-period (income for an elected period) option |
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| both principal and interest are systematically liquidated under what settlement option? |
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| w/ the fixed-period option, if the beneficiary dies before receiving all pmts, the remaining pmts are paid to a |
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Definition
| contingent beneficiary or the primary beneficiary's estate |
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Term
| w/ the fixed-period settlement option, the length of the period determines what? |
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| can be used in those situations where the income is needed for a definite time period |
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Definition
| fixed-period settlement option |
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| the fixed-period settlement option should be used w/ caution b/c it is extremely |
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| w/ the fixed-period settlement option, what is not normally allowed b/c of the administrative expense of recomputing the amt of the pmt during the fixed period |
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Definition
| partial withdrawals by the beneficiary |
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Term
| w/ the fixed-period settlement option, many insurers will permit the beneficiary to withdraw the commuted value of the remaining pmts in a |
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