Term
| permits the policy owner to purchase additional amts of life insurance at specified times in the future w/out evidence of insurability |
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Definition
| guaranteed purchase options |
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Term
| the guaranteed purchase option is also called the |
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Definition
| guaranteed insurability option |
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Term
| the purpose of the guaranteed purchase option is to guarantee the insured's future |
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Definition
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Term
| the typical option allows the policy owner to purchase additional amts of life insurance every 3 years up to some maximum age w/out evidence of insurability |
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Definition
| guaranteed purchase option |
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Term
| w/ the guaranteed purchase option, the additional insurance increases the |
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Definition
| face amt of the original policy |
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Term
| w/ the guaranteed purchase option, the amt of life insurance that can be purchased at each option date is limited to the face amt of the basic policy subject to some |
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Definition
| minimum or maximum amount |
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Term
| a privilege in guaranteed purchase option by which an option can be immediately exercised on the occurrence of some event |
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Definition
| advance purchase privilege |
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Term
| if the insured marries, or legally adopts a child, an option can be immediately exercised prior to the next |
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Definition
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Term
| some insurers will provide what automatic term insurance for 90 days if the insured marries or a child is born, and the insurance expires after 90 days unless what is exercised? |
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Definition
| guaranteed insurability option |
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Term
| if an option is exercised under the advance purchase privilege, the number of total options is not |
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Definition
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Term
| if an option is exercised early, each new purchase eliminates the next |
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Definition
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Term
| the policy typically only has 30 to 60 days to exercise an |
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Definition
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Term
| if the option expires w/out being used, it cannot be exercised at some later date. this provision protects the insurer from |
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Definition
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Term
| an important consideration w/ guaranteed purchase options is whether the waiver-of-premium rider can be added to the new insurance w/out furnishing evidence of |
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Definition
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Term
| the most liberal provision permits the waiver-of-premium rider to be added to the new insurance if what contains such a provision? |
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Definition
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Term
| a less liberal approach permits the dialed insured to purchase additional life insurance with each option, but not to waive the new premium under the |
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Definition
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