Term
| states that if the insured commits suicide w/in 2 years after the policy is issued, the face amt of insurance will not be paid |
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| w/ the suicide clause, there is only a refund of |
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| in legal terms, what is normally considered an unintentional act b/c of the strong instinct of self-preservation? |
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| the burden of proving suicide always rests on the |
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Term
| purpose is to reduce adverse selection against the insurer |
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Term
| a life insurance policy contains a period in which the policyowner has a period of 31 days to pay an overdue premium |
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Term
| have longer grace periods |
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Definition
| universal life and other flexible-premium policies |
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Term
| if the insured dies w/in the grace period, the overdue premium is deducted from |
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Definition
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Term
| purpose is to prevent the policy from lapsing by giving the policyowner additional time to pay an overdue premium |
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Definition
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Term
| a policy may lapse if the premium has not been paid by the end of the grace period or if what is not in effect? |
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Term
| permits the owner to reinstate a lapsed policy |
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Definition
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Term
| w/ the reinstatement provision, evidence of insurability is |
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Definition
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Term
| w/ the reinstatement provision, all overdue premiums plus interest must be paid from their |
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Definition
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Term
| w/ the reinstatement provision, any policy loan must be repaid or reinstated, w/ interest from the due date of the |
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Definition
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