Term
| Pure Death Protection;specified period |
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Definition
| Term insurance offers _________________________ for a _______________________ as stated in the contract. |
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Term
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Definition
| With term insurance, if the insured does not die during the term specified in the policy, the policy will _________________. If the insured does die during the term, the policy will ______________________ |
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Term
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Definition
| Renewable and Convertible Term policies allow the insured to exercise these features without having to show ____________________. |
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Term
| increases;attained age; remains level |
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Definition
| With annually renewable term the insured's premium _____________________each year for the duration of the contract based on his/her _____________________. With level premium term the insured's premium ______________________ each year for the duration of the contract. |
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Term
| Death Benefit; beneficiary |
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Definition
| The ___________ is not taxable to the ____________ of an insurance policy. |
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Term
| level; increasing; decreasing |
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Definition
| Term insurance's face amount can be ______, _________, or _____________. |
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Term
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Definition
| ______________________ is a form of life insurance that provides continuous coverage until death or age 100 as well as growth of cash value. |
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Term
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Definition
| As long as the Whole Life policy is in force, the growth of cash value is ____________ and not _______________. |
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Term
| Policy Loans; face amount |
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Definition
| __________________ against the cash value are allowable with Whole Life policies. Any amount outstanding plus interest are deducted from the __________________ |
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Term
| single premium; limited pay; straight life |
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Definition
| There are three types of Whole life policies: 1) __________, 2) _________, 3) _____________. |
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Term
| Joint Life; survivorship life; average |
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Definition
| _______________ and ___________________ are designed to insure two or more lives with a single policy. Premium is based on the ____________ age of the applicants. |
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Term
| First Insured; Last Insured |
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Definition
| Joint Life pays on the death of the __________ and Survivorship Life pays on the death of the ________________. |
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Term
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Definition
| Cash value in an Interest Sensitive Whole Life policy will grow either at a _________________________ interest rate or at a minimum ____________________ interest rate. |
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Term
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Definition
| A type of whole life charging a lower premium in the first three-five years and then a higher-level premium thereafter is called ___________________. |
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Term
| graded premium whole life |
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Definition
| A type of whole life charging a lower initial premium gradually increasing for a period of time, and then remaining level thereafter is called __________________. |
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Term
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Definition
| ________________ is a policy in which the policyowner chooses two of three variables. |
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Term
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Definition
| The combination policy that incorporates Whole Life and Convertible term to insure every member of the family is called the ______________________. |
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Term
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Definition
| A Family Income policy covers the life of the breadwinner and is structured with _____________________ and ________________________. |
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Term
| Minimum Premium; targeted premium; skip |
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Definition
| In Universal Life you can pay the _______________, the __________________,or even ______________ your premiums as long as there is enough cash value to pay your insurance cost and expenses. |
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Term
| annually renewable term; tax deferred; current; guaranteed |
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Definition
| Universal Life is comprised of two components, 1) _____________________, and 2) a cash account which accumulates on a _________________ basis. The cash account earns either the _______________ interest rate or the ________________ interest rate, whichever is higher. |
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Term
| partial surrender/withdrawal |
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Definition
| With Universal Life, you can access your cash value by simply doing a ________________________. |
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Term
| Level (Option A); Increasing (Option B) |
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Definition
| Universal Life offers one of two death benefit options to the policyowner: ________________ or____________________. |
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Term
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Definition
| ____________________ Life offers a minimum death benefit, fixed level premiums and a cash value that increases or decreases depending on market fluctuations. |
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Term
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Definition
| The cash value investment option of Variable Whole Life and Variable Universal Life are controlled by the ___________________ and are not ____________________. |
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Term
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Definition
| Traditional Whole Life policies have their cash values held in the insurance company's ___________account. Variable Whole Life and Variable Universal Life have their cash values held in the insurance company's _________________account. |
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Term
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Definition
| With Variable Universal Life, your premiums are _______________________. |
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Term
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Definition
| To market any variable product, you must possess both your __________________ and ________________ license. |
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Term
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Definition
| The policy that focuses more on cash value growth and provides protection only during the accumulation period is the ____________________. |
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Term
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Definition
| ______________ Contracts protect against the possibility of outliving one's income by liquidating an estate. |
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Term
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Definition
| The _______________ receives the payments of an annuity contract. If this person dies prior to annuitization, the ______________ receives the money. |
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Term
| accumulation; annuitization |
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Definition
| The two distinct periods of Annuity Contracts are the: _____________________ and the ___________________. |
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Term
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Definition
| Either a _______________ or a _________________ payment may fund annuities. |
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Term
| Immediately Annuity; Deferred annuity |
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Definition
| An __________ is purchased with a single, lump sum and starts paying out within one year from the date of purchase. A __________ starts paying out after one year from the date of purchase. |
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Term
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Definition
| An annuity that guarantees the interest rate is a ______________ and premium payments are invested in the insurance company's __________ account. |
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Term
| variable annuity; separate |
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Definition
| A ____________________ does not guarantee the interest rate and the premium payments are invested in the insurance company's _______________ account. |
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Term
| accumulation units; annuity units |
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Definition
| With Variable Annuities, the premium payments purchase _________________. Upon annuitization, these are converted to _________________ |
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Term
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Definition
| With any variable product, you must present a ___________________ at the time of sale, and you must check for __________________________ of the product for the client. |
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