Life Insurance Questions and Answers with Certified Solutions

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Life Insurance Questions and Answers with Certified Solutions Traditional Whole Life Products ✔✔Ordinary straight life Limited-Pay Single-Premium Life Adjustable Life Straight Life ✔✔bas... ic policy that charges a level annual premium for the lifetime of the insured and provides a level, guaranteed benefit Limited-Pay ✔✔(10 pay, 20, paid up, 65): the policyowner makes premium payments for the first several years the policy is in force. Once premiums have been paid for a certain number of years, the policy has been paid in full Single-Premium Life ✔✔life insurance where you pay the premium once, immediate cash value Adjustable Life ✔✔depending on the insured need's the policy owner has the options to increase or decrease the premium, change the premium-paying period, increase or decrease the face amount of coverage, or change the period of protection; option of converting from term to whole life or vice versa Interest-Sensitive Life Products ✔✔Universal Life Variable Whole Life Variable Universal Life Interest-Sensitive Whole Life Universal Life ✔✔A combination flexible premium, adjustable life insurance policy. The premium payer may select the amount of premium he or she can pay and the policy benefits are those which the premium will purchase. Or, the premium payer may change the amount of insurance and pay premium accordingly. Many believe this is the only true solution to the buy term invest the difference problem. Variable Whole Life ✔✔because this type of po,l.icy involves investment accounts, an individual must hold a securities license in addition to a life insurance license in order to sell variable life; the sale of a variable life policy must be preceded or accompanied by a prospectus that is filed with the SEC [Show More]

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