Life Insurance

carlypr123's version from 2016-01-27 04:24

Section 1

Question Answer
Types of Term Life PolicyLevel, Decreasing, Increasing
Priemium rate determined by mortality rates, interest earned, company expensesIntermediate Level Premiums
10yr Policy - face amount $100k year 1 and $90k year 2Decreasing
Term in which the only changing aspect is the increase in premium with ageLevel
Term in which face amount increases over timeIncreasing Term

Section 2

Question Answer
When the policyowner builds up a quicker cash valueconvertable
Premium rates increase according to age of renewing insured at the time of each renewalStep-Rate Premiums
Option that allows policy holder to reissue term life policy every 5 yrs t receive premium lower than guaranteed renewal rateRe-Entry
When converting from a term to whole life policy they can obtain... Interim Insuring Agreement
Term life that gives you all your cash back if you stick it out!Return of Premium