What are the four parts of a policy contract?
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What are the four parts of a policy contract?
There are four basic parts to an insurance contract: Insuring Agreement. Exclusions. Conditions.
What type of life insurance are credit policies issued as?
Majority of the credit life insurance policies are given as a decreasing term life insurance strategy….
What is the main purpose of the regulation on life insurance policy illustrations?
The purpose of this regulation is to provide rules for life insurance policy illustrations that will protect consumers and foster consumer education.
Which of the following is called a second to die policy?
Which of the following is called a “second-to-die” policy? Survivorship life – Survivorship life (also referred to as “second-to-die” or “last survivor” policy) is much the same as joint life in that it insures two or more lives for a premium that is based on a joint age.
What type of policy that can be changed from one that does not accumulate cash value to the one that does is a?
The type of policy that can be changed from one that does not accumulate cash value to one that does, is a: Convertible Term Policy.
Which is the best reason to purchase life insurance rather than annuities?
The annuity offers tax-deferred savings and retirement income. Simply put—life insurance protects your loved ones if you die prematurely while the annuity protects your income if you live longer than expected.
Which of the following is true of a term rider when attached to a permanent life policy?
Which of the following is TRUE of a term rider when attached to a permanent life policy? A term rider provides additional death benefit on the primary insured or other named insureds. At some point, the coverage becomes unaffordable, can be converted, or it expires.
Which of the following policies does not build cash value?
Term insurance generally offers the largest insurance protection for your premium dollar. It generally does not build up cash value. You can renew most term insurance policies for one or more terms even if your health has changed. Each time you renew the policy for a new term, premiums may be higher.
Can I cash out my whole life insurance policy?
Generally, you can withdraw a limited amount of cash from your whole life insurance policy. In fact, a cash-value withdrawal up to your policy basis, which is the amount of premiums you’ve paid into the policy, is typically non-taxable. A cash withdrawal shouldn’t be taken lightly….
How does 20 year term life insurance work?
A 20 year term life insurance policy allows the insured to lock in a level premium rate and guaranteed death benefit for 20 years. This makes it an attractive term length for a wide range of people from young to more mature.
