a limited-pay life policy has quizlet

The insurer can make policy charges without difficulty. How long does the coverage normally remain on a limited-pay life policy.

Chapter 1 Types Of Individual Life Insurance Flashcards Quizlet

Level Term Life 2.

. In this example the premium paying period is restricted to 25 years. A Mikes policy will develop no cash value over the policys term. If purchased at age 30 paid up at age 50.

Shorten the period when the benefits may be paid b. No cash value C. Insurance companies can charge an interest rate based on the policyowners credit report.

When the insured purchased a new home he wanted to purchase a life insurance policy that would protect his family against losing it should he die before the mortgage was paid. Which of the following is an example of a limited-pay life policy. The Spendthrift Clause of a life insurance policy is designed to do all of the following EXCEPT.

A Prevent the beneficiarys reckless spending of the death benefit. Age 100 20 A term life insurance policy matures upon the insureds death during the term of the policy Decks in Insurance Class 3. An advantage of owning a flexible premium life insurance policy would be.

The present cash value of the policy equals 250000. Straight Whole Life D. Ike purchases a whole life policy.

A policyowner has a life insurance policy where she had listed her age on the application as 5 years younger than her actual age. Premiums are fixed for the first 5 years. As a mandatory policy rider.

Usually family policies are sold in units packages of protection such as 5000 on the main wage earner 1500 on the spouse and 1000 on each child. Which of the following is an example of a limited-pay life policy. Insurers offer several limited pay policies including.

Rob purchased a standard whole life policy with a 500000 death benefit when he was age 30. As an optional policy rider. Limited payment life policies are called such because those policies a.

All of the following statements are true EXCEPT. A 20-Pay Life will be paid up in 20 years 20 PL Limited-Pay and Single-Premium Whole Life. Life Paid-Up at Age 70.

The family policy is a combination plan that provides insurance protection under one contract to all members of your immediate family husband wife and children. Paid-up at 65 20-pay life 30-pay life Straight whole life. What type of policy would offer a 40-year old the quickest accumulation of cash value.

A Limited-Pay Life policy has A. Both are in excellent health. His insurance agent told him the policy would be paid up if he reached age 100.

Premium payments limited to a specified number of years. Study Life Policies flashcards from Tevin Perezs class online or in Brainscape s iPhone. Mike and Ike are 30 year old identical twins.

Life paid up to age 70. The correct answer is. Mike buys a 10-year renewable term policy.

S buys a 10000 Whole Life policy in 2003 and pays an annual premium of 100. 10 yr renewable life paid up to age 70 st8 whole life renewable term to 100. As a provision of the policy.

Term insurance has which of the following characteristics. 10-year Renewable and Convertible Term B. A straight life b life paid-up at age 65 c renewable term to age 70 d endowment maturing at age 65.

Which of these would be considered a Limited-Pay Life policy. Once you reach the target years or age premiums are no longer required but the policys benefits lasts the insureds entire life. Life Paid-Up at Age 70 C.

Limited-Pay and Single-Premium Whole Life. Relates to the insurability of the applicant. Cash value still equals face amount at age 100 policy maturity Limited-Pay and Single-Premium Whole Life.

A Limited pay life insurance policy has a set period in which you pay premiums into the policy either for a number of years or to a specific age. A Limited-Pay Life policy has. Limit the period during which the premiums are payable c.

Limited pay whole life policies grow cash value faster than ordinary straight whole life policies because the premium paying period is restricted to a limited number of years. Rob recently died at age 60. Renaissance and reformation test.

Metab 2 Final Review. The premium paid on this type of policy will be higher at. As a nonforfeiture option.

B Allow the beneficiary to change to another option when insured dies. A life policy with a death benefit that can fluctuate according to the performance of its underlying investment portfolio is referred to as. The death benefit would be 250000 750000 375000 500000.

Which of these would be considered a Limited-Pay Life policy. Limit the conditions under which the policies are payable d. Graded death benefits B.

S dies 5 years later in 2008 and the insurer pays the beneficiary 10500. Renewable Term to Age 100. Level-premium insurance is a type of term life insurance for which the premiums remain the same throughout the duration of the contract.

15 Questions Show answers. Cash value builds faster than ordinary straight whole life. C Pay the death benefit in fixed-amount or fixed-period payments.

Expires at the end of the policy period. Past-due interest on a policy loan is added to the total debt. Renewable Term to Age 70.

Life Paid-up at Age 65 4. As an optional policy rider. The policy owner can make policy changes without difficulty.

Jay is issued a life insurance policy with a death benefit of 100000 she pays 600 per year in premium for the first five years the premium then increases the 900 per year in the 60 year and remains level there after the policies death benefit also remains at 100000 which type of life insurance policy is this. Each brother purchases a life policy that has a 750 annual premium.

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