A Universal Life Insurance Policy Is Best Described as Quizlet

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Types Of Policies And Riders Chapter 3 Diagram Quizlet

Indexed or fixed universal life policies.

. Under a 20-pay whole life policy in order for the policy to pay the death benefit to a beneficiary the premiums must be paid. B Whole Life policy with two premiums. Less expensive than other policy types.

A deferred premium payment policy. A combined investment plan and insurance policy. A provision for a secondary beneficiary.

He dies in a freak accident on June 1. A Modified Endowment Contract MEC is best described as A life insurance contract which accumulates cash values higher than the IRS will allow An annuity contract which was converted from a life insurance contract A modified life contract which enjoys all the tax advantages of whole life insurance A life insurance contract where all withdrawals prior to age 65 are subject. All of the following are characteristics of a Universal Life policy EXCEPT.

B Allow the beneficiary to change to another option when insured dies. His insurance agent told him the policy would be paid up if he reached age 100. The premiums are flexible but not necessarily as low as term life insurance.

Subject to the cost recovery rule. Exempt from federal income tax. Subject to attachments from the insureds creditors.

Variable survivorship life insurance is a type of variable life insurance policy that covers two individuals and pays a death benefit to a beneficiary only after both people have died. D Annually Renewable Term policy with a cash value account. The insurer can make policy charges without difficulty.

Scott has a life insurance policy in which the dividends are left with the insurance company. 20211013 Insurance 單詞卡 Quizlet 1012 These are all accurate statements regarding universal life insurance EXCEPT Mortality charge is deducted from the policys cash value each month Policy loans are not permitted Flexible premiums as long as the cost of insurance protection is covered Policy states what percentage of the premium is contributed to the cash. Universal life insurance is.

Universal life UL insurance is permanent life insurance with an investment savings component. Death benefits from a life insurance policy are normally considered to be. An annually renewable term policy with a cash value account.

A universal life insurance policy is best described as. When values of an insurance policy are used to purchase another policy with the same insurer for thesole purpose of earning additional premiums or. Some life insurance policies such as whole life or universal life build equity as you pay premiums.

Learn vocabulary terms and more with flashcards games and other study tools. C Flexible Premium Variable Life policy. A guide to the pros and cons of universal life insurance and how it compares to other life insurance policies.

All groups and messages. The Spendthrift Clause of a life insurance policy is designed to do all of the following EXCEPT. The death benefit would be.

An Annually Renewable Term policy with a cash value account. A Universal Life Insurance policy is best described as aan a Variable Life with a cash value account. Primarily sold to college students.

Subsequently question is what is survivorship life insurance. Subject to the value added. Selling variable universal life insurance policies as mutual funds is an example of a prohibited practicecalled A.

Rob purchased a standard whole life policy with a 500000 death benefit when we was age 30. The planned premium pays for mortality charges and expenses and any excess is returned to the policy owner. A Prevent the beneficiarys reckless spending of the death benefit.

The face amount will remain at 70000 throughout the life of the policy. Equal the net single premium for the same face amount at the insureds attained age b. Rob recently died at age 60.

The policy owner can make policy changes without difficulty. The present cash value of the policy equals 250000. Until the policy owners age 100 when the policy matures.

An employee quits her job on May 15 and doesnt convert his group life policy to an individual policy for 2 weeks. B Whole Life policy with two premiums. Exempt from federal income tax.

Start studying Universal Life Insurance. For 20 years or until death whichever occurs first. A universal life insurance policy is best described as.

C Pay the death benefit in fixed-amount or fixed-period payments. An advantage of owning a flexible premium life insurance policy would be. A Universal Life Insurance policy is best described as.

A Universal Life Insurance policy is best described as aan a Variable Life with a cash value account. This particular policy may be paid up when the cash value plus accumulated dividends a. M purchases a 70000 Life Insurance Policy with premium payments of 550 a year for the first 5 years.

A universal life insurance policy is best described as. Can purchase extended term of coverage for a period of two years or more. At the beginning of the sixth year the premium will increase to 800 per year but will remain level thereafter.

Until the policy owner reaches age 65. Premiums are fixed for the first 5 years.

Types Of Life Insurance Policy Life Insurance Policy Life Insurance Term Insurance