Exam (elaborations)
2024 INDIANA LIFE AND HEALTH-LIFE INSURANCE POLICIES EXAM WITH CORRECT ANSWERS
- Course
- Institution
2024 INDIANA LIFE AND HEALTH-LIFE INSURANCE POLICIES EXAM WITH CORRECT ANSWERS
[Show more]
Content preview
2024 INDIANA LIFE AND HEALTH-LIFE INSURANCE POLICIES EXAM
WITH CORRECT ANSWERS
Term Life Insurance - CORRECT ANSWERS-Temporary life insurance provided
for a specific period of time
Permanent Life Insurance - CORRECT ANSWERS-General term used to refer
to various forms of whole life insurance policies that remain in effect to age
100 as long as the premium is paid, and also includes a savings element
(cash value)
Three Types of Term Coverage - CORRECT ANSWERS--Level
-Increasing
-Decreasing
Level Term Insurance - CORRECT ANSWERS-Most common, refers to the
death benefit that doesn't change throughout the life of the policy
Single premium whole life - CORRECT ANSWERS-Designed to provide a level
death benefit to ago 100 for a one-time, lump-sum payment.
Modified Life - CORRECT ANSWERS-A type of whole life policy that charges a
lower premium in the first few policy years, then a higher level premium for
the remainder of the insureds life
Graded premium whole life - CORRECT ANSWERS-Premiums start out
relatively low and then level off at a point in the future. The premium
typically starts at approximately 50% or lower than the premium of a straight
life policy. It then gradually increases each year for a period of usually 5 or
10 years, and then remains level thereafter.
Interest Sensitive whole life - CORRECT ANSWERS-Also called current
assumption life. Is a fixed rate premium policy that provides guaranteed
death benefit at 100. It credits the cash value with the current interest rate
that is usually comparable to money market rates. It also provides for a
minimum guaranteed rate of interest.
Adjustable Life - CORRECT ANSWERS-Was developed in an effort to provide
the policy owner with the best of both worlds (term and permanent). An
adjustable life policy can assume the form of either term or permanent. The
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Elitaa. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79650 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now