Ch. 4 (Cont’d) Flashcards
1
Q
How are today’s life insurance policies typically defined?
A
The benefit options available, the intended length of coverage, and how the policy benefits will be funded, or paid for.
2
Q
What are the three basic kinds of coverage categories that all life insurance policies fall into?
A
Ordinary insurance
Industrial insurance
Group insurance
3
Q
What is the principal type of life insurance purchased in the United States?
A
Ordinary life insurance
4
Q
What type of policies does ordinary life insurance include?
A
Temporary (term) life insurance, permanent (whole, universal, and variable) life insurance coverage, as well as endowment policies.
