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Insurance License > Chapter 3 > Flashcards

Chapter 3 Flashcards

1
Q

Why Universal life insurance is called “unbundled”?

A

Universal life insurance is called “unbundled” because it clearly separates and itemizes the different components of your premium, allowing you to see exactly how much is going towards the cost of insurance, the expense charges, and the amount accumulating in the cash value account, unlike traditional life insurance policies where these elements are combined and less transparent.

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2
Q

What is graded whole life insurance

A

Graded whole life insurance is a type of life insurance that provides a death benefit that increases gradually over time, rather than paying out the full amount immediately. It’s designed for people who might not qualify for traditional life insurance policies due to health conditions or lifestyle risks.

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3
Q

What is 20 year life accumulation

A
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4
Q

What is term rider?

A
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Insurance License (15 decks)

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