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Life > Comparison of Life Insurance Policies > Flashcards

Comparison of Life Insurance Policies Flashcards

1
Q

J purchases a new auto that he will make payments for 5 years . What type of life insurance policy would be best to pay off the debt if J were to die prematurely?

A

-5 year Decreasing Term

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2
Q

Term Life: Death Benefit

A

-Guaranteed for term only

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3
Q

Term Life: Premium

A
  • Fixed

- can increase depending the type of contract

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4
Q

Term Life: Cash Value

A

-none

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5
Q

Term Life: Risk

A

-insurer

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6
Q

Term Life: Performance

A

-general account

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7
Q

Whole Life: Death Benefit

A

-Guaranteed for life

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8
Q

Whole Life: Premium

A
  • fixed

- remain level throughout the contract

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9
Q

Whole Life: Cash Value

A
  • guaranteed

- as part of the non-forfeitures

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10
Q

Whole Life: Risk

A

-insurer

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11
Q

Whole Life: Performance

A

-general account

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12
Q

Endowments: Death Benefit

A

-guaranteed until maturity

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13
Q

Endowments: Premium

A
  • fixed

- remain level through contract

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14
Q

Endowments: Cash Value

A
  • guaranteed

- non-forfeitures

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15
Q

Endowments: Risk

A

-insurer

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16
Q

Endowments: Performance

A

-general account

17
Q

Universal Life: Death Benefit

A
  • guaranteed and flexible

- can be increased or decreased

18
Q

Universal Life: Premium

A
  • flexible

- can increase or decrease to suit needs

19
Q

Universal Life: Cash Value

A
  • not guaranteed

- depends on the interest credited by insurer

20
Q

Universal Life: Risk

A

-insurer

21
Q

Universal Life: Performance

A

-general account

22
Q

Variable Life: Death Benefit

A

-guaranteed minimum

23
Q

Variable Life: Premium

A
  • fixed

- remain level

24
Q

Variable Life: Cash Value

A
  • not guaranteed

- depends on investment performance

25
Q

Variable Life: Risk

A

-insured

26
Q

Variable Life: Performance

A

-separate account

27
Q

Variable UL: Death Benefit

A
  • not guaranteed

- subject to the value of the investments

28
Q

Variable UL: Premium

A

-flexible

29
Q

Variable UL: Cash Value

A
  • not guaranteed

- depends on investment performance

30
Q

Variable UL: Risk

A

-insured

31
Q

Variable UL: Performance

A

-separate account

Life (10 decks)

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