Products

Question 1

What type of product is FlexLife?

Answer 1

Indexed Universal Life

Question 2

What is our bread and butter product?

Answer 2

FlexLife

Question 3

What is the focus of FlexLife?

Answer 3

Building cash value of the policy for retirement

Question 4

When do bonuses begin for FlexLife?

Answer 4

Year 6

Question 5

Which universal life product is for high net worth individuals?

Answer 5

PeakLife

Question 6

What type of product is PeakLife?

Answer 6

Indexed Universal Life

Question 7

What is the focus of PeakLife?

Answer 7

Building cash value of the policy for retirement for high net worth people

Question 8

What is the Benefit Distribution Option Rider?

Answer 8

Allows death benefit to be spread over a duration of 10-30 years

Question 9

What is the Death Benefit Protection Rider?

Answer 9

Guaranteed death benefit protection for a limited period - up to 30 years

Question 10

What is the Overloan Protection Rider?

Answer 10

Offers protection against policy lapse

Question 11

What is the systematic Allocation Rider?

Answer 11

It is for large annual premiums to balance interest rate fluctuations

Question 12

What are the 6 crediting strategies on FlexLife?

Answer 12

1.Fixed, 2. SP PtP with cap, 3. SP PtP with par, 4. SP PtP with cap and 1% floor, 4. Hang Seng with cap, 5. Credit Suisse Ptp no cap

Question 13

What are the ages and max money brackets for EZ Underwriting on FlexLife?

Answer 13

18-50 up to 2M, 51-60 up to 1M, 61-65 up to 250k

Question 14

Issue ages for FlexLife

Answer 14

0-85

Question 15

On flexLife how many rate classifications are there and what are the main features?

Answer 15

9, Elite, Preferred, Select, Standard, Express, Tobacco, Smoker

Question 16

What is the face amount?

Answer 16

The guaranteed death benefit

Question 17

What is the gap between the account value and the death benefit called?

Answer 17

the corridor factor

Question 18

What is the death benefit that is paid equal to?

Answer 18

To the max of the calculated death benefit and the face amount

Question 19

What is basis refer to?

Answer 19

The portion of the cash surrender that consists of premium paid into the policy

Question 20

What are amounts above the basis called?

Answer 20

Gains

Question 21

What are the 2 Insurance Premium Tests called?

Answer 21

1. Guideline Premium Test (GPT)

2. Cash Value Accumulation Test (CVAT)

Question 22

On FlexLife what % is the Percent of Premium Expense Charge?

Answer 22

6%

Question 23

On FlexLife what 5 things make up the Monthly Deduction?

Answer 23

The monthly cost of insurance, the expense charge, the policy fee, the percent of accumulated value charge, plus any fees for additional benefit riders

Question 24

On FlexLife how much is the monthly policy fee?

Answer 24

$6 per month

Question 25

What is the monthly expense charge?

Answer 25

This is a charge on the face amount and additional protection benefit sum insured.

Question 26

How much is the monthly percent of accumulated value charge and for how long?

Answer 26

3 bps of accumulated value per month for the first 25 years on a current basis, all years on a guaranteed basis

Question 27

How do you calculate the monthly cost of insurancec?

Answer 27

Equal to the applicable Monthly Cost of Insurance Rate multiplied by the Net Amount of Risk.

Question 28

What is the net amount at risk?

Answer 28

Is the death benefit plus any debt to the company minus the accumulated value

Question 29

The Terminal Illness accelereated payment can be made if the insured is suffering from a terminal illness that will result in death within how many months?

Answer 29

24 months

Question 30

The Option A death benefit is what?

Answer 30

Level

Question 31

The Option B death benefit is what?

Answer 31

Increasing

Question 32

Under Option A, the death benefit is equal to?

Answer 32

The greater of the face amount, or the accumulated value multiplied by the applicable corridor factor

Question 33

Under Option B, the death benefit is equal to?

Answer 33

The greater of the face amount plus the accumulated value or the accumulated value multiplied by the corridor factor

Question 34

What is an incontestability clause?

Answer 34

Is a clause that prevents the life insurance company from voiding coverage due to a misstatement by the insured after a specific amount of time has passed.

Question 35

What forms can charges be in?

Answer 35

Dollar per unit Flat Fee % of AV