| A | B |
|---|
| The effect of the ___clause is company pays B benefits if an insured takes life after number of years | Suicide |
| While exclusions tend to protect the company from risk, they also protect | other policyowners |
| Under the provisions of the __clause the co has a stated number of years to contest | Incontestable |
| The Reinstatement clause provides that the insured may be reinstated if it is | stated period, all back, proof of insurability |
| It is possible for the ownership to rest with a __ party | Third |
| Transferring ownership is known as | assignments |
| Under the Policy change provision, change to higher premium only requires | higher premium |
| Under the Policy Change provisions, change to a lower premium form | proof of insurability |
| Divdends are paid under _ policies issued by __ | participating, mutual |
| If the net premium the policyowner pay varies, __policy&issued __ | participating, mutual |
| Most American utuals tend to pay dividends | annually |
| Under the __dividend option, dividend are used single-premium | Paid-up additions |
| A settlement option is trigger by | maturity |
| If death benefits is less than Face value due to loans, __may be purchased | One Year Term |
| The policy that has ____ will be NOF | cash value |
| The NOF are trigger by | surrender and laspe |
| The NOF generally available payout | cash, Reduced Paid-Up, Extended Term |
| A policy that has been surrendered for cash cannot be | Reinstated |
| The ____ option provides the same amount of death protection as the surrendered policy | Extended Term |
| The means of settlement is usually dictated by | policyowner |
| The settlement option selected, the ___determines the benefits paid | beneficiary |
| The settlement option which does not automatically solve income | cash |
| The settlement O which initially disburses no principal | Interest |
| If a B needs all benefits to last for a period before exhaustion, selected | Fixed Period |
| The settlement O which pays a guaranteed amount as long as the B lives | Straight Life Annuity |
| The form of Life Annuity which pays benefits for number of years | Life Annuity with Period Certain |
| The form of Life Annuity who pays principal amount to B for liftetime | Refund Life Annuity |
| What is combination of policy | Term, WL & Endowment |
| Family Policy | WL on Dad & Convertible Term on Wife&Kids |
| Family Income Policy | WL on breadwinner & Decreasing Term on Income period |
| Family Maintenance Policy | One policy on breadwinner WL & Level Term on Income |
| Enhance Ordinary Life | One person Term&WL (Paid-up additions) |
| Modified Life | Convertible Term&WL |
| Re-Entry Term | Renewable Term, proof of insurability |
| Interest sensitive Term | guaranteed cash value |
| A Payor Benefit rider is commonly added to | juvenile policies |
| A Multiple Indemity rider coverage is limited to | 60 to 65 |
| Payor benefit | waive the premium until the child reach 18 or 21 |
| Wiaver of Premium | permanently and totally disable |
| Automatic premium loan | company will take out loan on CV and pay premium |
| Accelerated deat benefit | terminal illness |
| How many Term(Family Rider) | five |
| Family policy | Convertible Term |
| Family Income | Decreasing Term |
| Family Maintenance | Level Term |
| Return of Premium | Increasing Term rider |
| Return of Cash Value | Increasing Term rider |
| Tax Sheltered Annutity | Not for profit organization provide retirement plan |
| Key Employee | business owner & B, key employee is the insured |
| Buy & Sell Agreements | owner die, corporation is the policyowner |
| Split Dollar Plans (Non Qualified) | WL/ employee & employer split premium |
| Qualified Retirement Plan | special tax treatment |
| Corporate Pension and Profit Sharing Plan | Qualified Plan |
| Variable WL | the cash value in VWL is not guaranteed |
| MET | Bunches of Bosses |
| Group Contract | Contract to Owner/certificate to insured |
| MEWA | Guaranteeing Ins on employee who self-fund is unable to pay |
| Group Life Insurance | is guaranteed renewable term |
