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Personal Finance 7.01 Vocab Quiz

term insuranceA type of insurance that provides coverage for a specific period of time with no investment benefits.
convertible termThe insured person can change the policy from convertible to permanent without taking a physical, tends to be more expensive.
decreasing termPremiums stay the same but the benefits decrease over the life of the policy.
level termPremiums and death benefits stay the same for the life of the policy.
limited payment lifeCoverage for entire life but premiums are higher than whole life because premiums are paid for a set number of years or until a set age.
permanent life(also called cash value life insurance) provides coverage the person's entire life and includes an investment component
renewable termThe insured person can renew the policy without taking a physical.
universal lifeAllows adjustments of premium, face value, and level of protection.
variable lifePremiums are fixed, but face amount varies with investment results.
whole life insuranceA type of insurance that provides coverage for a whole lifetime and grows in face value as premiums and cash accumulate.

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